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H.B. 1192
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VETOES
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(I) THE ACCUMULATION UNTIL THAT TIME, OF THE NET
CONSIDERATIONS PAID PRIOR TO THAT TIME, AT AN INTEREST RATE DETERMINED
UNDER SUBSECTION (C) OF THIS SECTION; LESS
(II) THE SUM OF:
1. ANY WITHDRAWAL FROM OR PARTIAL SURRENDER OF
THE CONTRACT ACCUMULATED AT THE INTEREST RATE DETERMINED UNDER
SUBSECTION (C) OF THIS SECTION;
2. AN ANNUAL CONTRACT CHARGE OF $50 ACCUMULATED
AT THE INTEREST RATE DETERMINED UNDER SUBSECTION (C) OF THIS SECTION;
3. ANY PREMIUM TAX ACTUALLY PAID BY THE COMPANY
FOR THE CONTRACT, NOT TO INCLUDE A PREMIUM TAX CREDITED BACK TO THE
COMPANY, ACCUMULATED AT THE INTEREST RATE DETERMINED UNDER
SUBSECTION (C) OF THIS SECTION; AND
4. ANY INDEBTEDNESS TO THE INSURER ON THE CONTRACT,
INCLUDING INTEREST DUE AND ACCRUED.
(2) THE NET CONSIDERATIONS FOR A GIVEN CONTRACT YEAR USED TO
CALCULATE THE MINIMUM NONFORFEITURE AMOUNT SHALL EQUAL 87.5% OF THE
GROSS CONSIDERATIONS CREDITED TO THE CONTRACT DURING THAT CONTRACT
YEAR
(C) (1) THE INTEREST RATE USED TO DETERMINE THE MINIMUM
NONFORFEITURE AMOUNTS UNDER SUBSECTION (B) OF THIS SECTION SHALL BE AN
ANNUAL RATE OF INTEREST THAT IS EQUAL TO THE LESSER OF:
(I) 3% PER YEAR; OR
(II) NOT LONGER THAN 15 MONTHS BEFORE THE CONTRACT ISSUE
DATE OR THE REDETERMINATION DATE UNDER PARAGRAPH (3) OF THIS
SUBSECTION, THE 5 YEAR TREASURY CONSTANT MATURITY RATE REPORTED BY THE
FEDERAL RESERVE BOARD AS OF A CERTAIN DATE, OR AN AVERAGE OVER A PERIOD,
ROUNDED TO THE NEAREST ONE TWENTIETH OF 1%, REDUCED BY 135 BASIS POINTS
THE 5-YEAR CONSTANT MATURITY TREASURY RATE REPORTED BY THE FEDERAL
RESERVE BOARD.
(2) THE 5-YEAR CONSTANT MATURITY TREASURY RATE UNDER
PARAGRAPH (1)(II) OF THIS SUBSECTION SHALL BE:
(I) 1. AS OF A DATE NOT MORE THAN 15 MONTHS BEFORE
EITHER THE CONTRACT ISSUE DATE OR REDETERMINATION DATE; OR
2. AVERAGED OVER A PERIOD OF NOT MORE THAN 15
MONTHS BEFORE THE CONTRACT ISSUE DATE OR REDETERMINATION DATE; AND
(II) ROUNDED TO THE NEAREST ONE-TWENTIETH OF 1% AND THEN
REDUCED BY 125 BASIS POINTS.
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- 4370 -
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