SCS SB 1188 -- 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 minimum rate is removed and allows it to be
tied to the five-year Constant Maturity Treasury Rate, as
reported by the United States Federal Reserve.  Sellers of
annuities are allowed to use the current formula, which expires
on July 1, 2004, until July 1, 2006.

The bill contains an emergency clause.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:16 am