Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 24 - Prescribing Mississippi Life and Health Insurance Guaranty Association Summary Document and Requiring Delivery of Summary Document to Policy or Contract Owner at Time of Delivery of Policy or Contract › Rule 19-1-24.06 - Appendix A- Summary Document

Current through June 25, 2024
APPENDIX "A"
NOTICE OF PROTECTION PROVIDED BY MISSISSIPPI LIFE AND
				  HEALTH INSURANCE GUARANTY ASSOCIATION
This notice provides a brief summary of the Mississippi Life
				  and Health Insurance Guaranty Association (the "Association") and the
				  protection it provides for policyholders. This safety net was created by
				  Mississippi law, which determines who and what is covered and the amounts of
				  coverage.
The Association was established to provide protection in the
				  unlikely event that your life, annuity or health insurer becomes financially
				  unable to meet its obligations. If this should happen, the Association will
				  typically arrange to continue coverage and pay claims, in accordance with
				  Mississippi law, with funding from assessments paid by other insurance
				  companies. (For purposes of this notice, the terms "insurance company" and
				  "insurer" include health maintenance organizations (HMOs).)
The basic protections provided by the Association are:
Life Insurance
* $300,000 in death benefits
* $100,000 in net cash surrender and net cash withdrawal
				  values
Health Insurance
* $500,000 for health benefit plans (see definition below)
* $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 in the present value of annuity benefits,
				  including net cash surrender and net cash withdrawal values.
The maximum amount of protection for each individual,
				  regardless of the number of policies or contracts, is $300,000. Special rules
				  may apply with regard to health benefit plans.
"Health benefit plan" is defined in Miss. Code Ann. §
									83-23-209
				  and generally includes hospital or medical expense policies, contracts or
				  certificates, or HMO subscriber contracts that provide comprehensive forms of
				  coverage for hospitalization or medical services, but excludes policies that
				  provide coverages for limited benefits (such as dental-only or vision-only
				  insurance), Medicare Supplement insurance, disability income insurance and
				  long-term care insurance (LTCI).
Note: 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 Mississippi law. Benefits provided by
				  a long-term care (LTC) rider to a life insurance policy or annuity contract
				  shall be considered the same type of benefits as the base life insurance policy
				  or annuity contract to which it relates.
To learn more about the above protections, limitations and
				  exclusions, as well as protections relating to group contracts or retirement
				  plans, please visit the Association's website at
www.mslifega.org
, or contact:
Mississippi Life and Health Insurance
Mississippi Insurance Department
Guaranty Association
Woolfolk Building
330 North Mart Plaza
501 N. West Street, Suite 1001
Jackson, MS 39206-5327
Jackson, MS 39201
601-981-0755
601-359-3569
To file a complaint or seek information about the financial
				  condition of an insurer, contact the Mississippi Insurance Department.
Your insurer is required by law to provide you with this
				  notice. However, insurance companies and their agents are prohibited by law
				  from using the existence of the Association for the purpose of sales,
				  solicitation or inducement to purchase any form of insurance.
Miss. Code Ann. §
										83-23-235
				  (Rev. 2011); Senate Bill 2227, 2020 Regular
				  Session