S.F. _____ Section 1. Section 508.38, subsection 1, Code 2026, is 1 amended to read as follows: 2 1. a. This section does shall not apply to any reinsurance, 3 group annuity purchased under a retirement plan or plan 4 of deferred compensation established or maintained by an 5 employer, including a partnership or sole proprietorship, 6 or by an employee organization, or by both, other than a 7 plan providing individual retirement accounts or individual 8 retirement annuities under section 408 of the United States 9 Internal Revenue Code, as now or hereafter amended, premium 10 deposit fund, variable annuity, investment annuity, immediate 11 annuity, any deferred annuity contract after annuity payments 12 have commenced, or reversionary annuity, nor to any contract 13 which is delivered outside this state through an agent or other 14 representative of the company issuing the contract. 15 b. Subsections 2 through 7 shall not apply to contingent 16 deferred annuities, except that the commissioner may prescribe 17 by rules adopted pursuant to chapter 17A nonforfeiture benefits 18 for contingent deferred annuities that the commissioner deems 19 equitable to policyholders, appropriate for the risks insured, 20 and, to the extent possible, consistent with the general intent 21 of this section. 22 EXPLANATION 23 The inclusion of this explanation does not constitute agreement with 24 the explanation’s substance by the members of the general assembly. 25 This bill provides that subsections 2 through 7 of Code 26 section 508.38 (standard nonforfeitures —— deferred annuities) 27 shall not apply to contingent deferred annuities, except 28 that the commissioner of insurance may prescribe by rule 29 nonforfeiture benefits for contingent deferred annuities that 30 the commissioner deems equitable to policyholders, appropriate 31 for the risks insured, and consistent with the general intent 32 of Code section 508.38. 33 -1- LSB 5774XC (1) 91 nls/jh 1/ 1