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Senate Commerce Committee Statement to Senate, No. 3371 — State of New Jersey (June 10, 2024)

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 3371, State of New Jersey, dated June 10, 2024, reporting the bill favorably with committee amendments. As amended, the bill raises the limits for net cash surrender and net cash withdrawal values for certain annuity policies and contracts from $100,000 to $250,000. 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; the statement says current law allows up to $100,000. The amendments make the bill effective immediately upon enactment.

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Cite this document

“Senate Commerce Committee Statement to Senate, No. 3371 — State of New Jersey (June 10, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/s3371-scm-statement-6-10-24-c2940a8a1c/, SHA-256 e8eceab1226a9858cb312056012a61a65affc23b3e23d21048d380dac4c7033c.

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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