33-10-224. Extent of liability. The benefits for which the association may become liable may not exceed the lesser of:
     (1) the contractual obligations of the impaired insurer for which the insurer becomes or would have become liable if it were not an impaired or insolvent insurer; or
     (2) (a) with respect to any one life, regardless of the number of policies or contracts:
     (i) $300,000 in life insurance death benefits, but not more than $100,000 in net cash surrender and net cash withdrawal values for life insurance;
     (ii) $100,000 in health insurance benefits, including any net cash surrender and net cash withdrawal values;
     (iii) $100,000 in the present value of annuity benefits, including net cash surrender and net cash withdrawal values;
     (b) with respect to each individual participating in a governmental retirement plan established under section 401, 403(b), or 457 of the Internal Revenue Code and covered by an unallocated annuity contract or with respect to the beneficiaries of each individual, if deceased, in the aggregate, $100,000 in present value annuity benefits, including net cash surrender and net cash withdrawal values. However, the association is not liable to expend more than $300,000 in the aggregate with respect to any one individual under subsection (2)(a) and this subsection.
     (c) with respect to any one contract holder covered by any unallocated annuity contract not included in subsection (2)(b), $5 million in benefits, irrespective of the number of contracts held by that contract holder.

     History: En. 40-5808 by Sec. 8, Ch. 245, L. 1974; R.C.M. 1947, 40-5808(10); amd. Sec. 6, Ch. 576, L. 1987; amd. Sec. 62, Ch. 596, L. 1993.