A bill for an act relating to the applicability of the standard nonforfeiture law for individual deferred annuities to contingent deferred annuities.

HF 2184 (Iowa) amends Iowa Code § 508.38 to clarify that standard nonforfeiture rules for deferred annuities do not automatically apply to contingent deferred annuities. Instead, the Iowa Insurance Commissioner may establish specific nonforfeiture benefits for these annuities, ensuring they are fair to policyholders, appropriate for the risks, and aligned with the law's intent. This bill directly affects insurance companies selling contingent deferred annuities in Iowa and their policyholders by altering how these products are regulated regarding guaranteed value if payments stop. The change provides regulatory flexibility without creating new consumer protections. (Bill: HF 2184, Code § 508.38, Subsection 1b)