This bill aims to enhance protections for eligible adults in Iowa against financial exploitation by amending existing laws related to life insurance and the responsibilities of financial professionals. It allows broker-dealers and investment advisers to delay disbursements for up to 15 business days, with the option to extend this delay to 25 or 55 business days if there is a continued reasonable belief of potential exploitation. 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. Insurers and qualified individuals are permitted to notify a designated permissible third party, but are not required to do so if that party is suspected of exploitation.

Additionally, the bill provides immunity from civil or administrative liability for insurers who make good faith disclosures regarding suspected exploitation and mandates training for employees involved in handling complaints and investigations. It also allows for court intervention in cases of delayed disbursement, enabling the commissioner or other interested parties to petition for modifications. Insurers must provide training to relevant staff by June 30, 2027, and grant access to records related to financial exploitation to the commissioner and law enforcement, ensuring confidentiality. The bill includes conforming changes to existing law, specifically in Code section 507E.8(1)(a) and (b), which relates to law enforcement authority.

Statutes affected:
Introduced: 502.806