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2003 vol. I bk. 3 2217 (2003)

handle is hein.ssl/ssar0011 and id is 1 raw text is: ACTS OF ARKANSAS ACT 669 AN ACT TO AMEND CERTAIN PROVISIONS OF THE ARKANSAS STANDARD NONFORFEI- TURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES; AND FOR OTHER PURPOSES. Subtitle AN ACT TO AMEND CERTAIN PROVISIONS OF THE ARKANSAS STANDARD NONFORFEI- TURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code § 23-81-304(b)(1)(A) is amended to read as follows: (b)(1)(A) With respect to contracts providing for flexible considerations, the minimum nonforfeiture amount at any time at or prior to the commencement of any annuity payments shall be equal to an accumu- lation up to such time at a rate of interest of three pereent-(3%) one and one-half percent (1.5%) per annum of percentages of the net considerations paid prior to the time, decreased by the sum of: (i) Any prior withdrawals from or partial surrenders of the contract accumulated at a rate of interest of three percent (3%) one and one-half per- cent (1.5%) per annum; and (ii) The amount of any indebtedness to the insurer on the contract, including interest due and accrued and increased by any existing additional amounts credited by the insurer to the contract. SECTION 2. Arkansas Code § 23-81-308 is amended to read as follows: Additions are indicated by underline; deletions by strkeout Act 669 2217

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