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Welcome to the Alabama Life & Disability Insurance Guaranty Association
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Welcome to the Alabama Life & Disability Insurance Guaranty Association ("ALDIGA" or "guaranty association") Web site. We hope you find this site helpful in providing information regarding the purpose of the guaranty association and how it assists Alabama policyholders in the event of an insurance company insolvency.
The Alabama Life & Disability Insurance Guaranty Association is a statutory entity created in 1983 when the Alabama legislature enacted the Alabama Life and Disability Insurance Guaranty Association Act (Title 27 Insurance, Chapter 44 Code of Alabama: 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 individual annuities in the state of Alabama. In the event that a member insurer is found to be insolvent and is placed under a final order of liquidation, rehabilitation or conservation by a court of competent jurisdiction, the ALDIGA Act enables the guaranty association to provide protection up to statutory limits (set out in the Act) to live human beings who are Alabama residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer.
Specifically, when a member insurer is found to be insolvent and is ordered liquidated, a court appointed... [ more ] |
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