summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation to increase maximum liabilities of annuity benefit insurance payable by the Massachusetts Life and Health Insurance Guaranty Association. Financial Services.
AI Summary
This bill seeks to increase the maximum liabilities of annuity benefit insurance payable by the Massachusetts Life and Health Insurance Guaranty Association. Specifically, it would increase the maximum payout from $100,000 to $500,000 for each individual annuity contract, and from $300,000 to $500,000 for the aggregate of all annuity benefits payable to any one individual. This change aims to provide greater financial protection for individuals who hold annuity contracts in the event that their insurance provider becomes insolvent.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H5167 (on 09/12/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H1207 |
| Bill | https://malegislature.gov/Bills/192/H1207.pdf |
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