Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 43 - WYOMING LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION NOTICE › Appendix A

Current through July 13, 2024
NOTICE OF
PROTECTION PROVIDED BY
WYOMING LIFE AND HEALTH INSURANCE GUARANTY
				  ASSOCIATION
This notice provides a
brief summary
of the
				  Wyoming Life and Health Insurance Guaranty Association ("the Association") and
				  the protection it provides for policyholders. This safety net was created under
				  Wyoming 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 insurance company becomes
				  financially unable to meet its obligations and is taken over by its Insurance
				  Department. If this should happen, the Association will typically arrange to
				  continue coverage and pay claims, in accordance with Wyoming law, with funding
				  from assessments paid by other insurance companies.
The basic protections provided by the Association
				  are:
* Life Insurance
o $300,000 in death benefits
o $100,000 in cash surrender or withdrawal values
* Health Insurance
o $300,000 in hospital, medical and surgical insurance
				  benefits or major medical insurance
o $300,000 in disability insurance benefits
o $300,000 in disability income insurance
o $300,000 in long - term care insurance benefits
o $100,000 in other types of health insurance benefit
* Annuities
o $250,000 in withdrawal and cash values
The maximum amount of protection for each individual,
				  regardless of the number of policies or contracts, is $500,000
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 Wyoming law.
EXCLUSIONS FROM COVERAGE
Persons holding such policies are not protected by this
				  Association if:
* they are eligible for protection under the laws of another
				  state (this may occur when the insolvent insurer was incorporated in another
				  state whose guaranty association protects insureds who live outside that
				  state);
* the insurer was no t authorized to do business in this
				  state;
* their policy was issued by a fraternal benefit society, a
				  mandatory state pooling plan, a stipulated premium insurance company, a local
				  mutual burial association, a mutual assessment company, or similar plan in
				  which the policy - holder is subject to future assessments, or by an insurance
				  exchange.
The Association also does not provide coverage for:
* any policy or portion of a policy which is not guaranteed
				  by the insurer or for which the individual has assumed the risk, such as a
				  variable contract sold by prospectus;
* any policy of reinsurance (unless an assumption certificate
				  was issued pursuant to the reinsurance policy of contract );
* interest rate yields that exceed an average rate or
				  interest earned on an equity indexed policy ;
* dividends;
* credits given in connection with the administration of a
				  policy by a group contract holder;
* annuity contracts issued by a nonprofit insurance company
				  exclusively for the benefit of nonprofit educational institutions and their
				  employees;
* unallocated annuity contracts (which give rights to group
				  con tract holders, not individuals);
* any plan or program of an employer or association that
				  provides life, health or annuity benefits to its employees or members to the
				  extent the plan is self - funded or uninsured;
* an obligation that does not arise under the express
				  written terms of the policy or contract ;
* Medicare supplement plans.
To learn more about the above protections, protections
				  relating to group contracts or retirement plans, and all exclusions from
				  coverage, please visit the Association's website at wyoming.lhiga.com or
				  contact:
Wyoming Life and Health
Wyoming Department of
						  Insurance
Insurance Guaranty Association
106 East
						  6th Avenue
P.O. Box 36009
Cheyenne, WY 82002
Denver, CO 80236 - 0009
Phone: (303) 292 - 5022
Phone: (307) 777 -
						  7401
Toll Free: (888) 959 - 4091
Toll Free: (800)
						  438 - 5768
Fax: (303) 292 - 4663
Fax: (307) 777 -
						  2446
Website: wyoming.lhiga.com
Website:
						  doi.wyo.gov
Email: jkelldorf@aol.com
Email:
						  wyinsdep@wyo.gov
Insurance companies and agents are not allowed by
				  Wyoming 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 Wyoming law, then Wyoming law will
				  control.