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 act does not apply to various types of annuities, including contingent deferred annuities. The bill also grants the commissioner of insurance the authority to regulate these contingent deferred annuities through the adoption of rules and regulations, ensuring that nonforfeiture benefits are equitable to policyholders and consistent with the general framework of the existing nonforfeiture law.

Additionally, the bill repeals the existing section of K.S.A. 40-4,102, streamlining the legal framework surrounding annuities in Kansas. The changes aim to provide clearer guidelines for the treatment of contingent deferred annuities while maintaining oversight by the commissioner of insurance. The act will take effect upon its publication in the statute book.

Statutes affected:
As introduced: 40-4