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Legislative Year: 2021 Change
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Bill Detail: SB21-259

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Title Modify Nonforfeiture Percent Surrender Annuity
Status Governor Signed (06/30/2021)
Bill Subjects
  • Health Care & Health Insurance
  • Insurance
House Sponsors S. Bird (D)
S. Sandridge (R)
Senate Sponsors R. Rodriguez (D)
House Committee Business Affairs and Labor
Senate Committee Finance
Date Introduced 05/03/2021
Summary

When the holder of an annuity policy surrenders the policy, the
holder forfeits most of the accumulated value of the policy, but the
insurance company that issued the policy must pay to the holder a
percentage of the policy's value (the nonforfeiture rate). Under current
law, the nonforfeiture rate is the lesser of 3% per year or a fraction of the

federal reserve's 5-year constant maturity treasury rate; the rate resulting
from this fraction must not be less than one percent. The bill reduces the
minimum nonforfeiture rate resulting from this fraction to not less than
.15%.

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