A bill for an act relating to the applicability of the standard nonforfeiture law for individual deferred annuities to contingent deferred annuities. (Formerly SSB 3064.) Effective date: 07/01/2026.

IA SF2215 is a bill that changes the rules for certain types of annuities in Iowa. Specifically, it makes the standard nonforfeiture law, which protects consumers from losing their benefits, apply to contingent deferred annuities as well. This law will take effect on July 1, 2026.

Supporters of IA SF2215 argue that this bill enhances consumer protection by ensuring that more types of annuities are covered under the nonforfeiture law. They believe this will provide greater security and peace of mind for individuals investing in contingent deferred annuities.

Critics of IA SF2215 may argue that expanding the nonforfeiture law to include contingent deferred annuities could lead to increased costs for insurance companies, which might ultimately be passed on to consumers. They might also express concerns about the potential for unintended consequences in the annuity market.