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Georgia Life & Health Insurance Guaranty Association
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2177 Flintstone Drive, Suite R / Tucker, GA 30084 |
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Frequently Asked Questions  |
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For example, if I own three annuities and each has a cash surrender value of $100,000 and my licensed insurance company fails, how much will the Georgia association pay if I want to cash surrender my annuities?
The total annuity cash surrender protection per owner per licensed insurer is $100,000. That per person limit is a maximum that applies without regard to the number of annuity contracts. As a result, if an individual owned three $100,000 annuities with the same insolvent licensed insurance company, the Georgia association would pay a maximum total of $100,000 in cash surrender values. The value in excess of this statutory coverage limit would be eligible for submission as a creditor claim in the receivership, and the owner may receive distributions as the company's assets are liquidated by the receiver. |
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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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