Bill No.: HB0005 Drafter: LGC
LSO No.: 12LSO-0066 Effective Date: July 1, 2012
Enrolled Act No.: HEA0010
Chapter No.: CH0036
Prime Sponsor: Joint Corporations, Elections and Political Subdivisions Interim Committee
Catch Title: Life and health insurance guarantee association-limitations.
Subject: Increasing coverages under the life and health insurance guarantee association.
Summary/Major Elements:
· The life and health insurance guarantee association provides backup coverage for policyholders in case life or health insurers become insolvent.
· This act increases the liability for coverage by the association from $100,000 to the following amounts:
· $300,000 for disability, disability income and long term care insurance policies;
· $300,000 for basic hospital, medical and surgical and major medical insurance; and
· $250,000 for annuity benefits.
Comments:
· Amends major program: Life and Health Insurance Guarantee Association.