Oregon Increases Annuity Guarantee Limit
Published 3/8/2010
Oregon Gov. Ted Kulongoski has signed a bill that will increase the maximum annuity coverage limit in the state to $250,000, from $100,000.
The bill, Senate Bill 1002, will protect consumers who seek reimbursement because their insurer becomes insolvent, officials say.
The annuity guaranty increase is the first Oregon has adopted since 1991, officials say.
Officials note that the new annuity coverage limit is the same as the Federal Deposit Insurance Corp. coverage limit for bank accounts.
Officials also note that portions of annuities that have a variable earnings potential, such as accounts with returns tied to the performance of the stock market, “are generally not covered by the guaranty associations.
Oregon Gov. Ted Kulongoski has signed a bill that will increase the maximum annuity coverage limit in the state to $250,000, from $100,000.
The bill, Senate Bill 1002, will protect consumers who seek reimbursement because their insurer becomes insolvent, officials say.
The annuity guaranty increase is the first Oregon has adopted since 1991, officials say.
Officials note that the new annuity coverage limit is the same as the Federal Deposit Insurance Corp. coverage limit for bank accounts.
Officials also note that portions of annuities that have a variable earnings potential, such as accounts with returns tied to the performance of the stock market, “are generally not covered by the guaranty associations.
Originally Posted at National Underwriter on March 8, 2010 by NU ONLINE NEWS SERVICE.
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