Revises limits for net cash surrender and net cash withdrawal values for certain annuity policies and contracts from $100,000 to $250,000.

This bill increases the limit for net cash surrender and net cash withdrawal values for certain annuity policies from $100,000 to $250,000. It directly affects policyholders of annuity policies issued by member insurance companies that become insolvent, as the New Jersey Life and Health Guaranty Association will now cover up to $250,000 of these values instead of the previous $100,000 limit. The change applies to annuity policies and contracts issued or renewed on or after the effective date of the bill. This is a specific adjustment to the coverage limits under New Jersey's guaranty association system for annuity products.