Committee approves annuity non‑forfeiture change to preserve product availability
March 30, 2021 | INSURANCE & COMMERCE - SENATE, Senate, Committees, Legislative, Arkansas
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Derek Smith of the Mitchell Williams law firm presented House Bill 16‑01, which adopts the NAIC revised minimum non‑forfeiture model for individual deferred annuities. Smith said the NAIC lowered the floor to 0.15% to prevent insurers from ceasing to offer annuity products in a very low interest‑rate environment; the bill applies only to contracts issued after the law’s effective date and does not change benefits for existing annuity holders.
Committee members asked whether lowering the floor would reduce what annuity holders already receive; Smith said it would not affect existing contracts. After brief questioning and no public testimony, the committee passed H.B. 16‑01 by voice vote.
Committee members asked whether lowering the floor would reduce what annuity holders already receive; Smith said it would not affect existing contracts. After brief questioning and no public testimony, the committee passed H.B. 16‑01 by voice vote.
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