Ohio General Assembly Raises Annuity Guaranty Coverage To $250,000
Copyright 2010 SNL Financial LCAll Rights Reserved SNL Insurance Daily
March 25, 2010 Thursday
LENGTH: 113 words
HEADLINE: Ohio General Assembly raises annuity guaranty coverage to $250,000
BYLINE: Zaeem Shoaib
HIGHLIGHT:
An amendment to Ohio's insurance law by the Ohio General Assembly raised the Ohio Life and Health Insurance Guaranty Association's coverage protection for annuities to $250,000 from $100,000.
Ohio Department of Insurance Director Mary Jo Hudson said March 24 that an amendment to the state's insurance law by the Ohio General Assembly raised the Ohio Life and Health Insurance Guaranty Association's coverage protection for annuities to $250,000 from $100,000.
The change is effective May 26.
According to the news release, the changes will guarantee that consumers who purchase an annuity product may be able to recover up to $250,000 if the company they purchased the product from becomes insolvent.
The Ohio Life and Health Insurance Guaranty Association is a nonprofit association of insurance companies that sell life insurance, health insurance and annuities in Ohio.
LOAD-DATE: March 31, 2010
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