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Senate Commerce Committee Statement to Senate, No. 3371 (June 10, 2024)

Summary

Senate Commerce Committee statement to Senate, No. 3371, with committee amendments, State of New Jersey, dated June 10, 2024. The committee reports favorably and with committee amendments Senate Bill No. 3371, which as amended revises the limits for net cash surrender and net cash withdrawal values for certain annuity policies and contracts from $100,000 to $250,000. The statement says the New Jersey Life and Health Guaranty Association would pay a policyholder up to $250,000 on an annuity issued by a member insurance company that becomes insolvent, and that current law allows up to $100,000. It says the committee amended the bill to make its provisions effective immediately upon enactment.

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“Senate Commerce Committee Statement to Senate, No. 3371 (June 10, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-06-10-scm-s3371-s1-dffbcbcf3f/, SHA-256 3890ccfa211b70ab66a6113875d7745bcf4efd9900544c250d257e66be09c424.

Full text

     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

                 SENATE, No. 3371
                  with committee amendments



 STATE OF NEW JERSEY
                     DATED: JUNE 10, 2024

    The Senate Commerce Committee reports favorably and with
committee amendments Senate Bill No. 3371.
    As amended, this bill revises the limits for net cash surrender
and net cash withdrawal values for certain annuity policies and
contracts from $100,000 to $250,000 and makes the change
effective immediately.
    Under the bill, the New Jersey Life and Health Guaranty
Association will pay a policyholder of an annuity policy or contract
up to $250,000 for any net cash surrender or net cash withdrawal
that a policyholder makes on an annuity issued by a member
insurance company that becomes insolvent. Current law only
allows the association to pay a policyholder up to $100,000 for a
net cash surrender or net cash withdrawal made on an annuity
issued by a now-insolvent member insurance company.

COMMITTEE AMENDMENTS
   The committee amended the bill to make its provisions effective
immediately upon enactment.

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