Editor’s note: The following corrects a previous story posted on Insurance Journal regarding insurer notice of rate hikes in an omnibus insurance bill signed recently by Iowa Gov. Chet Culver. The original story has been taken offline.
Insurance companies in Iowa now must give insureds a minimum 30-day notice of renewal or cancellation of their homeowners insurance policies under the provisions Iowa Senate File 2201, an omnibus insurance bill passed by the state legislature and signed by the governor.
A spokesman for the state insurance department said the bill simply makes renewal and cancellation notice requirements for home insurance policies the same as those currently in place for auto insurance policies. The personal lines provisions are found in sections 515.129A, B and C.
A previous report wrongly implied that the bill required insurers to give a 30-day notice of intended rate hikes. The measure does creates new rate increase notice requirements for health insurers, the department spokesman said, but the time period is variable and usually is much longer than 30 days.
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