HB 132 (BR 804) - R. Crimm, A. Wuchner
AN ACT relating to annuity nonforfeiture provisions.
Amend KRS 304.15-365 to prohibit surrender charges beyond the maturity date of an annuity except for annuity contracts with one or more renewable periods with an interest rate in excess of the minimum rate included in the contract if the surrender charge is zero, the contract provides for continuation of the contract without surrender charges unless a new guaranteed period with a new surrender charge schedule is elected, and the renewal period does not exceed ten years and complies with maturity date provisions of this section; allow an annuity contract that provides flexible considerations to have a separate surrender charges schedule; provide that the tenth anniversary of the contract shall be used for determining the maturity date and shall be determined separately for each consideration.
(Prefiled by the sponsor(s).)
Jan 5-introduced in House; to Banking & Insurance (H)