Introduced
by
To revise the minimum nonforfeiture rate for individual fixed annuities.
Referred to the Committee on Insurance and Financial Services
Passed in the House 91 to 0 (details)
To reduce the minimum nonforfeiture rate for individual fixed annuities from three percent to 1.5 percent. The minimum nonforfeiture rate is the minimum interest rate guarantee that an insurance company can use in an individual fixed annuity contract to determine its cash value. The current statutory three percent rate is above the rate of interest used as an index on many annuity contracts.
Passed in the Senate 34 to 0 (details)
