If the issuer of an annuity (selected as the form of benefit from a qualified plan) declares bankruptcy, where does that leave the holder of the annuity?

Is there any protection for the annuity holder?

Most states ( exept LA) have state guaranty funds which will provide for a guarantee of the some benefits for contracts issued in the state. You need to find the state that regulates the insurance co and then call the Insurance Dept in your state to find out how to make a claim. Insurance companies become insolvent, not bankrupt and an administrator is appinted in the state of docmicle of the company to work out the insolvency and try pay off all of the benefits. If the company is insolvent benefit payment/claims are frozen and the administrator works out some form of payment schedule.

This link can take you to any state insurance department.
http://www.naic.org/1regulator/usamap.htm