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GA HB1021

Bill

Official Source

Status

Passed

5/2/2022

Primary Sponsor

Eddie Lumsden

Click for details

Origin

House of Representatives

2021-2022 Regular Session

AI Summary

  • Decreases the minimum nonforfeiture interest rate for individual deferred annuities from 1 percent to 0.15 percent per annum, while maintaining the maximum rate at 3 percent per annum
  • Amends Code Section 33-28-3 of the Official Code of Georgia Annotated, which governs standard nonforfeiture provisions for individual deferred annuities
  • Retains the Insurance Commissioner's authority to set nonforfeiture interest rates by rule and regulation to reflect current and prevailing economic and financial conditions, within the revised statutory floor and ceiling
  • Effective July 1, 2022, applying to all applicable contracts issued, delivered, issued for delivery, or renewed in Georgia on or after that date
  • Passed both the Georgia House and Senate; sponsored by Representatives Lumsden (12th), Williamson (115th), Hugley (136th), England (116th), and Carson (46th)

Legislative Description

Insurance; minimum nonforfeiture interest rate for individual deferred annuities; decrease

Last Action

Effective Date 2022-07-01

5/2/2022

Committee Referrals

Insurance and Labor2/17/2022
Insurance1/27/2022

Full Bill Text

No bill text available