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Guarantee Security Life Insurance Company
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Jacksonville, Florida
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| Company Overview |
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| Guarantee Security Life was owned by Transmark USA and was domiciled in the state of Florida. The company was licensed in 41 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The company issued primarily individual non-qualified and tax-qualified flexible and single premium deferred annuities. The company was placed in receivership in August 1991. The state life and health insurance guaranty associations helped arrange for most of the business to be moved to Guaranty Reassurance Corporation for a number of years, and it was then assumed by Midland National Life Insurance Company (see below).
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| Policy & Claims Administration |
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| Policies of an insolvent company are often transferred to a financially sound insurance company. If policies are not transferred to another company, the policies are continued and claims administered by either the guaranty associations or a third-party administrator (TPA) working on behalf of the associations. Please contact the company/TPA listed below or the guaranty association in your state of residence for more information about your policy. |
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Type of Policy
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Transferred to:
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Transfer Date
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Life
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Midland National Life Insurance Company
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One Midland Plaza
Sioux Falls, SD. 57193-0001 |
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| 800-923-3223 (Life policies) 866-270-9564 (Annuity policies) |
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| http://www.mnlife.com/ |
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More
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November 03, 1997
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Annuity
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Midland National Life Insurance Company
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One Midland Plaza
Sioux Falls, SD. 57193-0001 |
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| 800-923-3223 (Life policies) 866-270-9564 (Annuity policies) |
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| http://www.mnlife.com/ |
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More
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November 03, 1997
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| Contact Information |
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| Guaranty association coverage is coordinated on a state-by-state basis, with coverage usually being provided by the association in your state of residence, regardless of where you purchased your policy. Policyholders should contact their state guaranty association with any questions they have about their policies. The drop-down menu below will take you to your state association's Web site, which provides answers to frequently asked questions and contact information. |
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| The liquidator, by court order, becomes the sole owner of the company's assets and administers the estate of the company. |
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| If you are unsure who to contact with your questions, please e-mail us here, and we will forward your message to the appropriate party. |
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| Company Details |
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An NAIC number is a five-digit number assigned to every insurance company by the NAIC (National Association of Insurance Commissioners). Because each company has its own unique number, the NAIC number can be used to identify a particular company. |
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| Domiciliary State: |
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Florida |
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The domiciliary state is the state in which an insurance company is incorporated or organized. |
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| Rehabilitation Date: |
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August 12, 1991 |
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Following the rehabilitation date, the insurance commissioner of the company's domiciliary state initiates a process whereby every attempt is made to help the company regain its financial footing. |
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| Liquidation Date: |
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December 02, 1992 |
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The liquidation date is the date that the state court orders the liquidation of the company. The liquidator is the domestic state insurance commissioner, who appoints a deputy liquidator (also called a special deputy receiver) to marshal the company's assets and pay the claims asserted against the liquidated company according to the state's insurance receivership priority statute. |
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| Estate Closed: |
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July 29, 2005 |
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The estate closed date is the date that the court orders a close to the estate. No futher costs and recoveries other than minor amounts are anticipated. |
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© 2001-2009 All Rights Reserved. The National Organization of Life & Health Insurance Guaranty Associations |
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