Iowa 2025-2026 Regular Session

Iowa Senate Bill SSB1194

Introduced
2/26/25  

Caption

A bill for an act relating to matters under the purview of the department of insurance and financial services including financial literacy and exploitation, tax confidentiality, health insurance rates, health savings accounts, insurer withdrawals, property insurance, and service contracts, and including penalties.

Impact

The bill amends existing laws, allowing for public hearings on proposed health insurance rate increases that exceed defined limits. This empowers the commissioner to assess these increases, facilitating scrutiny on insurance practices that may burden consumers. Additionally, the modifications introduce requirements for insurers intending to withdraw from the market, ensuring they submit a detailed withdrawal plan that must be approved by the commissioner.

Summary

Senate Study Bill 1194 addresses several aspects related to the Department of Insurance and Financial Services in Iowa. It introduces provisions aimed at enhancing financial literacy, creating funds for education and exploitation prevention, and establishing clearer guidelines regarding insurer withdrawals. Notable components include the allocation of application fees to financial literacy programs and the stipulation that tax returns filed under certain insurance codes remain confidential.

Contention

Despite these positive notes, the bill may face contention from various stakeholders. Insurance companies could perceive the requirements for public hearings and detailed withdrawal plans as burdensome, potentially leading to operational challenges or fears of increased regulatory scrutiny. Consumer advocacy groups may welcome the measures aimed at protecting citizens from exploitation but could argue for stronger consumer protections against unfair practices in service contracts.

Companion Bills

IA HF911

Replaced by A bill for an act relating to matters under the purview of the department of insurance and financial services including financial literacy and exploitation, tax confidentiality, health insurance rates, health savings accounts, insurer withdrawals, property insurance, and service contracts, and including penalties.(Formerly HSB 256; See HF 986.)

IA HSB256

Related A bill for an act relating to matters under the purview of the department of insurance and financial services including financial literacy and exploitation, tax confidentiality, health insurance rates, health savings accounts, insurer withdrawals, property insurance, and service contracts, and including penalties.(See HF 911, HF 986.)

IA HF986

Replaced by A bill for an act relating to matters under the purview of the department of insurance and financial services, and the utilities commission, including financial literacy and exploitation, tax confidentiality, health insurance rates, health savings accounts, insurer withdrawals, property insurance, service contracts, and cross-subsidization of public utilities, and including penalties.(Formerly HF 911, HSB 256.)

Similar Bills

IA HF986

A bill for an act relating to matters under the purview of the department of insurance and financial services, and the utilities commission, including financial literacy and exploitation, tax confidentiality, health insurance rates, health savings accounts, insurer withdrawals, property insurance, service contracts, and cross-subsidization of public utilities, and including penalties.(Formerly HF 911, HSB 256.)

IA HF911

A bill for an act relating to matters under the purview of the department of insurance and financial services including financial literacy and exploitation, tax confidentiality, health insurance rates, health savings accounts, insurer withdrawals, property insurance, and service contracts, and including penalties.(Formerly HSB 256; See HF 986.)

IA HSB256

A bill for an act relating to matters under the purview of the department of insurance and financial services including financial literacy and exploitation, tax confidentiality, health insurance rates, health savings accounts, insurer withdrawals, property insurance, and service contracts, and including penalties.(See HF 911, HF 986.)

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.)

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 SSB1188

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 SF 591, SF 619.)

IA SF591

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 SSB 1188; See SF 619.)

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.)