NC Life Health Insurance Guaranty Association Bulletin 10-B-05

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NC Life Health Insurance Guaranty Association Bulletin 10-B-05
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The North Carolina Life and Health Insurance Guaranty Association Act amended the Summary. Document to reflect changes to the North Carolina …

North Carolina Department of Insurance Wayne Goodwin, Commissioner

BULLETIN
Number 10-B-05 TO: FROM: DATE: SUBJECT: All Member Insurers as defined in G.S. 58-62-16(11) Life & Health Division July 30, 2010 Notice Concerning Coverage Limitations and Exclusions under the N.C. Life and Health Insurance Guaranty Association Act ATTENTION: CHIEF EXECUTIVE OFFICER On July 30, 2010, and pursuant to G.S. 58-62-86(b) and (c), this Department approved the revised Notice Concerning Coverage Limitations and Exclusions under the North Carolina Life and Health Insurance Guaranty Association Act ("Summary Document") adopted by the Association. The North Carolina Life and Health Insurance Guaranty Association Act amended the Summary Document to reflect changes to the North Carolina Life and Health Insurance Guaranty Association Act adopted in House Bill 766 (SL 2010-11) effective June 15, 2010 and applies to claims submitted to the North Carolina Life and Health Insurance Guaranty Association on or after August 7, 2009. The section of the Summary Document entitled "LIMITS ON AMOUNT OF COVERAGE" has been amended and should now read as follows: LIMITS ON AMOUNT OF COVERAGE (1) The guaranty association cannot pay out more than the insurance company would owe under the policy or contract. (2) Except as provided in (3) and (4) below, the guaranty association will pay a maximum of $300,000 per individual, per insolvency, no matter how many policies or types of policies issued by the insolvent company. (3) The guaranty association will pay a maximum of $1,000,000 with respect to the payee of a structured settlement annuity. (4) The guaranty association will pay a maximum of $5,000,000 to any one unallocated annuity contract holder. Attached is a complete copy of the Summary Document as approved by this Department. The provisions of Bulletin 07-B-01 relating to the formatting and permitted limited changes in the content of the Summary Document remain in effect. If you have any questions concerning this bulletin, please contact Rebecca Hill of the Life & Health Division, at (919) 733-5060 ext. 355.



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