MS HB575

Requires retirement annuity contract transfers to another insurer to have an A or better rating from two or more nationally recognized rating agencies, or obtain Commissioner of Insurance approval, effective July 1, 2019.

Exempts amounts payable from group annuity contracts issued to employers or pension plans from creditor claims when retirement benefits lose ERISA or Pension Benefit Guaranty Corporation protection upon contract issuance.

Carves out exceptions to creditor exemptions for qualified domestic relations orders, contracts taken out for a creditor's benefit, and amounts paid with intent to defraud creditors.

Denies the creditor exemption to annuity contracts issued within six months before bankruptcy filing, insolvency proceedings, or similar reorganization filings.

Preserves all existing rights and benefits that beneficiaries and assignees would have had without this act.