The bill amends Section 27-34.3-3 of the Rhode Island Life and Health Insurance Guaranty Association Act to increase the coverage limit for annuity benefits. Specifically, it raises the maximum coverage from two hundred fifty thousand dollars ($250,000) to five hundred thousand dollars ($500,000) in present value of annuity benefits, which includes net cash surrender and net cash withdrawal values. This change aims to enhance the financial protection available to policyholders in the event of an insurer's insolvency. The act is set to take effect upon passage.

Statutes affected:
3008: 27-34.3-3