N J Life & Health

The New Jersey Life & Health Insurance Guaranty Association is a statutory entity created in 1992 to protect New Jersey residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company. Our mission is to provide protection to policyholders in the event of an insurance company insolvency, ensuring that they continue to receive the coverage they deserve.

Our Services

As a guaranty association, we provide protection to New Jersey residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company. When a member insurer is found to be insolvent and is ordered to be liquidated by a court, we take over the responsibility of servicing the insurer's policies and providing coverage to policyholders. Our protection is based on New Jersey law and the language of the insolvent company's policies at the time of insolvency.

Types of Insurance Covered

We cover a range of insurance products, including direct individual or direct group life and health insurance policies, as well as individual annuity contracts issued by our member insurers. We also provide protection for certain types of property and casualty insurance, such as automobile, homeowners, professional liability, and medical malpractice insurance.

Policy Coverage Determination

We determine coverage based on New Jersey law and the policy language at the time the guaranty association is activated to provide protection. In light of potential changes to the law and the dramatic variations in policy language, we cannot make statements regarding coverage of a specific policy unless it is a policy with a company for which we have been activated to provide protection.

How We Provide Protection

When a member insurer is found to be insolvent and is ordered to be liquidated, a special deputy receiver takes over the insurer under court supervision and processes the assets and liabilities through liquidation. We then take over the responsibility of servicing the insurer's policies and providing coverage to policyholders. This ensures that policyholders continue to receive the coverage they need.

Eligibility for Protection

We provide protection to individual policyholders and their beneficiaries, as well as beneficiaries of policies issued under certificates of insurance. We also provide protection for policyholders of group life or group health insurance policies.

Guaranty Association Protection

We provide protection to policyholders in the event of an insurance company insolvency, ensuring that they continue to receive the coverage they deserve. This protection is fundamental to maintaining public confidence in the insurance industry and ensuring that policyholders receive the coverage they need.

Conclusion

The New Jersey Life & Health Insurance Guaranty Association is committed to providing protection to New Jersey residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company. We take pride in our role as a guaranty association, ensuring that policyholders receive the coverage they need in the event of an insurance company insolvency.