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

This bill amends the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities. The commissioner of insurance is authorized to establish nonforfeiture benefits for contingent deferred annuities through rules, ensuring these benefits are equitable to policyholders and appropriate for the risks insured. The changes aim to provide flexibility in nonforfeiture benefits for contingent deferred annuities while maintaining the general intent of the law.

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

This bill amends the standard nonforfeiture law for individual deferred annuities to exclude contingent deferred annuities. The commissioner of insurance is authorized to establish nonforfeiture benefits for contingent deferred annuities through rules, ensuring these benefits are equitable to policyholders and appropriate for the risks insured. The changes aim to provide flexibility in nonforfeiture benefits for contingent deferred annuities while maintaining the general intent of the law.