This bill amends the standard nonforfeiture law for individual deferred annuities in Kansas by exempting contingent deferred annuities from certain provisions of the law. Specifically, it modifies K.S.A. 40-4,102 to clarify that the provisions of K.S.A. 40-4,103 through 40-4,108 do not apply to contingent deferred annuities. The bill grants the commissioner of insurance the authority to establish rules and regulations regarding nonforfeiture benefits for these annuities, ensuring that such benefits are equitable to policyholders and consistent with the general principles of the standard nonforfeiture law.

Additionally, the bill repeals the existing section of K.S.A. 40-4,102, which previously included language that is now deleted. The changes aim to provide clearer regulatory oversight for contingent deferred annuities while maintaining protections for policyholders. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 40-4
Enrolled: 40-4