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Life Insurance Company Guaranty Corporation of New York
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Frequently Asked Questions  |
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What is NOT protected by the guaranty corporation?
The Life Insurance Company Guaranty Corporation of New York provides no protection for:
- policies and contracts with insurers not licensed to do business in New York;
- policies and contracts issued by companies other than life insurance companies (such as health insurance policies issued by accident and health insurance companies);
- benefits the insurer does not guarantee or for which the policyholder bears the risk (such as the non-guaranteed portion of a variable life insurance or annuity contract);
- self-insured employer plans;
- interest rates found by a court to be clearly excessive;
- policies and contracts issued outside the United States (or issued for delivery outside the United States) to the extent they cover persons not citizens or permanent residents of the United States;
- policies and contracts payable other than in United States dollars; and
- policies and contracts other than life, health or accident insurance, annuities, or funding agreements.
Certain less commonly known insurance policies and arrangements not listed here are also not protected. If you are unsure about whether your policy or contract is excluded from guaranty corporation protection, you should review the current Life Insurance Company Guaranty Corporation of New York Act in the Additional Info section. |
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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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