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IA SSB3064

SB

Official Source

Status

Introduced

1/22/2026

Primary Sponsor

Commerce

Click for details

Origin

Senate

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 (specifically subsections 2 through 7)
  • Grants the Iowa Insurance Commissioner authority to prescribe nonforfeiture benefits for contingent deferred annuities through administrative rulemaking under chapter 17A
  • Requires any commissioner-prescribed nonforfeiture benefits for contingent deferred annuities to be equitable to policyholders, appropriate for the risks insured, and consistent with the general intent of the existing nonforfeiture statute
  • Proposed as a committee bill by the Senate Commerce Committee, sponsored by Chairperson Bousselot

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 SF 2215.)

Last Action

Committee report approving bill, renumbered as SF 2215.

2/4/2026

Committee Referrals

Commerce1/22/2026

Full Bill Text

No bill text available