The Ohio General Assembly has approved a bill that will increase the level of protection for annuity holders to $250,000, from $100,000.

The change will take effect May 26, according to officials at the Ohio Department of Insurance.

The “increase will not apply to any insurer that is currently in liquidation, rehabilitation, or otherwise ‘impaired’ under the statutory definitions,” according to the Ohio Life and Health Insurance Guaranty Association, Columbus, Ohio.

OLHIGA is responsible for protecting Ohio consumers against the risk of life and health insurers becoming insolvent.