HB0005 • 2012

Life and health insurance guarantee association-limitations.

AN ACT relating to insurance; increasing limits on annuity and health insurance benefits liability of life and health insurance guarantee association; and providing for an effective date.

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Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Corporations
Last action: 2012-03-09
Official status: enrolled
Effective date: 7/1/2012

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2012-03-09 LSO
Assigned Chapter Number
2012-03-08 Governor
Governor Signed HEA10
2012-03-05 Senate
S President Signed HEA No. 0010
2012-03-02 House
H Speaker Signed HEA No. 0010
2012-03-02 LSO
Assigned Number HEA0010
2012-03-02 Senate
S Passed 3rd Reading
2012-03-01 Senate
S Passed 2nd Reading
2012-02-29 Senate
S Passed CoW
2012-02-28 Senate
S Placed on General File
2012-02-28 Senate
S07 Recommended Do Pass
2012-02-23 Senate
S Introduced and Referred to S07
2012-02-22 Senate
S Received for Introduction
2012-02-22 House
H Passed 3rd Reading
2012-02-21 House
H Passed 2nd Reading
2012-02-20 House
H Passed CoW
2012-02-16 House
H Placed on General File
2012-02-16 House
H07 Recommended Do Pass
2012-02-13 House
H Introduced and Referred to H07
2012-02-13 House
H Received for Introduction
2011-12-29 LSO
Bill Number Assigned

Official Summary Text

HB0005

Bill No.:
HB0005
Drafter:

LGC

LSO No.:
12LSO-0066
Effective Date:

July 1, 2012

Enrolled Act No.:
HEA0010

Chapter No.:
CH0036

Prime Sponsor:
Joint Corporations, Elections and Political
Subdivisions Interim Committee

Catch Title:
Life and health insurance guarantee
association-limitations.

Subject:
Increasing coverages under the life
and health insurance guarantee association.

Summary/Major Elements:

The life and health insurance
guarantee association provides backup coverage for policyholders in case life or
health insurers become insolvent.

This act increases the
liability for coverage by the association from $100,000 to the following
amounts:

$300,000 for disability,
disability income and long term care insurance policies;

$300,000 for basic hospital,
medical and surgical and major medical insurance; and

$250,000 for annuity
benefits.

The $100,000 limit for coverages not defined as disability,
disability income, basic hospital, medical and surgical, major medical or
long term care insurance policies remains the same.

Comments:

Amends
major program: Life and Health Insurance Guarantee Association.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL HOUSE
BILL

NO.
0005

ENROLLED ACT NO. 10, HOUSE OF REPRESENTATIVES

SIXTY-FIRST LEGISLATURE OF THE STATE OF WYOMING
2012 BUDGET SESSION

AN ACT relating to
insurance; increasing limits on
annuity and
health insurance benefits liability of life and health insurance guarantee association;
and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.
W.S. 26
‑
42
‑
103(d)(ii)(
B
)
and
(C) is amended to read:

26
‑
42
‑
103.

Coverage and limitations.

(d)

Except as provided in subsection (f) of this section, the benefits for which the association may be liable shall in no event exceed the lesser of:

(ii)

With respect to any one (1) life, regardless of the number of policies or contracts:

(B)

One hundred thousand dollars ($100,000.00)

I
n health insurance benefits
:

(I)

One hundred thousand dollars ($100,000.00) for coverages not defined as disability insurance or disability income insurance or basic hospital, medical and surgical insurance or major medical insurance or long term care insurance

including any net cash surrender and net cash withdrawal values;

(II)

Three hundred thousand dollars ($300,000.00) for disability insurance, disability income insurance and long-term care insurance;

(III)

Three hundred thousand dollars ($300,000.00) for basic hospital, medical and surgical insurance or major medical insurance.

(C)

One hundred thousand dollars ($100,000.00)

Two hundred fifty thousand dollars ($250,000.00)
in the present value of annuity benefits including net cash surrender and net cash withdrawal values.

Section 2.
This act is effective July 1, 201
2
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1