Senate File 2215 amends Section 508.38 of the Iowa Code regarding annuities. The bill clarifies that the section does not apply to certain types of reinsurance and group annuities associated with retirement plans or deferred compensation plans established by employers or employee organizations. Specifically, it excludes plans that provide individual retirement accounts or annuities, as well as various types of annuity contracts, including premium deposit funds, variable annuities, and immediate annuities, among others.

Additionally, the bill introduces provisions that exempt contingent deferred annuities from subsections 2 through 7 of the section. It grants the commissioner the authority to establish nonforfeiture benefits for these annuities through rules adopted under chapter 17A, ensuring that such benefits are equitable to policyholders, appropriate for the risks insured, and consistent with the overall intent of the section.

Statutes affected:
Introduced: 508.38
Enrolled: 508.38