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 funds 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 definitions for government cemeteries and clarifies that they are not subject to the same regulations as perpetual care cemeteries. It eliminates the requirement for a minimum initial deposit in a care fund for cemeteries owned by governmental subdivisions and allows them to serve as trustees. The bill also repeals certain sections related to sales agent reporting 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