HOW MUCH MUST THE GUARANTY FUNDS PAY?

NEW ADDRESS

Arizona Department of Insurance
100 North 15th Avenue, Suite 261
Phoenix, AZ  85007-2630

Starting July 1, 2020, we will be the
Department of Insurance and Financial Institutions (DIFI).

NOTICE

Arizona state agencies are experiencing telephone system problems that may impact your ability to reach us.  If you can e-mail us instead (see our CONTACT US page), please do so.  We do not have an estimate time by which the problem will be resolved.  We are very sorry for any inconvenience this is causing.

Wed, 10/01/2014 - 13:54

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)

Life Insurance

  • $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

Health Insurance

  • $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