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Committee hears from Prudential on bill to allow contingent deferred annuities in Kansas
Summary
The Committee on Insurance heard proponent testimony for HB 2540, which would exempt contingent deferred annuities (CDAs) from Kansas's standard nonforfeiture law and authorize the insurance commissioner to adopt CDA-specific nonforfeiture rules; Prudential's actuary said the change aligns state law with an NAIC 2020 model.
Eileen, the committee reviser, told the Committee on Insurance that House Bill 2540 would amend KSA 44-102 to exclude contingent deferred annuities (CDAs) from the state's standard nonforfeiture law and give the insurance commissioner authority to adopt rules prescribing nonforfeiture benefits for CDAs.
Why it matters: Proponents say CDAs are structurally different from traditional annuities because the insurer does not hold the customer's assets, so the…
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