RI S3008

Increases the coverage limit for annuity benefits under the Rhode Island Life and Health Insurance Guaranty Association from $250,000 to $500,000 per individual

The higher limit applies to the present value of annuity benefits, including net cash surrender and net cash withdrawal values

Maintains existing coverage limits for other insurance types: $300,000 for life insurance death benefits, $300,000 for disability and long-term care insurance, and $500,000 for basic hospital/medical/surgical insurance

The Guaranty Association protects policyholders when a member insurer becomes impaired or insolvent

Takes effect immediately upon passage