HOW MUCH MUST THE GUARANTY FUNDS PAY?
State law limits the amount a guaranty fund may pay to a person presenting a claim to an insolvent insurer. The maximum payments to individuals allowed by Arizona law are:
Arizona Property and Casualty Insurance Guaranty Fund (the following amounts are effective for insurers ordered into liquidation on or after September 19, 2007)
- $300,000 for most covered claims, subject to a $100 deductible
- $10,000 refund of unearned premium, subject to a $25 minimum
Arizona Life and Disability Insurance Guaranty Fund (the following amounts are effective for insurers ordered into liquidation on or after September 13, 2013)
- $300,000 in death benefits
- $100,000 in cash surrender or withdrawal benefits
Annuities (other than unallocated annuity contracts)
- $250,000 in the present value of annuity benefits
- $500,000 for basic hospital, medical and surgical insurance or major medical insurance
- $300,000 for disability income insurance
- $300,000 for long term care insurance
- $100,000 for other types of health insurance coverage
We are aware of a phishing scam targeting insurance professionals claiming that the National Association of Insurance Commissioners received a complaint that the professional submitted a falsified claim. This fraudulent email displays the NAIC and CIPR logos, can originate from what appears to be an naic.org or gmail.com email account, and instructs the recipient to click on a link to download the complaint notification.
Certain antivirus products will detect this as a malicious email. If you receive a similar email and have any concerns, contact the NAIC Service Desk at (816) 783-8500 or [email protected].