Fabio
71 lines
5.1 KiB
Markdown
71 lines
5.1 KiB
Markdown
---
|
||
type: "Bill"
|
||
title: "AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES."
|
||
description: "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%."
|
||
jurisdiction: "us/states/de"
|
||
legislature: "Delaware General Assembly"
|
||
session: "151"
|
||
identifier: "HB 3"
|
||
citation: "Delaware HB 3 (151)"
|
||
classification: ["bill"]
|
||
subjects: []
|
||
status: "enacted"
|
||
primary_sponsors: ["Spiros Mantzavinos", "William Bush"]
|
||
version_count: 1
|
||
action_count: 8
|
||
vote_count: 2
|
||
first_action: "2021-03-04"
|
||
last_action: "2021-07-30"
|
||
source: "openstates"
|
||
source_identifier: "ocd-bill/6e058eea-266b-4670-9df6-2eda9a2c5a28"
|
||
source_url: "https://legis.delaware.gov/BillDetail?LegislationId=48416"
|
||
source_hash: "82894bafa5143a4fcf63e4fa8acbf8cb09cb27f757ecab07e85e48a40b2f5c14"
|
||
vintage: "2026-07-01"
|
||
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
|
||
retrieved_at: "2026-07-06"
|
||
confidence: "reported"
|
||
tags: ["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](https://legis.delaware.gov/json/BillDetail/GenerateHtmlDocument?legislationId=48416&legislationTypeId=1&docTypeId=2&legislationName=HB3)
|
||
|
||
## 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](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/6e058eea-266b-4670-9df6-2eda9a2c5a28`. Confidence: reported (aggregated from official Delaware legislature records).
|
||
|