summary
Introduced
01/20/2015
01/20/2015
In Committee
01/20/2015
01/20/2015
Crossed Over
Passed
Dead
07/31/2016
07/31/2016
Introduced Session
189th General Court
Bill Summary
For legislation to increase maximum labilities of annuity benefit insurance payable by the Massachusetts Life and Health Insurance Guaranty Association. Financial Services.
AI Summary
This bill, concerning annuity benefit insurance, proposes to increase the maximum liabilities that the Massachusetts Life and Health Insurance Guaranty Association (MLHIGA) can cover for annuity benefits. Specifically, it amends existing law by replacing the current limits of "one hundred thousand dollars" and "three hundred thousand dollars" with a new, higher limit of "five hundred thousand dollars" for annuity benefit insurance payouts that MLHIGA is responsible for guaranteeing. This change aims to provide greater financial protection to individuals who hold annuity contracts in the event that an insurance company becomes insolvent.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Accompanied a study order, see H4111 (on 03/28/2016)
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/189/House/H954 |
| State Bill Page | https://malegislature.gov/Bills/189/H954 |
| Bill | https://malegislature.gov/Bills/189/H954.pdf |
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