Posts Tagged ‘SB 1002’

SB 1002 raises coverage for insurance annuities to protect consumers from risk

Legislation passed today in the Senate will provide greater protection to people who buy annuities, a financial product popular with seniors and those planning for retirement.  Senate Bill 1002 raises the benefit limit for annuities from the current $100,000 to $250,000.

“Just as bank deposits are protected by the FDIC, money that consumers invest in annuities is covered by Oregon guaranty associations,” explained Senator Suzanne Bonamici (D-Washington Co./Portland), chair of the Consumer Protection and Public Affairs Committee. “The average amount invested in annuities has grown, but Oregon’s coverage limit hasn’t increased since 1991. This bill raises the limit so that investors will be better protected if an insurance company is liquidated or becomes insolvent.” Read the rest of this entry »