Loading chat...
AR HB1601
Bill
Status
4/6/2021
Primary Sponsor
Brian Evans
Click for details
AI Summary
-
Amends Arkansas Code § 23-81-304(e)(2) to modify the interest rate used in determining minimum nonforfeiture amounts for individual deferred annuities
-
Sets the interest rate as the lesser of 3% per annum or a rate based on the five-year Constant Maturity Treasury Rate reported by the Federal Reserve System
-
Requires the Treasury Rate to be measured as of a date or average over a period no longer than 15 months prior to the contract issue date or redetermination date, rounded to the nearest 0.05%
-
Reduces the Treasury Rate by 125 basis points to calculate the final rate
-
Establishes a minimum floor of 0.15% (fifteen-hundredths of one percent) for the resulting interest rate
Legislative Description
To Modify The Minimum Required Nonforfeiture Rate For Individual Deferred Annuities Under The Standard Nonforfeiture Law For Individual Deferred Annuities.
Last Action
Notification that HB1601 is now Act 590
4/6/2021