test minimum rate . (2) Applicable accumulation test minimum rate Section 7702(b) of such Code is amended by adding at the end the following new paragraph: (3) Applicable accumulation test minimum rate For purposes of paragraph (2)(A), the term applicable accumulation test minimum rate means the lesser of— (A) an annual effective rate of 4 percent, or (B) the insurance interest rate (as defined in subsection (f)(11)) in effect at the time the contract is issued. . (b) Modification of minimum rate for purposes of guideline premium requirements (1) In general Section 7702(c)(3)(B)(iii) of such Code is amended by striking an annual effective rate of 6 percent and inserting the applicable guideline premium minimum rate . (2) Applicable guideline premium minimum rate Section 7702(c)(3) of such Code is amended by adding at the end the following new subparagraph: (E) Applicable guideline premium minimum rate For purposes of subparagraph (B)(iii), the term applicable guideline premium minimum rate means the applicable accumulation test minimum rate (as defined in subsection (b)(3)) plus 2 percentage points. . (c) Application of modified minimum rates to determination of guideline level premium Section 7702(c)(4) of such Code is amended— (1) by striking 4 percent and inserting the applicable accumulation test minimum rate , and (2) by striking 6 percent and inserting the applicable guideline premium minimum rate . (d) Insurance interest rate Section 7702(f) of such Code is amended by adding at the end the following new paragraph: (11) Insurance interest rate For purposes of this section— (A) In general The term insurance interest rate means, with respect to any contract issued in any calendar year, the lesser of— (i) the section 7702 valuation interest rate for such calendar year (or, if such calendar year is not an adjustment year, the most recent adjustment year), or (ii) the section 7702 applicable Federal interest rate for such calendar year (or, if such calendar year is not an adjustment year, the most recent