This bill aims to enhance protections against financial exploitation of eligible adults in Iowa by amending existing laws related to life insurance and the roles of broker-dealers and investment advisers. It clarifies the process for delaying disbursements or transactions that may indicate financial exploitation, allowing for an initial delay of 15 days with possible extensions of up to 25 and then 55 additional business days, contingent on ongoing internal reviews. The bill introduces definitions for key terms such as "eligible adult," "financial exploitation," and "qualified individual," and establishes protocols for notifying the commissioner of suspected exploitation.

Additionally, the bill provides immunity from administrative or civil liability for insurers and qualified individuals who act in good faith when reporting suspected financial exploitation. It mandates that insurers conduct internal reviews of disbursement requests, notify relevant parties of any delays, and maintain communication with the commissioner. Insurers are also required to train employees handling complaints and investigations related to financial exploitation by June 30, 2027, and to grant access to relevant records to the commissioner and law enforcement while ensuring confidentiality. The bill empowers the commissioner to adopt rules regarding notification processes and employee training, and allows for court intervention in cases of delayed disbursement.

Statutes affected:
Introduced: 502.806