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What if Your Insurance Co. Goes Out of Business?

When an insurance company licensed in Minnesota is placed into receivership, Minnesota policyholders can still get their covered claims paid (up to a limited amount) by one of the state's "insurance guaranty funds."

Minnesota has two guaranty associations that are non-profit groups created by state statute to protect policyholders in the event their insurance company becomes bankrupt. Each association is funded by assessments to all insurance companies selling similar products in the state.

The guaranty associations listed below will pay unpaid claims up to a certain maximum amount limited by state statute. Payment amounts may also vary depending on the type of insurance, the terms of your policy and other factors. In some cases, there are also time limits for filing a claim, which should be stated in a notification letter from the guaranty association.

For more information, contact the Department at 651-539-1600 or contact the appropriate guaranty association.

For Property & Casualty Insurance:

Minnesota Insurance Guaranty Association
7600 Parklawn Ave., Suite 460
Edina, MN 55435-5137
Telephone: 952-831-1908
Fax: 952-831-1973

For Life, Health, and Annuity Contracts:

Minnesota Life & Health Insurance Guaranty Association
4760 White Bear Parkway, Suite 101
White Bear Lake, MN 55110
Telephone: 651-407-3149
Fax: 651-407-3150