Bill > SB166

This bill amends Virginia law to define "contingent deferred annuity" as an annuity where a life insurer agrees to make payments for life once designated investments, not owned by the insurer, are depleted to a certain amount due to withdrawals, market changes, fees, or other charges. It then exempts these contingent deferred annuities from certain existing nonforfeiture benefit requirements (sections 38.2-3220 through 38.2-3225) but allows the State Corporation Commission, the state's insurance regulatory body, to establish its own reasonable standards for them, including nonforfeiture benefits, to ensure fairness to contract holders, appropriateness to the risks involved, and consistency with the overall goals of the relevant chapter of insurance law.

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https://lis.virginia.gov/bill-details/20261/SB166