VA SB166

Defines "contingent deferred annuity" as an annuity where a life insurer makes periodic payments for life when designated investments not owned by the insurer are depleted to a specified amount due to withdrawals, market performance, fees, or other charges

Exempts contingent deferred annuities from standard nonforfeiture benefit requirements under Virginia Code §§ 38.2-3220 through 38.2-3225

Authorizes the State Corporation Commission to adopt reasonable standards for contingent deferred annuities, including nonforfeiture benefits that are equitable to contract holders and appropriate to the risks insured

Amends Virginia Code §§ 38.2-106 and 38.2-3219 to incorporate these new provisions into existing insurance law