SCS HB 938 -- ANNUITY CONTRACTS

This bill amends the formula that may be used for determining the
minimum present value of an annuity when it is terminated early.
Current law requires these contracts to offer a minimum interest
rate of 1.5%.  The bill removes this minimum and allows these
contracts to offer a rate that is tied to the five-year Constant
Maturity Treasury Rate, as reported by the Federal Reserve.  The
sellers of annuities are allowed to continue to use the current
formula until July 1, 2006.  The current law expires on July 1,
2004.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:14 am