The purpose of the Life and Health Insurance Guaranty Association Act is to provide a mechanism to facilitate continuation of coverage and the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and avoid financial loss to claimants or policyholders because of insolvency of an insurer, to assist in detection and prevention of insurer insolvencies and to provide an association to assess the cost of such protection among insurers.
History: Laws 1984, ch. 127, § 751; 2012, ch. 9, § 5.
The 2012 amendment, effective July 1, 2012, after "The purpose of", deleted "this article" and added "the Life and Health Insurance Guaranty Association Act".
Temporary provisions. Laws 2012, ch. 9, § 21, provided that:
A. The accounts maintained pursuant to the Life and Health Insurance Guaranty Law and in effect on July 1, 2012 shall continue in full force as the accounts maintained pursuant to the Life and Health Insurance Guaranty Association Act, modified as necessary to comply with that act.
B. The life insurance guaranty association existing pursuant to the Life and Health Insurance Guaranty Law on July 1, 2012 is the life and health insurance guaranty association organized pursuant to the Life and Health Insurance Guaranty Association Act, subject to the provisions of that act.
C. The insurer members of the board of directors of the life insurance guaranty association serving pursuant to the Life and Health Insurance Guaranty Law on July 1, 2012 shall serve as the insurer members of the board of directors of the life and health insurance guaranty association pursuant to the provisions of the Life and Health Insurance Guaranty Association Act.
D. The plan of operation in effect pursuant to the Life and Health Insurance Guaranty Law on July 1, 2012 shall serve as the plan of operation required pursuant to the Life and Health Insurance Guaranty Association Act, modified as necessary to comply with that act.
E. An action, including an assessment, or an obligation of the life insurance guaranty association, board of directors of the life insurance guaranty association or superintendent of insurance initiated or created but not completed pursuant to the Life and Health Insurance Guaranty Law prior to July 1, 2012, shall continue until completed pursuant to the provisions of the Life and Health Insurance Guaranty Law.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.