House Journal: Page 896: Monday, March 31, 2003
46 subparagraph (2), by up to an additional one hundred
47 basis points to reflect the value of the equity index
48 benefit. The present value at the contract issue date
49 and at each redetermination date thereafter of the
50 additional reduction shall not exceed the market value
Page 3
1 of the benefit. The commissioner may require a
2 demonstration that the present value of the reduction
3 does not exceed the market value of the benefit.
4 Lacking such a demonstration that is acceptable to the
5 commissioner, the commissioner may disallow or limit
6 the additional reduction.
7 The commissioner may adopt rules to implement the
8 provisions of subparagraph (4), and to provide for
9 further adjustments to the calculation of minimum
10 nonforfeiture amounts for contracts that provide
11 substantive participation in an equity index benefit
12 and for other contracts that the commissioner
13 determines adjustments are justified.
14 11. After the effective date of this Act, a
15 company may elect to apply its provisions to annuity
16 contracts on a contract form-by-form basis before the
17 second anniversary of the effective date of this Act.
18 In all other instances, this section shall become
19 operative with respect to annuity contracts issued by
20 the company two years after the effective date of this
21 Act."
22 2. By renumbering, redesignating, and correcting
23 internal references as necessary.
Hoffman of Crawford offered the following amendment H-1194, to
amendment H-1172, filed by him from the floor and moved its
adoption:
H-1194
1 Amend the amendment, H-1172, to House File 647, as
2 follows:
3 1. Page 3, line 15, by striking the words "to
4 apply its provisions" and inserting the following:
5 "either to apply the provisions of this section as it
6 existed prior to the effective date of this Act or to
7 apply the provisions of this section as enacted by
8 this Act".
9 2. By renumbering, redesignating, and correcting
10 internal references as necessary.
Amendment H-1194 was adopted.
© 2003 Cornell College and
League of Women Voters of Iowa
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