House Bill 606 Summary

• Increases coverage limits for long-term care insurance from $100,000 to $300,000 and annuity benefits from $100,000 to $250,000 per individual.

• Excludes Medicare Part C and Part D policies from guaranty association coverage and clarifies coverage exclusions for equity-indexed products and certain interest rate formulas.

• Exempts organizations limited to issuing charitable gift annuities from the definition of "member insurer" subject to association obligations.

• Increases maximum Class A assessment cap from $150 to $300 per member insurer annually and extends appeal periods for assessment protests from 30 to 60 days.

• Extends automatic stay of judicial proceedings from 60 to 180 days following liquidation orders and clarifies the association's authority to assume reinsurance contracts and issue substitute coverage for indexed products.