Bill
Bill > S3371
NJ S3371
Revises limits for net cash surrender and net cash withdrawal values for certain annuity policies and contracts from $100,000 to $250,000.
summary
Introduced
06/03/2024
06/03/2024
In Committee
06/10/2024
06/10/2024
Crossed Over
06/28/2024
06/28/2024
Passed
06/28/2024
06/28/2024
Dead
Signed/Enacted/Adopted
07/10/2024
07/10/2024
Introduced Session
2024-2025 Regular Session
Bill Summary
An Act concerning annuity policies and contracts and amending P.L.1991, c.208.
AI Summary
This bill revises the limits for net cash surrender and net cash withdrawal values for certain annuity policies and contracts from $100,000 to $250,000. The bill amends the New Jersey Life and Health Insurance Guaranty Association Act to increase the coverage limits for annuities from $100,000 to $250,000, while maintaining the $500,000 limit for life insurance death benefits and the $2 million limit for unallocated annuity contracts. This change is intended to provide greater financial protection for policyholders in the event of an insurer's insolvency.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Approved P.L.2024, c.34. (on 07/10/2024)
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://www.njleg.state.nj.us/bill-search/2024/S3371 |
| BillText | https://pub.njleg.gov/Bills/2024/PL24/34_.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/AL24/34_.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S3500/3371_R1.HTM |
| Analysis - Statement SCM 6/10/24 | https://pub.njleg.gov/Bills/2024/S3500/3371_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S3500/3371_I1.HTM |
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