Delaware Raises Guaranty Fund Limits
February 18, 2010 by NU ONLINE NEWS SERVICE
Delaware Gov. John Markell has signed a bill that will increase the amount of protection that the Delaware Life & Health Insurance Guaranty Association can offer consumers affected by carrier insolvencies.
The new law created by H.B. 202 will increase the coverage limit for:
– Long term care insurance to $300,000, from $1000.
– Fixed annuity contracts to $250,000, from $100,000.
– Some government retirement benefit plans to $250,000, from $100,000.
– Each payee of a structured settlement annuity plan (or the beneficiary of a payee who is deceased) to $250,000, from $100,000.
The sponsors of H.B. 202 were Rep. Bryon Short, D-Highland Woods, Del., and Sen. Harris McDowell, D-Wilmington North, Del.
Delaware has at least 165 residents who have faced potential loss of coverage because of pending insurer liquidation proceedings, according to Delaware Insurance Commissioner Karen Weldin Stewart.
“I want to thank both the General Assembly for promptly passing H.B. 202 at the beginning of the 2010 session and the governor for quickly signing the bill into law,” Stewart says in a statement.
Delaware Gov. John Markell has signed a bill that will increase the amount of protection that the Delaware Life & Health Insurance Guaranty Association can offer consumers affected by carrier insolvencies.The new law created by H.B. 202 will increase the coverage limit for:
– Long term care insurance to $300,000, from $1000.
– Fixed annuity contracts to $250,000, from $100,000.
– Some government retirement benefit plans to $250,000, from $100,000.
– Each payee of a structured settlement annuity plan (or the beneficiary of a payee who is deceased) to $250,000, from $100,000.
The sponsors of H.B. 202 were Rep. Bryon Short, D-Highland Woods, Del., and Sen. Harris McDowell, D-Wilmington North, Del.
Delaware has at least 165 residents who have faced potential loss of coverage because of pending insurer liquidation proceedings, according to Delaware Insurance Commissioner Karen Weldin Stewart.
“I want to thank both the General Assembly for promptly passing H.B. 202 at the beginning of the 2010 session and the governor for quickly signing the bill into law,” Stewart says in a statement.
