S 2948
Establishes requirements regarding processing of requests to surrender or annuitize matured annuities.
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- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill establishes requirements for how insurance companies process requests from annuity owners to either surrender their annuity or convert it into an annuity payout stream (annuitization). Specifically, it mandates that annuity contracts include provisions ensuring funds are disbursed within 10 business days of a surrender request and that owners have 90 days from the annuity’s maturity date to request annuitization. It also requires insurers to offer electronic disbursement options and signature guarantee options for surrender/annuitization requests, and to maintain interest accrual during these processes.
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