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STATE OF IOWA
KIM REYNOLDS
GOVERNOR
April 09, 2026
The Honorable Paul Pate
Secretary of State of Iowa
State Capitol
Des Moines, Iowa 50319
Dear Mr. Secretary,
I hereby transmit:
Senate File 2215, an Act relating to the applicability of the standard nonforfeiture law for
individual deferred annuities to contingent deferred annuities.
The above Senate File is hereby approved on this date.
Sincerely,
idm^B^^olds C
Govemor of Iowa
cc: Secretary of the Senate
Clerk of the House
STATE CAPITOL DES MOINES, IOWA 50319 515.281.5211 WWW.GOVERNOR.IOWA.GOV
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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. ^ 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 horoaftor 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 SIN(5^AIR
President of the Senate
PAT GRASSLEY
Speaker of t<^e House
I hereby certify that this bill originated in the Senate and
is known as Senate File 2215, Ninety-first General Assembly.
Approved1^1 0*-2026
W. CHARLES SMITHSON
Secretafy of^4he Senate
KIM llEKi^DS
Governor