This bill modifies the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities.

This bill amends the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities. It specifies that subsections 2 through 7 of Code section 508.38 will not apply to contingent deferred annuities. However, the commissioner of insurance is authorized to prescribe by rule nonforfeiture benefits for contingent deferred annuities that are deemed equitable to policyholders, appropriate for the risks insured, and consistent with the general intent of Code section 508.38.

This bill modifies the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities.

This bill amends the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities. It specifies that subsections 2 through 7 of Code section 508.38 will not apply to contingent deferred annuities. However, the commissioner of insurance is authorized to prescribe by rule nonforfeiture benefits for contingent deferred annuities that are deemed equitable to policyholders, appropriate for the risks insured, and consistent with the general intent of Code section 508.38.