Introduced
by
To establish a standard nonforfeiture law for deferred annuity contracts sold to individuals. This pertains to the minimum interest rate guarantee that an insurance company can use in determining an annuity's cash cash value if the contract holder stops making payments during the accumulation period. The rate is currently set by statute. The bill would tie the rate to market indicators.
Referred to the Committee on Insurance and Financial Services
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one which incorporates technical changes that do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 108 to 0 (details)
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 34 to 1 (details)
To establish a standard nonforfeiture law for deferred annuity contracts sold to individuals. This pertains to the minimum interest rate guarantee that an insurance company can use in determining an annuity's cash cash value if the contract holder stops making payments during the accumulation period. The rate is currently set by statute. The bill would tie the rate to market indicators.
