Iowa HSB525 modifies the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities.

Iowa HSB525 amends Code section 508.38 to exclude contingent deferred annuities from the standard nonforfeiture law for individual deferred annuities. The commissioner of insurance retains the authority to prescribe nonforfeiture benefits for contingent deferred annuities that are equitable to policyholders, appropriate for the risks insured, and consistent with the general intent of the law.

Iowa HSB525 modifies the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities.

Iowa HSB525 amends Code section 508.38 to exclude contingent deferred annuities from the standard nonforfeiture law for individual deferred annuities. The commissioner of insurance retains the authority to prescribe nonforfeiture benefits for contingent deferred annuities that are equitable to policyholders, appropriate for the risks insured, and consistent with the general intent of the law.