2002 House Bill 5999 ↩

House Roll Call 874: Passed

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.