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Florida Life & Health Insurance Guaranty Association
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3740 Beach Boulevard, Suite 201-A / Jacksonville, FL 32207-3877 |
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Frequently Asked Questions  |
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What is the Florida Life & Health Insurance Guaranty Association and what does it do?
In the 1970s many state legislatures worked with the insurance industry to form guaranty associations to protect life, health and annuity policyholders. In Florida, this happened in 1979 with the creation of FLAHIGA. All insurance companies (with limited exceptions) licensed to write life and health insurance or annuities in Florida were required, as a condition of doing business in the state, to be members of FLAHIGA. Nine insurance companies make up the FLAHIGA Board of Directors. FLAHIGA's office is located in Jacksonville.
If a member company becomes insolvent, a receiver is appointed by a state court to wind up the company and the policy obligations pass over to FLAHIGA. We collect the records and files of the company where possible and as soon as we can identify valid claims, we pay them. We also collect premiums and administer the policies, including providing payments if a policyholder surrenders a policy. We may select servicing agents to help with these functions. Generally we also work to find another sound insurance company to take over the policies; when this happens, we also transfer enough money to the new company to keep the policies on a firm footing. Sometimes, if the insolvent insurer had the power to cancel policies, we may also do that, provided that we pay all valid claims first. Whatever we do, it will be with full notice to you and you will be given a reasonable time to seek insurance elsewhere if you desire. All 50 states, the District of Columbia, and Puerto Rico have life and health insurance guaranty associations. We all work together to provide a nationwide system for policyholder protection. |
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| NOTE: This information is not intended as legal advice, and no liability is assumed in connection with its use. The applicable state guaranty association statute is the controlling authority, regardless of any information presented on this site. Users should seek advice from a qualified attorney and should not rely on this compilation when considering any questions relating to guaranty association coverage. |
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