Iowa SF 2215: A bill for an act relating to the administration of the habitat and public access program and establishing an annual payment under the program.

Bill Text

Senate
File
2215
-
Enrolled

Senate
File
2215

AN
ACT

RELATING
TO
THE
APPLICABILITY
OF
THE
STANDARD
NONFORFEITURE
LAW

FOR
INDIVIDUAL
DEFERRED
ANNUITIES
TO
CONTINGENT
DEFERRED

ANNUITIES.

BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:

Section
1.
Section
508.38,
subsection
1,
Code
2026,
is

amended
to
read
as
follows:

1.
a.

This
section
does
shall
not
apply
to
any
reinsurance,

group
annuity
purchased
under
a
retirement
plan
or
plan

of
deferred
compensation
established
or
maintained
by
an

employer,
including
a
partnership
or
sole
proprietorship,

or
by
an
employee
organization,
or
by
both,
other
than
a

plan
providing
individual
retirement
accounts
or
individual

retirement
annuities
under
section
408
of
the
United
States

Internal
Revenue
Code,
as
now
or
hereafter

amended,
premium

deposit
fund,
variable
annuity,
investment
annuity,
immediate

annuity,
any
deferred
annuity
contract
after
annuity
payments

have
commenced,
or
reversionary
annuity,
nor
to
any
contract

which
is
delivered
outside
this
state
through
an
agent
or
other

representative
of
the
company
issuing
the
contract.

b.

Subsections
2
through
7
shall
not
apply
to
contingent

deferred
annuities,
except
that
the
commissioner
may
prescribe

by
rules
adopted
pursuant
to
chapter
17A
nonforfeiture
benefits

for
contingent
deferred
annuities
that
the
commissioner
deems

Senate
File
2215,
p.
2

equitable
to
policyholders,
appropriate
for
the
risks
insured,

and,
to
the
extent
possible,
consistent
with
the
general
intent

of
this
section.

______________________________

AMY
SINCLAIR

President
of
the
Senate

______________________________

PAT
GRASSLEY

Speaker
of
the
House

I
hereby
certify
that
this
bill
originated
in
the
Senate
and

is
known
as
Senate
File
2215,
Ninety-first
General
Assembly.

______________________________

W.
CHARLES
SMITHSON

Secretary
of
the
Senate

Approved
_______________,
2026
______________________________

KIM
REYNOLDS

Governor