MI HB6097

Increases maximum annuity benefits coverage from $200,000 to $250,000 in present value for individuals in governmental retirement plans under sections 401(k), 403(b), or 457 of the Internal Revenue Code.

Increases maximum structured settlement annuity benefits from $200,000 to $250,000 in present value per payee or beneficiary.

Increases maximum unallocated annuity contract coverage from $2,000,000 to $5,000,000 for contract owners or plan sponsors with principal place of business in Michigan.

Excludes coverage for Medicare Part C and Part D benefits, hospital, medical, prescription drug, and other health care benefits under those federal programs.

Exempts member insurers already under rehabilitation or liquidation orders on the effective date (September 2, 2010) from the increased benefit limits.