New Jersey Increases Annuities Coverage Limits

On July 10, 2024, New Jersey Governor Phil Murphy signed into law a bill increasing the New Jersey Life & Health Insurance Guaranty Association’s coverage limits on annuities for net cash surrender and net cash withdrawal values from $100,000 to $250,000, consistent with the NAIC Model Act limits. The law goes into effect immediately.

ACLI Names New President & CEO

The American Council of Life Insurers (ACLI) recently announced that David Chavern, President and CEO of the Consumer Brands Association, will succeed ACLI President and CEO Susan Neely, who announced her retirement earlier this year.

In addition to his role with the Consumer Brands Association, Chavern has held leadership positions with the News Media Alliance, the United States Chamber of Commerce, and the Center for Advanced Technology & Innovation. He will join ACLI on September 1.