Bill > H1328

This bill amends the Massachusetts General Laws to increase the maximum liability limits for annuity benefit insurance payable by the Massachusetts Life and Health Insurance Guaranty Association. Specifically, the bill raises two separate liability caps from $100,000 and $300,000 to $500,000 in the same section of law (Chapter 175, Section 146B). These changes effectively increase the financial protection for individuals with annuity insurance policies, ensuring that if an insurance company becomes insolvent, policyholders can recover a higher amount of their invested funds through the state's guaranty association. By raising these limits, the bill provides greater financial security for Massachusetts residents who have purchased annuity insurance products, helping to mitigate potential financial losses in the event of an insurance company's failure.

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https://malegislature.gov/Bills/194/H1328