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IA SF2215
IA SF2215A bill for an act relating to the applicability of the standard nonforfeiture law for individual deferred annuities to contingent deferred annuities.(Formerly SSB 3064.)
summary
Introduced
02/05/2026
02/05/2026
In Committee
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
This bill provides that subsections 2 through 7 of Code section 508.38 (standard nonforfeitures —— deferred annuities) shall not apply to contingent deferred annuities, except that the commissioner of insurance may prescribe by rule nonforfeiture benefits for contingent deferred annuities that the commissioner deems equitable to policyholders, appropriate for the risks insured, and consistent with the general intent of Code section 508.38.
AI Summary
This bill clarifies that certain provisions of Iowa's standard nonforfeiture law for individual deferred annuities, specifically subsections 2 through 7 of Code section 508.38, will not apply to contingent deferred annuities, which are annuities where the annuity payments are contingent upon a specific event or condition. However, it allows the Commissioner of Insurance to establish rules for nonforfeiture benefits for these contingent deferred annuities if they are deemed fair to policyholders, suitable for the risks involved, and generally aligned with the original intent of the nonforfeiture law.
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Commerce (Senate)
Last Action
Committee report, approving bill. S.J. 215. (on 02/05/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF2215 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/SF2215.html |
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