The bill amends various sections of the Iowa Code to enhance financial literacy, improve consumer protection in the insurance sector, and streamline regulatory processes. It establishes two new funds: the "financial literacy and investor education fund" and the "financial exploitation prevention fund," which will be funded through existing fees and civil penalties. The bill also modifies the fee structure for agent registration to support these funds and introduces public hearing requirements for health insurance rate increases. Additionally, it outlines the procedures for insurers wishing to withdraw from specific lines of insurance, requiring them to submit a detailed withdrawal plan for approval by the commissioner.

Significant deletions include the removal of the "securities investor education and financial literacy training fund," which is replaced by the newly created funds. The bill also introduces new regulations for service contracts, requiring clear language, detailed obligations, and cancellation instructions. Service companies must be licensed and are subject to penalties for noncompliance. Furthermore, the bill mandates vehicle owners to certify financial liability coverage when registering their vehicles and establishes a structured fine system for violations. Overall, the bill aims to enhance regulatory oversight, consumer protection, and financial education in Iowa.

Statutes affected:
Introduced: 502.410, 502.601, 546.14, 505.7, 546.12, 432.1A, 505.19, 507B.4, 505.36, 523C.1, 523C.2, 523C.3, 523C.9, 523C.5, 523C.13, 523C.23, 714.16, 523C.19, 476.78
Reprinted: 502.410, 502.601, 546.14, 505.7, 546.12, 12C.7, 432.1A, 505.19, 507B.4, 505.36, 523C.1, 523C.2, 523C.3, 523C.9, 523C.5, 523C.13, 523C.23, 714.16, 523C.19, 513C.10, 262.7, 523I.810, 523I.813, 321.20, 321.20B, 805.8A, 321.40