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 maximum amount the New Jersey Life and Health Guaranty Association can pay to policyholders for net cash surrender or withdrawal values on certain annuity policies from $100,000 to $250,000 when an insurance company becomes insolvent. It directly affects annuity policyholders who would otherwise face limits on accessing the cash value of their policies if their insurer becomes insolvent. The key provision revises the financial coverage limits in New Jersey's guaranty association law for these specific types of annuity contracts. This change applies to annuity policies issued or renewed on or after the effective date, which is 90 days following enactment.