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Life Insurance Company Guaranty Corporation of New York
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Frequently Asked Questions  |
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How is policy coverage determined?
Coverage is determined by New York law and the terms of the insurance policy at the time the guaranty corporation is activated to provide protection (when the member insurer is found to be insolvent and ordered liquidated by a court, or is declared impaired and placed in receivership by the New York Superintendent of Insurance). In light of changes in the law and the dramatic variations in policy language, the guaranty corporation cannot make statements regarding coverage of a specific policy unless it is a policy with a company for which the guaranty corporation has been activated to provide 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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