HOUSE BILL NO. 535
AS AMENDED BY HOUSE AMENDMENT NO. 1 AND
SENATE AMENDMENT NO. 2
AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO THE STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Section 1. Amend §2929A, Chapter 29, Title 18 of the Delaware Code by inserting at the end of subsection (d)(1) the following sentence:
"Notwithstanding any other provision of this section, for any guarantee of three years or less in a contract issued on or after July 1, 2002 and before July 1, 2005, the minimum interest rate at which net considerations, prior withdrawals and partial surrenders shall be accumulated, for the purpose of determining nonforfeiture amounts, shall be 1.5% per annum.".
Approved July 10, 2002