This bill amends Iowa's insurance laws to enhance the rights of insured individuals concerning information requests and claims processing. It introduces a new section, 507B.4D, which requires insurers to provide specific information, such as copies of insurance policies and internal communications related to claims, within fifteen calendar days of a request. Insurers are prohibited from withholding information based on privilege without a written explanation, and if such information is later deemed non-privileged, the refusal will be considered an unfair practice. The bill also establishes that insurers cannot impose unreasonable deadlines for notifying them of losses or for filing lawsuits related to denied claims.

Additionally, the bill sets forth new requirements for loss calculations and claims adjustments, ensuring that insurers include certain costs, such as consequential damages during repairs, and that repairs maintain a reasonably similar appearance to the original property. Insurers must acknowledge claims within fifteen business days and notify insured individuals of claim acceptance or denial within thirty calendar days. The bill also mandates that insurers pay accepted claims within ten days and outlines penalties for non-compliance, aiming to create a more transparent and fair claims process for insured individuals while reinforcing their rights in the event of a claim denial.

Statutes affected:
Introduced: 507B.4