SB375 Summary

• Specifies that payees under structured settlement annuities receive coverage based on their residency, not the annuity owner's residency, and coordinates coverage with other state guaranty associations to avoid duplication.

• Revises coverage limits: life insurance ($300,000 death benefits, $100,000 cash surrender values), disability insurance ($300,000 for disability income/long-term care, $500,000 for basic hospital/medical/surgical insurance), and annuities ($250,000 present value).

• Increases Class A assessments cap from $50 to $300 per member insurer annually to cover administrative and legal costs.

• Extends appeal period for member insurers to challenge association decisions from 30 days to 60 days.

• Extends court stay on proceedings involving insolvent insurers from 60 days to 180 days to allow the association time for proper legal action.