HiLifEgA.org
Title
Hawaii Life & Disability Insurance Guaranty Association- Home Page
Contact
- NOLHGA
-
- Herndon VA
- United States 22071
-
- +1.70396842
Description
Welcome to the Hawaii Life & Disability Insurance Guaranty Association ("guaranty association") Web site. We hope you find this site helpful in providing information regarding the purpose of the guaranty association and how it protects resident policyholders in the event of an insurance company insolvency.
The Hawaii Life & Disability Insurance Guaranty Association is a statutory entity created by the Hawaii legislature under the Hawaii Guaranty Association Act (a link to the Act can be found in the Additional Info section). The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the state of Hawaii. In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Guaranty Association Act enables the guaranty association to provide protection (up to the limits spelled out in the Act) to Hawaii residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer.
Specifically, when a member insurer is found to be insolvent and is ordered liquidated, a special deputy receiver takes over the insurer under court supervision and processes the assets and liabilities through liquidation. The task of servicing the insurance company's policies and providing coverage to Hawaii's resident policyholders becomes the responsibility of the guaranty association. The protection provided by the guaranty association is based on Hawaii law and the language of the insolvent company's policies at the time of insolvency.
