Delaware Insurance Guaranty

Introduction

The Delaware Life & Health Insurance Guaranty Association exists to safeguard Delaware residents who hold life insurance, health insurance, and individual annuities with insolvent insurance companies. Established in 1982, the association acts as a safety net to ensure continuity of coverage and minimize the impact of insurance company insolvencies on policyholders.

Our Mission

The primary purpose of the Delaware Life & Health Insurance Guaranty Association is to:

• Provide protection to Delaware residents who hold life and health insurance policies with insolvent insurers.
• Ensure the continuation of coverage for policies in the event of an insurer's insolvency.
• Minimize the financial burden on consumers during stressful situations.

How We Help

When an insurance company in Delaware becomes insolvent and is ordered to liquidate, the guaranty association steps in to:

• Take over the assets and liabilities of the insolvent insurer.
• Service existing policies and provide coverage to affected policyholders.
• Liquidate the insurer's assets and distribute the proceeds to eligible policyholders.

What We Cover

The Delaware Life & Health Insurance Guaranty Association covers:

• Life insurance: Continuation of life insurance policies, up to statutory limits.
• Health insurance: Continuation of health insurance coverage, depending on the terms of your policy.
• Individual annuities: Continuation of annuity payments, up to the contractual guaranteed benefit.

Process and Protection

When an insurer becomes insolvent, a special deputy receiver is appointed to manage the liquidation process under court supervision. The guaranty association collaborates with the receiver to ensure smooth and efficient handling of policies and claims.

Additional Information

For detailed information on the association's role and operations, please refer to the Additional Information section of our website. For specific inquiries and frequently asked questions, visit the FAQs section.