Bill > HF2184

This bill clarifies that certain rules, specifically subsections 2 through 7 of Iowa Code section 508.38, which govern the standard nonforfeiture law for individual deferred annuities, will not apply to contingent deferred annuities. A contingent deferred annuity is a type of annuity where payments begin at a later date, often triggered by a specific event. However, the bill allows the Commissioner of Insurance to create separate rules for nonforfeiture benefits for these contingent deferred annuities if the Commissioner believes it is fair to policyholders, suitable for the risks involved, and generally aligns with the original intent of the standard nonforfeiture law.

Commerce (House)

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF2184