VirginiaSB1662026 Regular SessionSenateWALLET

Insurance; contingent deferred annuities, nonforfeiture benefits.

Sponsored By: Jeremy S. McPike (Democratic)

Became Law

Summary

Insurance; contingent deferred annuities; nonforfeiture benefits. Permits the State Corporation Commission to adopt reasonable standards for contingent deferred annuities, as defined in the bill, including nonforfeiture benefits. The bill subjects contingent deferred annuities to certain requirements applicable under current law to other types of insurance contracts.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Changes to annuity protection rules

The law narrows which annuity products get Chapter 32 nonforfeiture protections. These no longer apply to: reinsurance; employer group annuities (not IRAs); premium deposit funds; variable, investment, and immediate annuities; deferred annuities once payments start; reversionary and modified guaranteed annuities; and contracts delivered outside Virginia. For contingent deferred annuities, only some of those rules no longer apply. The State Corporation Commission now sets the standards for these, including nonforfeiture benefits. Its rules must be fair to contract holders and fit the risks insured.

Clearer definitions for annuity types

The law clarifies what counts as an annuity. It includes variable and modified guaranteed annuities and can allow a lump-sum option. It excludes certain contracts in other code sections and qualified charitable gift annuities. The law also defines a contingent deferred annuity. Insurers must start lifetime payments when linked investments they do not hold drop to a set amount due to withdrawals, market changes, fees, or charges.

Sponsors & Cosponsors

Sponsor

  • Jeremy S. McPike

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 220 • No: 0

House vote 3/3/2026

Passed House Block Vote

Yes: 97 • No: 0

House vote 2/26/2026

Reported from Labor and Commerce

Yes: 21 • No: 0

House vote 2/24/2026

Subcommittee recommends reporting

Yes: 9 • No: 0 • Other: 1

Senate vote 1/30/2026

Read third time and passed Senate Block Vote

Yes: 38 • No: 0

Senate vote 1/29/2026

Engrossed by Senate Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 1/28/2026

Constitutional reading dispensed Block Vote (on 1st reading)

Yes: 40 • No: 0

Senate vote 1/28/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 1/26/2026

Reported from Commerce and Labor

Yes: 15 • No: 0

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0486)

    4/8/2026Governor
  2. Approved by Governor-Chapter 486 (effective 7/1/2026)

    4/8/2026Governor
  3. Fiscal Impact Statement from State Corporation Commission (SB166)

    3/23/2026Senate
  4. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/10/2026Governor
  5. Enrolled Bill communicated to Governor on March 10, 2026

    3/10/2026Senate
  6. Bill text as passed Senate and House (SB166ER)

    3/9/2026Senate
  7. Enrolled

    3/9/2026Senate
  8. Signed by President

    3/9/2026Senate
  9. Signed by Speaker

    3/9/2026House
  10. Passed House Block Vote (97-Y 0-N 0-A)

    3/3/2026House
  11. Read third time

    3/3/2026House
  12. Read second time

    3/2/2026House
  13. Reported from Labor and Commerce (21-Y 0-N)

    2/26/2026House
  14. Subcommittee recommends reporting (9-Y 0-N)

    2/24/2026House
  15. Assigned HCL sub: Subcommittee #1

    2/17/2026House
  16. Referred to Committee on Labor and Commerce

    2/4/2026House
  17. Read first time

    2/4/2026House
  18. Placed on Calendar

    2/4/2026House
  19. Read third time and passed Senate Block Vote (38-Y 0-N 0-A)

    1/30/2026Senate
  20. Engrossed by Senate Block Vote (Voice Vote)

    1/29/2026Senate
  21. Read second time

    1/29/2026Senate
  22. Passed by for the day Block Vote (Voice Vote)

    1/28/2026Senate
  23. Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)

    1/28/2026Senate
  24. Passed by for the day

    1/28/2026Senate
  25. Rules suspended

    1/28/2026Senate

Bill Text

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