Relates to expanding the authority to issue group annuity contracts

This bill expands insurance law to allow insurers to issue group annuity contracts for specific employer-sponsored retirement plans. It directly affects insurers and employers managing plans like ERISA-covered pensions, 401(k)s, government retirement programs, and similar group arrangements. The law adds new criteria for insurers to issue these contracts, requiring state insurance regulator approval for additional groups based on factors like reasonable pricing, actuarial soundness, and public interest. This change streamlines how insurers can provide retirement savings products to established employer plans.