MIGA Mission Statement
Our mission is to manage in a professional and timely manner the property-casualty insolvencies for which MIGA is responsible by discharging Association duties in accordance with governing statutes and plan of operation provisions.
The Mississippi Insurance Guaranty Association is a non-profit, unincorporated association created by the state legislature in 1970 to provide a mechanism for the payment of covered claims when a member insurer is found to be insolvent and ordered liquidated.
MIGA Coverage Info
The Mississippi Insurance Guaranty Association Law provides protection for covered claims as defined in the guaranty association law. MIGA coverage not only covers claims for insured losses, it may also refund part of the premium that was unearned if the policy is cancelled before the expiration date.
This coverage is extended to Mississippi resident insureds or claimants in the event of an insolvency of a member insurance company. The guaranty association law recognizes unpaid claims which arise out of and that are within the coverage of an insurance policy to which the guaranty association law applies, and which has been issued by a member insurer licensed to transact insurance business in this state either at the time the policy was written or at the time of the insured event.
Maximum amount for all covered claims is $300,000 per claimant except for workers’ compensation, which Mississippi Workers' Compensation Law governs benefits. Such amounts would never exceed the maximum amount in the applicable insurance policy. There is a $50.00 deductible applicable to all claims with the exception of workers’ compensation.
There is no coverage for any amount awarded as punitive or exemplary damages.
The MIGA law applies to all kinds of direct insurance except uncovered lines outlined in the statute Section 83-23-105.
Non-resident policyholders and claimants must look to their own state guaranty association for payment. In case of property loss, the property must be permanently located in Mississippi.
The Mississippi Insurance Guaranty Association Law requires the exhaustion of other sources of recovery before obtaining payment from MIGA, and potential recoveries must be pursued. Any such recovery is an offset against funds available from MIGA.
This information should not be relied upon as legal advice. Please refer to the Mississippi Insurance Guaranty Association Law available within this site for full statutory information as to protection of policyholders and claimants in the event of an insurance company insolvency and liquidation.
Funding is by assessment of our member insurers and, if any, the recovered and liquidated assets of the insolvent companies.
MIGA is directed by a board composed of nine members elected by the MIGA membership of licensed insurance writers of property and casualty insurance in Mississippi.
Travelers Insurance Company
Berkley Southeast Ins. Group
FCCI Insurance Group
Alfa Insurance Company
Allstate Insurance Company
AmFed Nat'l Ins. Company
Mississippi Farm Bureau Ins.
Nationwide Insurance Company