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CA SB1206

Bill

Official Source

Status

Introduced

2/19/2026

Primary Sponsor

Insurance

Click for details

Origin

Senate

2025-2026 Regular Session

AI Summary

  • Amends Insurance Code Section 10168.25 regarding minimum nonforfeiture amounts for annuity contracts issued on or after January 1, 2006
  • Makes only nonsubstantive, technical changes to existing language, such as replacing "any" with "a," "prior to" with "before," and "may" with "shall"
  • Retains existing interest rate formula: the lesser of 3% annually or the five-year Constant Maturity Treasury Rate minus 125 basis points, with a floor of 0.15% for contracts issued on or after January 1, 2022
  • Requires no appropriation, has no fiscal impact, and needs only a majority vote for passage
  • Introduced by the Senate Committee on Insurance on February 19, 2026

Legislative Description

Annuity minimum nonforfeiture amount.

Last Action

Referred to Com. on RLS.

3/4/2026

Committee Referrals

Rules2/19/2026

Full Bill Text

No bill text available