Bills › 90th General Assembly
Relating to reinsurance requirements for county and state mutual insurance associations
Sponsored by the House Commerce Committee
Topics:Insurance
Where it is now
- Done: IntroducedJanuary 9, 2024
- Done: SubcommitteeJanuary 9, 2024
- Done: House committeeJanuary 18, 2024
- Done: Passes the HouseFebruary 19, 202491–0
- Done: Senate committeeMarch 14, 2024
- Done: Passes the SenateMarch 18, 202450–0
- Done: To the GovernorApril 10, 2024
- Done: Signed into lawApril 10, 2024
Signed into law What’s a funnel?
What’s in it
AI summary Currently, county and state mutual insurance associations can only buy reinsurance from companies licensed in Iowa. This change would allow these associations to buy reinsurance from companies that follow specific federal rules instead.1
Read the official explanation
This bill relates to reinsurance requirements for county and state mutual insurers. Under current law, a county mutual insurance association (county association) may reinsure its coverages written under Code chapter 518 with any association or company (company) licensed in the state and authorized to write insurance enumerated in Code section 518.11. A state mutual insurance association (state association) may insure its coverages written under Code chapter 518A with any company licensed in the state and authorized to write insurance enumerated in Code section 518A.1. Under the bill, a county association and a state association may reinsure coverages with a company that is in compliance with Code chapter 521B, rather than one licensed in the state.
House subcommittee
Named January 9, 2024 (as HSB 537). On January 17, 2024 it recommended passage. Vote Total: 3-0.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Lobbying
5 for · 0 against · 8 undecided · Who →
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90th General Assembly