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Welcome to the Washington Life & Disability Insurance Guaranty Association
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Welcome to the Washington Life & Disability Insurance Guaranty Association ("guaranty association") Web site. We hope you find this site helpful in providing information regarding the purpose of the guaranty association and how it protects resident policyholders in the event of an insurance company insolvency.
The Washington Life & Disability Insurance Guaranty Association is a statutory entity created in 1971 when the Washington legislature enacted the Washington Life and Disability Insurance Guaranty Association Act, Chapter 48.32A RCW (a link to the Act can be found in the Additional Info section). The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and annuities in the state of Washington. In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Guaranty Association Act enables the guaranty association to provide protection (up to the limits spelled out in the Act) to Washington residents who are holders of life and health insurance policies and annuities with the insolvent insurer.
Specifically, when a member insurer is found to be insolvent and is ordered liquidated, a special deputy receiver takes over the insurer under court supervision and processes the assets and liabilities through liquidation. The guaranty association has the responsibility... [ more ] |
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