An Act relative to annuity benefit insurance

This bill proposes to increase the maximum amount of annuity benefits that the Massachusetts Life and Health Insurance Guaranty Association must pay out if an insurance company fails. Specifically, it raises the liability limits from one hundred thousand dollars to five hundred thousand dollars for certain benefit categories. The change directly affects policyholders who rely on annuity contracts and the guaranty association that protects them in the event of insurer insolvency. By updating these statutory limits, the legislation aims to provide greater financial security to individuals holding annuity products within the state.