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SB 567 Increases Texas Guaranty on Annuities from $100K to $250K
This is welcome news to annuity owners in Texas. SB 567 amends the Texas Life and Health Insurance Guaranty Association by increasing its coverage limit for annuities from $100,000 to $250,000. The $100,000 limit has been in effect since the law's enactment in 1973.
The bill is effective 9/1/11. Among other things, the guaranty association serves as a state funded bulwark against policyholder losses in the event of an insolvency of a life insurance or annuity carrier, similar to the federal FDIC and certificates of deposit.
The guaranty provides up to $300,000 in protection for the death benefit of a life insurance policy and now provides $250,000 of protection for annuities.
This is a welcome change in the law and long overdue.
