1.12.2 Florida Life and Health Guaranty Association

Florida law govern the nonprofit Life and also Health insurance Guaranty the Payments. The objective of the Florida insurance Guaranty combination (FIGA) is to safeguard policyowners, insureds, beneficiaries, annuitants, payees, and also assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts against the fail of one insurer issuing such plans or contract to do its contractual obligations because of its special needs or insolvency. The association is governed by a board of director of no fewer than 5 or an ext than ripe member insurers, v at the very least one member the the plank being a residential insurer. A member insurer is any type of person licensed to transact in this state any kind of kind of insurance.

Coverage uses to any persons who room owners of or certificate holders under such policies or contracts and also who:

are occupants of this state; orare inhabitants of other states, yet only if:the insurers i beg your pardon issued such policies or contracts room domiciled in this state; orsuch insurers never held a license or certificate of government in the states in which together persons reside.

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Coverage does not apply to any kind of of the following.

What is a "prepaid health clinic?"

Fraternal advantage societiesHealth maintenance insuranceDental service setup insurancePharmaceutical service setup insuranceOptometric service plan insuranceAmbulance service association insurancePreneed funeral merchandise or service contract insurancePrepaid health and wellness clinic* insurance

The Florida Life and also Health Guaranty association maintains three different accounts: (1) The health and wellness insurance account, (2) the life insurance allowance account, and also (3) the annuity account. Borrowing between accounts for claims payments is permissible noted the quantities borrowed are revived to the suitable accounts no less than annually.

If a domestic insurer is an impaired or insolvent insurer, or if a international or extraterrestrial insurer is an insolvent insurer, the association may:

guarantee or reinsure, or cause to it is in guaranteed, assumed, or reinsured, any or all of the covered plans of the impaired insurer;provide such moneys, pledges, notes, guarantees, or other method as are proper to guarantee payment the the contractual obligations of the impaired insurer pending action; and loan money come the impaired insurer.

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The association"s liability because that the contractual obligations of the insolvent insurer will certainly not exceed $100,000 in cash values, or $300,000 for all benefits consisting of cash values, through respect to any type of one life. In no event can the combination be organized liable for any kind of penalties or interest.