HF 2405: Relating to the investment of funds by life insurance companies and associations

What it does

This bill relates to the investment of funds by life insurance companies and associations. “Credit instrument” is defined in the bill as an investment that is qualified as a bond under the accounting practices and procedures manual, and includes asset-backed securities, bank loans, and SVO-listed funds that have an SVO designation, and that qualify as a bond under the manual.8(1) and (9) to conform with that definition. The bill prohibits an insurer that files an annual statement and completes the NAIC health statement test from acquiring an investment if, as a result of the investment, the aggregate amount of investments held by the insurer will exceed percent of the insurer’s assets.

House subcommittee · named January 24, 2024

• Rep. David E. Young (R) · david.young@legis.iowa.gov
• Rep. Kenan Judge (D) · kenan.judge@legis.iowa.gov
• Rep. Mike Vondran (R) · mike.vondran@legis.iowa.gov

Lobbying · 3 for, 0 against

For: Federation of Iowa Insurers; National Association of Benefits and Insurance Professionals-Iowa Chapter; Wellmark, Inc.

In plain words

1. January 24, 2024Filed in the House and sent to the Commerce committee · as HSB 606
2. January 24, 2024House subcommittee named: Young, Judge and Vondran · as HSB 606
3. January 30, 2024Subcommittee recommended passing it · as HSB 606
4. February 6, 2024Approved by the House committee · as HSB 606
5. February 8, 2024Filed in the House
6. February 8, 2024Approved by the House committee, and given a new number: HF 2405 · as HSB 606
7. February 20, 2024Passed the House, 96–0
8. February 20, 2024Arrived in the Senate
9. March 18, 2024Took the place of SF 2297 on the Senate floor (the same legislation)
10. March 18, 2024Passed the Senate, 50–0
11. April 10, 2024Sent to the Governor
12. April 10, 2024Signed into law