Under Georgia's Standard Nonforfeiture Law for Individual Deferred Annuities (O.C.G.A. § 33-28-3) and Ga. Comp. R. & Regs. 120-2-91, what share of gross considerations is accumulated to build the minimum nonforfeiture amount?

Why this is the answer

Georgia's Standard Nonforfeiture Law for Individual Deferred Annuities, O.C.G.A. § 33-28-3, leaves the minimum nonforfeiture amounts to the Commissioner's rule, within an interest corridor of 0.15% to 3% a year (the floor was 1% until HB 1021 took effect on July 1, 2022). Ga. Comp. R. & Regs. 120-2-91 builds that amount by accumulating net considerations equal to 87.5% of gross considerations at the minimum nonforfeiture rate (the five-year Constant Maturity Treasury rate less 125 basis points, never above 3% and, as the rule still reads, never below 1%), less prior withdrawals, a $50 annual contract charge, premium tax and any debt. Surrender charges may reduce what is actually paid, but not below that floor.