As part of my IRA, I have an annuity with Genworth Financial and recently read that the credit rating of Genworth might be downgraded by S&P.

My question is does the state of NJ and/or other agencies (Genworth’s home state, feds, etc) provide many protection for consumers against loss (e.g. like FDIC). If so, could you outline for me or direct me to a source of information. If I should contact a different agency about my question, please let me know.

Each state has a life and annuity company guarantee fund purportedly protecting its residents. Just as with insurance on bank deposits from the FDIC, there are limits (unless you're Goldman Sachs) that apply by type of product.

Unlike the FDIC limits, insurance guarantee fund limits vary significantly from state to state.

The ability of any state to handle multiple or major systemic failures has never been tested, and I have some qualms about their ability to handle a series of major insurance company failures.