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ROBERT L. EHRLICH, JR., Governor H.B. 1192
(3) The net considerations for a given contract year may not be less than
zero.
(4) The percentages of net considerations are:
(i) for the first contract year, 65%; and
(ii) subject to paragraph (5) of this subsection, for the second and
subsequent contract years, 87.5%.
(5) The percentage of net considerations is 65% of the part of the total
net considerations for any renewal contract year that exceeds by not more than 2
times the sum of those parts of the net considerations in all prior contract years for
which the percentage was 65%.]
[(c) (1) The minimum nonforfeiture amount under an annuity contract that
provides for fixed scheduled considerations:
(i) shall be calculated on the assumption that considerations are
paid annually in advance; and
(ii) except as provided in paragraphs (2) and (3) of this subsection,
shall be calculated the same as for annuity contracts with flexible considerations that
are paid annually.
(2) The part of the net considerations for the first contract year to be
accumulated is the sum of:
(i) 65% of the net considerations for the first contract year; and
(ii) 22.5% of the remainder of:
1. the net considerations for the first contract year; less
2. the lesser of the net considerations for the second and
third contract years.
(3) The annual contract charge is the lesser of $30 or 10% of the gross
annual considerations.]
[(d) The minimum nonforfeiture amount under an annuity contract that
provides for a single consideration shall be calculated the same as for an annuity
contract with flexible considerations except that:
(1) the percentage of net consideration shall be 90%; and
(2) the net consideration shall be the remainder of:
(i) the gross consideration; less
(ii) a contract charge of $75.]
(B) (1) AT ANY TIME BEFORE OR AT THE START OF AN ANY ANNUITY
PAYMENT PAYMENTS, THE MINIMUM NONFORFEITURE AMOUNT UNDER AN
ANNUITY CONTRACT SHALL EQUAL THE REMAINDER OF:
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- 4369 -
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