This bill amends the New Jersey Life and Health Guaranty Association's coverage limits for net cash surrender and net cash withdrawal values related to certain annuity policies and contracts. Specifically, it increases the maximum payout from $100,000 to $250,000 for policyholders who make such withdrawals from annuities issued by member insurance companies that become insolvent. This change aims to provide greater financial protection for policyholders in the event of an insurer's insolvency.

The revised language in the bill reflects this increase in coverage, ensuring that individuals with annuity policies can access a higher amount of their funds when needed. The bill is set to take effect 90 days after enactment and will apply to annuity policies, plans, or contracts issued or renewed on or after that date. This legislative change is intended to enhance consumer confidence and security in the state's insurance framework.

Statutes affected:
Introduced: 17B:32A-3