Regulators Consider 0% Nonforfeiture Floor On Deferred Annuities
July 15, 2020 by John Hilton
National Association of Insurance Commissioners’ committee voted Friday to kick off a model law development project to drop the standard minimum nonforfeiture interest rate for individual deferred annuities from 1% to 0%.
Regulators told the Life Insurance and Annuities Committee the nonforfeiture floor reduction is needed by insurers due to COVID-19 impacts. The 10-year Treasury rate fell well below 1% amid the virus outbreak in March and has not recovered.
Click HERE to read the full story via InsuranceNewsNet
Originally Posted at InsuranceNewsNet on July 13, 2020 by John Hilton.
Categories: Industry Articles