Exempts contingent deferred annuities from standard nonforfeiture law, allowing the insurance commissioner to set equitable benefits.

This bill modifies the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities. It allows the insurance commissioner to establish nonforfeiture benefits for these annuities that are deemed equitable to policyholders, appropriate for the risks, and consistent with the general intent of the law. This change takes effect on July 1, 2026.

Exempts contingent deferred annuities from standard nonforfeiture law, allowing the insurance commissioner to set equitable benefits.

This bill modifies the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities. It allows the insurance commissioner to establish nonforfeiture benefits for these annuities that are deemed equitable to policyholders, appropriate for the risks, and consistent with the general intent of the law. This change takes effect on July 1, 2026.