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Welcome to the Life Insurance Company Guaranty Corporation of New York
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Welcome to the Web site of The Life Insurance Company Guaranty Corporation of New York. We hope you find this site helpful in providing information regarding the purpose of the guaranty corporation and how it protects resident policyholders in the event of an insurance company insolvency.
In 1941, New York became the first state in the nation to establish a guaranty fund to protect policyholders of life insurance companies in the event of an insurance company insolvency. In 1985, the New York Legislature updated the law by enacting The Life Insurance Company Guaranty Corporation of New York Act, which created The Life Insurance Company Guaranty Corporation of New York (a copy of the Act can be found in the Additional Info section). The guaranty corporation is a statutory not-for-profit corporation whose members consist of all life insurance companies licensed to do business in the state of New York. In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the guaranty corporation provides protection (up to the limits spelled out in the law) to New York residents who are holders of life and health insurance policies, annuity contracts and funding agreements with the insolvent life insurance company. See the Frequently Asked... [ more ] |
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