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Did House Bill 159 get passed which increased the limits of the Florida Life and Health Insurance Guarantee Association FLHIGA from 100k to 250k in cash values of annuity contracts?
Wiki User
∙ 13y ago
After the FDIC raised the limits on deposits held at banks and savings and loans, it left other investment instruments, such as annuities, at somewhat of a disadvantage in Florida, since FLAHIGA limits on cash values were still capped at $100,000. Many other states had already raised their cash value limits to $250,000 or even $300,000 for annuities. H.B. 159 sought to bring FLAHIGA more in line with similar guaranty mechanisms in other states and with the FDIC limits for investments held in banks. This legislation raises the FLAHIGA limits on cash values of annuities from $100,000 to $250,000 and levels the playing field for investors who want alternatives to putting their money in the bank. The bill went into effect on July 1, 2010. Starting on this date, investors will have the same protection when putting their cash into a deferred annuity contract as they would when putting money in an FDIC-insured bank.
Wiki User
∙ 13y ago
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