An Act relative to annuity benefit insurance
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill seeks to increase the maximum liabilities that the Massachusetts Life and Health Insurance Guaranty Association (MGLIAGA) must cover for annuity benefit insurance. Currently, the association’s coverage limits may not adequately protect policyholders in the event of an insurer’s failure. The bill aims to strengthen the association’s ability to safeguard annuity benefit insurance payouts. It was referred to the Financial Services committee and subsequently concurred by the Senate.
Key provisions
- Increases the maximum liabilities covered by the Massachusetts Life and Health Insurance Guaranty Association for annuity benefit insurance.
- Addresses potential gaps in coverage for annuity benefit insurance payouts.
- Focuses specifically on annuity benefit insurance, not all types of insurance.
- The bill was accompanied by a study order (H5336).
Who is affected
- Policyholders of annuity benefit insurance in Massachusetts
- The Massachusetts Life and Health Insurance Guaranty Association
- Annuity insurance companies operating in Massachusetts
Notable changes
- Potentially expands the scope of coverage provided by the MGLIAGA for annuity benefit insurance.
- Addresses concerns about insufficient protection for annuity benefit insurance policyholders.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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