Updated Summary Document of Iowa Life and Health Insurance Guaranty Association
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This bulletin updates and provides the required summary document describing the protections and current provisions of the Iowa Life and Health Insurance Guaranty Association under Iowa Code Chapter 508C for insurers selling life, health, or annuities in Iowa.
Updates the summary document to reflect changes to Iowa Code section 508C.18A that became effective March 29, 2019 and rescinds Bulletins 12-02 and 12-03.
Association coverage limits & exclusions
Association coverage limits and exclusions
Basic protections and limits provided by the Association (subject to statutes, exclusions, and residency rules):
ALL of the following
Life insurance
- $300,000 in death benefits (per life).
- $100,000 in net cash surrender and withdrawal values (life insurance).
ALL of the following
Health insurance
- $500,000 for health benefit plans (see definition).
- $300,000 in disability income protection benefits.
- $300,000 in long-term care insurance benefits. Benefits provided by a long-term care rider to a life policy or annuity are considered the same type as the base policy or contract.
- $100,000 in other health insurance benefits, including net cash surrender and withdrawal values.
ALL of the following
Annuities
- $250,000 in the present value of annuity benefits, including net cash surrender and withdrawal values.
Coverage limits and coding summary
| Life insurance death benefits | $300,000 in death benefits |
| Life insurance cash surrender/withdrawal values | $100,000 in net cash surrender and withdrawal values |
| Health benefit plans | $500,000 for health benefit plans (see definition below) |
| Disability income protection | $300,000 in disability income protection insurance benefits |
| Long-term care insurance | $300,000 in long-term care insurance benefits |
| Other health insurance benefits | $100,000 in other types of health insurance benefits, including net cash surrender and withdrawal values |
| Annuity benefits present value | $250,000 in the present value of annuity benefits, including net cash surrender and withdrawal values |
| Aggregate maximum per individual | The maximum amount of protection for each individual, regardless of the number of policies or contracts, is $350,000 |
Delivery requirement for insurers
Delivery requirement — provide summary with policy/contract
Pursuant to Iowa Code section 508C.18A, insurers selling life, health, or annuities in Iowa must deliver the Association summary document to owners of the policy or contract at the time the policy or contract is delivered. This delivery requirement has been in effect since March 1, 2012 and the bulletin updates the required summary to reflect statutory changes effective March 29, 2019.
- Deliver the summary document along with the insurance policy or contract to the owner at delivery.
Key definition: health benefit plan
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