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Benicorp Insurance Company (“Benicorp”) was a small Indiana insurer that focused its marketing in the small employer group health business. The primary products were major medical policies. Benicorp was placed into rehabilitation on August 9, 2007, and the Order of Liquidation was entered on October 5, 2007. At liquidation, some individual life and health policies were in force. These were generally the result of group certificate holders converting to an individual form of insurance. All health forms were cancelable with thirty days notice prior to the next premium due date.

A TPA agreement was entered into with the liquidator of Benicorp to provide ongoing claims adjudication, premium collection, and policy administration services. Claims are sent to and processed by Benicorp on behalf of the guaranty associations. Funding for health claims occurs approximately every two to three weeks. Funding information is provided to the Nebraska Guaranty Association, which funds Nebraska claims.