A bill for an act relating to the applicability of the standard nonforfeiture law for individual deferred annuities to contingent deferred annuities.

This bill (SF 2215) exempts contingent deferred annuities from certain standard nonforfeiture requirements under Iowa's insurance law, while allowing the state insurance commissioner to establish nonforfeiture benefits for these products. It directly affects policyholders who purchase contingent deferred annuities by changing which protections apply to their contracts. The key mechanism is removing the automatic application of subsections 2-7 of section 508.38 to these annuities, but giving the commissioner authority to create rules ensuring benefits are equitable, appropriate for the risks, and aligned with the law's intent. This creates a tailored regulatory approach for contingent deferred annuities instead of applying the same rules as other annuity types.