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.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.