Senate
File
2215
-
Enrolled
Senate
File
2215
AN
ACT
RELATING
TO
THE
APPLICABILITY
OF
THE
STANDARD
NONFORFEITURE
LAW
FOR
INDIVIDUAL
DEFERRED
ANNUITIES
TO
CONTINGENT
DEFERRED
ANNUITIES.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
508.38,
subsection
1,
Code
2026,
is
amended
to
read
as
follows:
1.
a.
This
section
does
shall
not
apply
to
any
reinsurance,
group
annuity
purchased
under
a
retirement
plan
or
plan
of
deferred
compensation
established
or
maintained
by
an
employer,
including
a
partnership
or
sole
proprietorship,
or
by
an
employee
organization,
or
by
both,
other
than
a
plan
providing
individual
retirement
accounts
or
individual
retirement
annuities
under
section
408
of
the
United
States
Internal
Revenue
Code,
as
now
or
hereafter
amended,
premium
deposit
fund,
variable
annuity,
investment
annuity,
immediate
annuity,
any
deferred
annuity
contract
after
annuity
payments
have
commenced,
or
reversionary
annuity,
nor
to
any
contract
which
is
delivered
outside
this
state
through
an
agent
or
other
representative
of
the
company
issuing
the
contract.
b.
Subsections
2
through
7
shall
not
apply
to
contingent
deferred
annuities,
except
that
the
commissioner
may
prescribe
by
rules
adopted
pursuant
to
chapter
17A
nonforfeiture
benefits
for
contingent
deferred
annuities
that
the
commissioner
deems
Senate
File
2215,
p.
2
Senate
File
2215,
p.
3
equitable
to
policyholders,
appropriate
for
the
risks
insured,
and,
to
the
extent
possible,
consistent
with
the
general
intent
of
this
section.
______________________________
AMY
SINCLAIR
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2215,
Ninety-first
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2026
______________________________
KIM
REYNOLDS
Governor