Minnesota Legislature
HF 3899
as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
Current Version - as introduced
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A bill for an act
relating to life insurance; regulating individual contracts on a variable basis;
requiring an annuity fee disclosure; proposing coding for new law in Minnesota
Statutes, chapter 61A.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
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[61A.165] ANNUITY FEE DISCLOSURE.
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new text begin Subdivision 1. new text end
new text begin Fee disclosure required. new text end
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No individual contract on a variable
basis providing benefits payable in variable amounts shall be sold or issued for sale in
this state until the disclosure form in subdivision 2 has been filled out and delivered to
each prospective contract holder at the time the initial offer to sell the product is made
to that person.
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new text begin Subd. 2. new text end
new text begin Form. new text end
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The annuity fee disclosure form required by subdivision 1 shall be
in substantially the following form:
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ANNUITY FEE DISCLOSURE FORM new text end |
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The disclosures in this form may be helpful to you in comparing the annual fees associated with this contract to the annual fees of other contracts of this or other insurers. new text end |
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What You Pay Each Year new text end |
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ANNUAL FEE (AS A PERCENTAGE OF ACCOUNT VALUE) FOR: new text end |
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NUMBER new text end |
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● The insurance (a.k.a. mortality and expenses)
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%
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● The investments within the annuity
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%
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● Riders and options
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%
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TOTAL ANNUAL FEE: new text end |
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What You Pay to Get Out new text end |
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● Max. surrender charge (as percentage of withdrawal)1 new text end |
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%
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● Number of years before the surrender charge expires new text end |
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NOTE: 1May not apply to all withdrawals. new text end |
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