A BILL TO BE ENTITLED
AN ACT to clarify the PROTECTION PROVIDED BY THE NORTH CAROLINA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION AGAINST FAILURE IN THE PERFORMANCE OF CONTRACTUAL OBLIGATIONS UNDER ANNUITY CONTRACTS BECAUSE OF THE DELINQUENCY OF THE MEMBER INSURER THAT ISSUED THE POLICIES.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 58‑62‑21(d)(5) reads as rewritten:
"(d)	The benefits for which the Association is liable do not, in any event, exceed the lesser of:
…
(5)	With respect to any one payee (or beneficiaries of one payee if the payee is deceased) of a structured settlement annuity, one million dollars ($1,000,000) for all benefits, including cash values."
SECTION 2.  G.S. 58‑62‑21(e) is repealed.
SECTION 3.  This act is effective when it becomes law and applies to claims submitted to the North Carolina Life and Health Insurance Guaranty Association on or after August 7, 2009.