Bill > HF986

This bill addresses multiple areas related to insurance, financial services, and motor vehicle regulations. It establishes two new funds: a financial literacy and investor education fund and a financial exploitation prevention fund, which will receive revenues from agent registration fees and support initiatives to educate the public about financial topics and protect individuals from financial exploitation. The bill modifies regulations for service contracts, requiring more transparent disclosures, stricter licensing requirements, and detailed claims procedures for companies offering these contracts. It introduces new requirements for motor vehicle financial liability coverage, mandating proof of insurance when registering or renewing vehicle registration and establishing graduated fines for violations. The bill also makes changes to the Iowa Individual Health Benefit Reinsurance Association's membership, cemetery oversight, and health insurance rate increase procedures, such as making public hearings for rate increases optional and exempting certain state institutions from association membership. Additionally, the bill includes provisions to protect confidentiality of tax returns and investigative information, and creates new guidelines for health savings accounts to ensure compliance with federal tax regulations. These changes aim to enhance consumer protection, improve financial literacy, and streamline regulatory processes across various insurance and financial service sectors.

Budget and Finance, Business and Industry

Ways and Means (House)

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF986