Sen. McPike’s proposal to revise annuity regulations, including contingent deferred annuities, advances with unanimous legislative support

A bill initiated by State Sen. Jeremy S. McPike seeks to modernize Virginia’s annuity regulations by incorporating contingent deferred annuities and permitting the establishment of updated regulatory standards, as noted by the Virginia State Senate.

The legislation was approved unanimously in both legislative chambers and was officially enrolled on March 9, 2026. The House supported the measure with a 97-0 vote, while the Senate endorsed it 38-0.

Labeled as SB166 and introduced on Jan. 14, 2026, during the regular 2026 session, the state legislature described the bill as: “Insurance; contingent deferred annuities, nonforfeiture benefits.”

The summary below draws on the official bill text, with additional interpretation for clarity.

The measure revises Virginia’s definition of annuities to specifically encompass contingent deferred annuities. These contracts require a life insurer to provide lifetime periodic payments when a policyholder’s set investments are depleted to a defined threshold. The bill exempts contingent deferred annuities from certain standing annuity provisions but gives the State Corporation Commission authority to develop reasonable standards for these products. The standards are to ensure fairness to contract holders, suitability for the risks involved, and alignment with the broader objectives of Virginia’s annuity laws.

House approval included votes from 62 Democrats and 35 Republicans.

In the Senate, 21 Democrats and 17 Republicans voted in favor.

The sole sponsor of the bill was Sen. Jeremy S. McPike (Democrat-29th District).

McPike is an alumnus of George Mason University, receiving his BA in 1997.

Serving as a Democrat, McPike began his term representing Virginia’s 29th Senate district in 2016, succeeding former state senator Charles Colgan.

In Virginia, the bill process starts with the introduction of a bill in the House of Delegates or the Senate, followed by assignment to committee(s) for review and potential amendment. If a committee approves the bill, it moves to floor debate and voting in both chambers. Passage in both sends the bill to the governor, who can sign, veto, or allow it to become law without signature. The General Assembly meets each year in regular session beginning the second Monday of January, introducing hundreds of bills per session, though only a subset is ultimately enacted.

Details for this article were obtained from the Virginia State Senate. See the source data here.