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 is responsible for covering in annuity benefit insurance. Currently, the association’s coverage limits may not adequately protect policyholders in certain situations. The legislation aims to strengthen the association’s ability to safeguard annuity benefit insurance payouts in the event of an insurer’s failure. This change would provide greater financial security for individuals relying on annuity benefits.
Key provisions
- Increases the maximum liabilities of annuity benefit insurance covered by the Massachusetts Life and Health Insurance Guaranty Association.
- Addresses potential gaps in coverage for annuity benefit insurance.
- Strengthens the financial protection available to policyholders.
- Focuses specifically on annuity benefit insurance policies.
Who is affected
- Policyholders of annuity benefit insurance
- The Massachusetts Life and Health Insurance Guaranty Association
- Individuals relying on annuity benefits
Notable changes
- Modifies the scope of coverage provided by the Massachusetts Life and Health Insurance Guaranty Association.
- Potentially expands the association’s financial obligations.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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