Iowa 2023-2024 Regular Session

Iowa House Bill HSB514

Introduced
1/9/24  
Introduced
1/9/24  

Caption

A bill for an act relating to the notice requirement for the renewal or nonrenewal of personal lines policies, and including effective date provisions.(See HF 2265.)

Impact

The impact of HSB514 is primarily centered around the consumer experience in managing personal lines insurance. By doubling the notice period required for policy renewals or nonrenewals, the bill seeks to give insurers' clients a greater opportunity to understand their coverage and consider alternative options. This change may also facilitate a smoother transition should the policyholder decide to switch insurers or adjust their coverage in response to changing needs or market conditions.

Summary

House Study Bill 514 proposes changes to the notice requirements for the renewal or nonrenewal of personal lines insurance policies in Iowa. Specifically, the bill aims to increase the notification period an insurer must provide to policyholders from 30 days to 60 days prior to the expiration of their current policy. This change is intended to enhance consumer protection by ensuring that individuals have more time to review their options and make informed decisions regarding their insurance coverage.

Contention

While the bill itself appears to be a consumer-oriented measure, there may be some contention from insurance companies regarding the operational implications of extending notice periods. Insurers may argue that the increased timeframe could complicate their renewal processes and affect their operational efficiencies. Additionally, there could be concerns about how this change might impact the running of their businesses and their ability to manage policyholders effectively, especially if it leads to a higher rate of customer turnover or the possibility of non-renewals.

Companion Bills

IA SSB3136

Related A bill for an act relating to the notice requirement for the renewal or nonrenewal of personal lines policies, and including effective date provisions.(See SF 2359.)

IA HF2265

Replaced by A bill for an act relating to the notice requirement for the renewal or nonrenewal of personal lines policies, and including effective date provisions. (Formerly HSB 514.) Effective date: 01/01/2025.

IA SF2359

Replaced by A bill for an act relating to the notice requirement for the renewal or nonrenewal of personal lines policies, and including effective date provisions.(Formerly SSB 3136.)

Previously Filed As

IA SSB3136

A bill for an act relating to the notice requirement for the renewal or nonrenewal of personal lines policies, and including effective date provisions.(See SF 2359.)

IA SF2359

A bill for an act relating to the notice requirement for the renewal or nonrenewal of personal lines policies, and including effective date provisions.(Formerly SSB 3136.)

IA HF2265

A bill for an act relating to the notice requirement for the renewal or nonrenewal of personal lines policies, and including effective date provisions. (Formerly HSB 514.) Effective date: 01/01/2025.

IA HF2490

A bill for an act relating to the reorganization of county and state mutual insurance associations, nonrenewal notices for automobile insurance, and nonrenewal notices by county and state mutual insurance associations, and including effective date provisions. (Formerly HSB 652.) Effective date: 07/01/2024, 01/01/2025.

IA SB00198

An Act Extending The Premium Billing Notice Period For Renewal Of Certain Personal And Commercial Risk Insurance Policies.

IA HF957

A bill for an act relating to the natural hazard mitigation financing program, the disaster recovery housing assistance program, the disaster recovery new housing program, post-loss assignment of benefits, the licensing and regulation of adjusters, appraisers, and umpires, and the Iowa economic emergency fund, and providing penalties, making appropriations, and including effective date and retroactive applicability provisions.(Formerly HSB 246; See HF 982, HF 1012.)

IA HF982

A bill for an act relating to the natural hazard mitigation financing program, the disaster recovery housing assistance program, the disaster recovery new housing program, post-loss assignment of benefits, the licensing and regulation of adjusters, appraisers, and umpires, and the Iowa economic emergency fund, and providing penalties, making appropriations, and including effective date and retroactive applicability provisions.(Formerly HF 957, HSB 246; See HF 1012.)

IA HSB246

A bill for an act relating to the natural hazard mitigation financing program, the disaster recovery housing assistance program, the disaster recovery new housing program, post-loss assignment of benefits, the licensing and regulation of adjusters, appraisers, and umpires, and the Iowa economic emergency fund, and providing penalties, making appropriations, and including effective date and retroactive applicability provisions.(See HF 957, HF 982, HF 1012.)

IA HF1012

A bill for an act relating to the natural hazard mitigation financing program, the disaster recovery housing assistance program, the disaster recovery new housing program, post-loss assignment of benefits, the licensing and regulation of adjusters, appraisers, and umpires, and the Iowa economic emergency fund, and providing penalties, making appropriations, and including effective date and retroactive applicability provisions.(Formerly HF 982, HF 957, HSB 246.)

IA SF619

A bill for an act relating to the natural hazard mitigation financing program, the disaster recovery housing assistance program, the disaster recovery new housing program, post-loss assignment of benefits, the licensing and regulation of adjusters, appraisers, and umpires, and the Iowa economic emergency fund, and providing penalties, making appropriations, and including effective date and applicability provisions. (Formerly SF 591, SSB 1188.) Effective date: 04/22/2025, 07/01/2025. Applicability date: Conditional, 01/01/2024.

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