This bill amends various sections of the Iowa Code related to preneed sellers, sales agents, and government cemeteries. Key changes include the calculation of inflation for trust fund adjustments based on the most recently released consumer price index for all urban consumers published by the U.S. Department of Labor, rather than relying on the commissioner of insurance's determinations. The bill also removes the requirement for the commissioner to conduct examinations of preneed sellers every five years unless an audit is provided, allowing for more flexibility in oversight. Additionally, it establishes new requirements for sales agents, including the necessity for a preneed seller to designate an applicant for a sales license and to disclose any changes in designation to the commissioner within 30 days.

Furthermore, the bill introduces a definition for government cemeteries and clarifies that they are distinct from perpetual care cemeteries, which are subject to different regulations. It eliminates the exceptions that allowed political subdivisions to avoid minimum initial deposits in care funds and to serve as trustees. The bill also repeals certain sections related to sales agent reporting requirements and neglected cemeteries, streamlining the regulatory framework for preneed sales and cemetery operations in Iowa.

Statutes affected:
Introduced: 22.7, 523A.204, 523A.201, 523A.206, 523A.502, 523A.601, 523A.602, 523A.807, 523I.102, 523I.213A, 523I.312, 523I.501, 523I.801, 523I.805, 523I.810