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Welcome to the South Dakota Life & Health Insurance Guaranty Association
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Welcome to the South Dakota Life and Health Insurance Guaranty Association ("guaranty association") Web site. We hope you find this site helpful in providing information regarding the purpose of the guaranty association and how it protects resident policyholders in the event of an insurance company insolvency.
The South Dakota Life and Health Insurance Guaranty Association is a statutory entity created in 1989 when the South Dakota legislature enacted the South Dakota Life and Health Insurance Guaranty Association Act (a link to the Act can be found in the Additional Info section). The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the state of South Dakota. In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Guaranty Association Act enables the guaranty association to provide protection (up to the limits spelled out in the Act) to South Dakota residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer.
Specifically, when a member insurer is found to be insolvent and is ordered liquidated, the Director of the South Dakota Division of Insurance, acting as liquidator, takes over the insurer under court supervision and... [ more ] |
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