republic-os/legislation/us/states/de/151/hb-3.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES.	This Act incorporates recent changes adopted by the National Association of Insurance Commissioners to Model Law #805 “Standard Nonforfeiture Law – Individual Deferred Annuities” that address the impact on annuity products by the current low interest rate environment. Generally speaking, the standard Nonforfeiture Law requires that an individual deferred annuity contract provide the contract holder with a paid-up annuity or cash surrender benefits of a minimum amount if the contract holder surrenders the policy (e.g. stops making payments) during the accumulation period. The nonforfeiture amount is the deferred annuity’s accumulated value, minus certain charges (such as prior withdrawals and loans), based on interest rate minimums regulated by statute. Due to the COVID-19 pandemic, market interest rates have fallen so low as to render unrealistic the old statutory rates that insurance companies were required to use in determining the amount to return to contract holders. The NAIC has determined this threatens the availability of annuity products to consumers and, as such, adopted a change to the interest rate from 1% to 0.15%.	us/states/de	Delaware General Assembly	151	HB 3	Delaware HB 3 (151)	bill		enacted	Spiros Mantzavinos William Bush	1	8	2	2021-03-04	2021-07-30	openstates	ocd-bill/6e058eea-266b-4670-9df6-2eda9a2c5a28	https://legis.delaware.gov/BillDetail?LegislationId=48416	82894bafa5143a4fcf63e4fa8acbf8cb09cb27f757ecab07e85e48a40b2f5c14	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-de

Delaware HB 3 (151) — AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES.

This Act incorporates recent changes adopted by the National Association of Insurance Commissioners to Model Law #805 “Standard Nonforfeiture Law – Individual Deferred Annuities” that address the impact on annuity products by the current low interest rate environment. Generally speaking, the standard Nonforfeiture Law requires that an individual deferred annuity contract provide the contract holder with a paid-up annuity or cash surrender benefits of a minimum amount if the contract holder surrenders the policy (e.g. stops making payments) during the accumulation period. The nonforfeiture amount is the deferred annuity’s accumulated value, minus certain charges (such as prior withdrawals and loans), based on interest rate minimums regulated by statute. Due to the COVID-19 pandemic, market interest rates have fallen so low as to render unrealistic the old statutory rates that insurance companies were required to use in determining the amount to return to contract holders. The NAIC has determined this threatens the availability of annuity products to consumers and, as such, adopted a change to the interest rate from 1% to 0.15%.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. Bill Text (committee substitute) — source

Votes

• 2/3 — 41–0 (pass) · lower
• SM — 21–0 (pass) · upper

Sponsors

• Spiros Mantzavinos — primary (person)
• William Bush — primary (person)
• Bruce C. Ennis — cosponsor (person)
• Gerald L. Brady — cosponsor (person)
• Michael Ramone — cosponsor (person)
• Paul S. Baumbach — cosponsor (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2021-03-04 Introduced and Assigned to Economic Development/Banking/Insurance & Commerce Committee in House introduction, referral-committee
• 2021-03-16 Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 3 Favorable, 6 On Its Merits committee-passage, committee-passage-favorable
• 2021-03-26 Suspension of Rules in House
• 2021-03-30 Passed By House. Votes: 41 YES passage
• 2021-03-30 Assigned to Banking, Business & Insurance Committee in Senate introduction, referral-committee
• 2021-04-28 Reported Out of Committee (Banking, Business & Insurance) in Senate with 1 Favorable, 4 On Its Merits committee-passage, committee-passage-favorable
• 2021-06-29 Passed By Senate. Votes: 21 YES passage
• 2021-07-30 Signed by Governor executive-signature

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/6e058eea-266b-4670-9df6-2eda9a2c5a28. Confidence: reported (aggregated from official Delaware legislature records).