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IA HSB525

SB

Official Source

Status

Introduced

1/13/2026

Primary Sponsor

Commerce

Click for details

Origin

House of Representatives

91st General Assembly

AI Summary

  • Amends Iowa Code section 508.38 to exempt contingent deferred annuities from the standard nonforfeiture law requirements that apply to individual deferred annuities (subsections 2 through 7)
  • Grants the Insurance Commissioner authority to establish nonforfeiture benefits for contingent deferred annuities through administrative rulemaking under chapter 17A
  • Any commissioner-prescribed nonforfeiture benefits must be equitable to policyholders, appropriate for the risks insured, and consistent with the general intent of the standard nonforfeiture law
  • Maintains existing exemptions from the nonforfeiture law for reinsurance, group annuities under retirement plans, variable annuities, investment annuities, immediate annuities, and contracts delivered outside Iowa

Legislative Description

A bill for an act relating to the applicability of the standard nonforfeiture law for individual deferred annuities to contingent deferred annuities.(See HF 2184.)

Last Action

Committee report approving bill, renumbered as HF 2184.

1/28/2026

Committee Referrals

Commerce1/13/2026

Full Bill Text

No bill text available