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Nonprofit Overview
Mission: Providing payments to or on behalf of policyholders of insolvent insurance companies & providing continued coverage for policyholders by negotiating reinsurance agreements or providing administrative services.
Programs: The alabama insurance guaranty act mandated the creation of the alabama life and disability insurance guaranty association to serve as an agent of the state of alabama. The purpose of the association is to provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and to avoid financial loss to claimants of policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to provide an association to assess the cost of such protection among insurers. The association has acted in this capacity since its inception.