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ACT NO. 11

(H.123)

Insurance; Annuities; Minimum Nonforfeiture Rate of Interest

This act lowers the interest rate applicable to the minimum nonforfeiture amount for individual deferred annuities from three percent to one and one-half percent. The interest rate is raised back to three percent as of January 1, 2005.

Effective Date: May 6, 2003, except for Sec. 2, and shall apply to all contracts of annuity subject to 8 V.S.A. § 3750 issued after that date. Sec. 2 shall be effective January 1, 2005