Q. What is the Mississippi Insurance Guaranty Association (MIGA)?

A. Mississippi Insurance Guaranty Association (MIGA) is an association of all insurance companies that are licensed to write all kinds of direct property and casualty insurance except those lines of insurance identified in section 83-23-105 of the Guaranty Act. MIGA was created in 1970 as a non-profit unincorporated legal entity.

Q. Is MIGA an insurance company?

A. MIGA is not an insurance company. MIGA’s sole duty is to provide a mechanism for the payment of certain covered claims under certain insurance policies resulting from 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.

Q. What happens to my insurance policy when the insurance company is liquidated?

A. After the courts have declared the company insolvent and liquidated, the insurance policy will remain in force, unless cancelled or expired, for thirty days after the order of liquidation. After thirty days, the policy is cancelled and coverage has to be replaced.

Q. Will I receive a premium refund?

A. Your unearned premium may be a covered claim as defined in the statute. MIGA can pay an amount in excess of $50.00 but not exceeding $300,000 per policy, for covered claim for return of unearned premiums.

Q. Which guaranty association will handle my claim?

A. After a proper order of liquidation with a finding of insolvency has been entered, claims are distributed by the liquidator to the guaranty where the insured or claimant resides, or in the case of a business where they are principally located.

Q. What do I do with legal bills and expense bills incurred prior to the date of insolvency?

A. Legal and expense bills incurred prior to the insolvency date should be forwarded to the liquidator of the appropriate insolvent insurance company. MIGA can only consider these charges for payment if incurred after the date of insolvency.

Q. Will the policy coverage remain the same?

A. In some situations you may not be able to recover all of your policy benefits from MIGA. Because the guaranty association is designed as a safety net and not a replacement for insurance coverage, the guaranty act contains a number of limitations on the kinds and amount of claims that MIGA can pay. With the exception of workers’ compensation benefits, there is a limit, or cap on the amount of benefits payable for claims of claimants. The per-claimant limit is excess of $50.00 but not exceeding $300,000 or the limit of the policy, whichever is less. Also, any person seeking payment of a claim from MIGA must first exhaust any rights he or she may have under any other insurance policy or other source of insurance, and MIGA is entitled to a credit for those amounts recovered under another policy.

Q. Are there any limits to the workers’ compensation benefits that MIGA can pay?

A. Workers’ compensation benefits are paid based on the applicable workers compensation laws and rules and MIGA law.

Q. Will there be any interruption in my workers’ compensation benefits?

A. MIGA will make every effort to ensure that the bi-weekly workers’ compensation benefits will continue without interruption. However, sometimes delays are unavoidable due to the availability of the claims files and necessary information from the insolvent insurance company.

Q. Will I be able to continue under the care of my current physician for my workers’ compensation claim?

A. You should have your doctor contact MIGA for authorization and billing information.

Q. Will the same attorney represent me in the lawsuit currently pending?

A. MIGA may choose to retain the same attorney, or we may decide to refer the case to a different attorney.

Q. How do I report a new claim to MIGA?

A. All new claims should be reported to the liquidator of the insolvent insurance carrier for distribution to the appropriate guaranty association.

Mississippi Insurance Guaranty Law. 

https://ms-miga.com/storage/app/media/MIGA%20Act%207-1-19.pdf 

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