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2003 SESSION
HB 2609 Annuity contracts; minimum interest rate.
Introduced by: L. Preston Bryant, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Annuity contracts; minimum interest rate. Reduces the minimum interest rate on individual deferred annuities issued by insurance companies between April 1, 2003, and July 1, 2005, from three percent to 1.5 percent per year. The interest rate applies to minimum nonforfeiture amounts applicable to net considerations, partial withdrawals, and partial surrenders. The measure has an emergency clause.
SUMMARY AS PASSED HOUSE:
Annuity contracts; minimum interest rate. Reduces the minimum interest rate on individual deferred annuities issued by insurance companies between April 1, 2003 and July 1, 2005, from 3 percent to 1.5 percent per year. The interest rate applies to minimum nonforfeiture amounts applicable to net considerations, partial withdrawals, and partial surrenders. The measure has an emergency clause.
SUMMARY AS INTRODUCED:
Annuity contracts; minimum interest rate. Reduces the minimum interest rate on individual deferred annuities issued by insurance companies between the date the measure becomes effective and July 1, 2005, from 3 percent to 1.5 percent per year. The interest rate applies to minimum nonforfeiture amounts applicable to net considerations, partial withdrawals, and partial surrenders. The measure has an emergency clause, and will expire on July 1, 2005.