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Iowa Senate Bill SSB1194
Iowa 2025-2026 Regular Session
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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, the utilities commission, and the department of transportation, including financial literacy and exploitation, tax confidentiality, health insurance rates, health savings accounts, insurer withdrawals, property insurance, service contracts, the Iowa individual health benefit reinsurance association, and the Iowa cemetery Act, motor vehicle financial liability coverage, and including penalties and effective date provisions. (Formerly HF 911, HSB 256.)

Previously Filed As

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 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 HF986

A bill for an act relating to matters under the purview of the department of insurance and financial services, the utilities commission, and the department of transportation, including financial literacy and exploitation, tax confidentiality, health insurance rates, health savings accounts, insurer withdrawals, property insurance, service contracts, the Iowa individual health benefit reinsurance association, and the Iowa cemetery Act, motor vehicle financial liability coverage, and including penalties and effective date provisions. (Formerly HF 911, HSB 256.)

IA H5206

Insurance and other financial services matters

IA H4466

Financial services and insurance, antidiscrimination

IA A03801

Requires the department of financial services publish a report on long-term care insurance rates including historical rates and the dates and amounts of any rate changes.

IA S05723

Requires the department of financial services publish a report on long-term care insurance rates including historical rates and the dates and amounts of any rate changes.

IA HSB756

A bill for an act relating to captive insurance companies and life captive reinsurance companies, and including civil penalties.(See HF 2766.)

IA HSB516

A bill for an act relating to life insurance, permissible third parties, and financial exploitation of eligible adults.(See HF 2232.)

IA SSB3094

A bill for an act relating to life insurance, permissible third parties, and financial exploitation of eligible adults.(See SF 2454.)

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MI HR0199

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HI SCR195

Requesting The Board Of Education, In Collaboration With The Department Of Education, To Revise Public High School Graduation Requirements To Include Successful Completion Of A Standalone Financial Literacy Course.

CA SB1048

State Seal of Climate Literacy.

HI HB936

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HI SB1277

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HI SB1277

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