HB 530 Summary

• Amends Ohio's Life and Health Insurance Guaranty Association law to modernize definitions and clarify coverage rules for life, health, and annuity insurance policies and contracts.

• Changes terminology from "made" to "authorized" and "called" for assessments, and updates provisions regarding member insurer eligibility, coverage limits, and exclusions from guaranty protection.

• Increases premium thresholds for unallocated annuity contracts from $1 million to $5 million for assessment purposes, affecting how member insurers calculate assessable premiums.

• Adds new section 3956.19 to establish transitional provisions distinguishing between impaired/insolvent insurers for which the association became obligated before versus after the bill's effective date.

• Repeals former section 3956.19 and updates references throughout the chapter to reflect revised terminology, definition numbering, and structural changes to the guaranty association framework.