Loading chat...
NJ S3371
Bill
Status
7/10/2024
Primary Sponsor
Nellie Pou
Click for details
AI Summary
-
Increases the maximum net cash surrender and net cash withdrawal values covered by the New Jersey Life and Health Insurance Guaranty Association for annuity benefits from $100,000 to $250,000
-
Maintains the $500,000 cap on present value annuity benefits, including net cash surrender and withdrawal values, per individual
-
Preserves the overall $500,000 aggregate limit for all benefits with respect to any one individual under the guaranty association
-
Applies to coverage provided when member insurance companies become impaired or insolvent
-
Takes effect immediately upon approval (signed July 10, 2024)
Legislative Description
Revises limits for net cash surrender and net cash withdrawal values for certain annuity policies and contracts from $100,000 to $250,000.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2024, c.34.
7/10/2024