HF 2184

House
File
2184
-
Introduced
HOUSE
FILE
2184
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
HSB
525)
A
BILL
FOR
An
Act
relating
to
the
applicability
of
the
standard
1
nonforfeiture
law
for
individual
deferred
annuities
to
2
contingent
deferred
annuities.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
5598HV
(1)
91
nls/ko
H.F.
2184
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
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5598HV
(1)
91
nls/ko
1/
1