Administrative Rules of Montana › Department 6 - STATE AUDITOR › Chapter 6.6 - INSURANCE DEPARTMENT › Subchapter 6.6.46 - Montana Life and Health Insurance Guaranty Association Act and Notice Concerning Coverage Limitations and Exclusions › Rule 6.6.4603 - APPENDIX "A" - FORM AND CONTENT OF NOTICE

Current through Register Vol. 13, July 5, 2024
(1)
				The form and content of the summary notice and disclosure document adopted in
				ARM
				6.6.4601, and
				referred to as "Appendix A" are as follows:
(a)
NOTICE OF PROTECTION PROVIDED BY
				MONTANA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
This notice provides a
brief summary
of the
				  Montana Life and Health Insurance Guaranty Association ( Association) and the
				  protection it provides for policyholders.
The Association was established under Montana law to provide
				  protection in the unlikely event that a life, annuity or health insurance
				  issuer becomes financially unable to meet its obligations and is placed into
				  liquidation. If this should happen, the Association will typically arrange to
				  continue coverage and pay claims, in accordance with Montana law, with funding
				  from assessments paid by other insurance companies.
In the event a company is placed into liquidation, benefits
				  provided by the Association are payable according to the insurance policy or
				  certificate, and subject to the following maximum limits:
Life Insurance - $300,000 in death benefits, but limited to
				  $100,000 in cash surrender and net cash withdrawal values.
Health Insurance
* $500,000 in health insurance benefits
* $300,000 in disability income insurance benefits
* $300,000 in long-term care insurance benefits
* $100,000 in other types of health insurance benefits
* Annuities
* $250,000 present value, including net cash surrender and
				  net cash withdrawal values
The maximum amount of protection is $300,000 in benefits with
				  respect to any one life regardless of the number of policies or contracts,
				  except with respect to the $500,000 maximum in health insurance benefits but
				  not including disability, long term care or other types of health insurance
				  benefits.
Note: Other restrictions to coverage apply. Certain
				  policies and contracts may not be covered or fully covered.
For example,
				  coverage does not extend to any portion(s) of a policy or contract that the
				  insurer does not guarantee, such as certain investment additions to the account
				  value of a variable life insurance policy or a variable annuity contract. There
				  are also various residency requirements and other limitations under Montana
				  law.
To learn more about the above protections, as well as
				  protections relating to group contracts or retirement plans, please visit the
				  Association's web site at
www.mtlifega.org
or contact:
Montana Life and Health Insurance
Guaranty Association
PO Box 8247
Missoula, MT 59807
877-678-1048 or administrator@mtlifega.org
Office of the Montana State Auditor
Commissioner of Securities and Insurance 840 Helena
							 Ave. Helena, MT 59601
406-444-2040
IF YOUR INSURANCE COMPANY IS IN GOOD STANDING AND NOT
				  IN LIQUIDATION, PLEASE DIRECT QUESTIONS ABOUT YOUR POLICY TO YOUR INSURANCE
				  COMPANY!
Insurance companies and agents are not allowed by
				  Montana law to use the existence of the Association or its coverage to
				  encourage you to purchase any form of insurance. When selecting an insurance
				  company, you should not rely on Association coverage.
If there is any inconsistency between this notice and
				  Montana law, then Montana law will control.