The Iowa General Assembly concluded its legislative session April 30 and passed three important laws affecting the property/casualty insurance industry, according to the American Insurance Association (AIA), a Washington, D.C.-based lobbying group. SF 2257 governs insurer use of credit information largely based on the National Conference of Insurance Legislators’ (NCOIL) model law, which is effective in some form in 22 states, according to AIA. The new law details how credit information can be used in insurance underwriting and rating. For example, it cannot be used as the sole factor in denying or non-renewing a policy. Democratic Gov. Tom Vilsack signed the bill April 7 and the new law becomes effective Oct. 1, 2004. HF 2440, meanwhile, limits pain-and-suffering damage awards in medical malpractice cases to $250,000. Missouri and Wisconsin have already enacted similar changes, according to AIA.
Was this article valuable?
Here are more articles you may enjoy.
Coca-Cola Suspends Fairlife Operations After Cyberattack 
Florida Regulators Mulling New Rules on Market Conduct Exams, Reporting 
Viewpoint: The AI Ransomware That Couldn’t Get Paid 
Walmart Removes Four Taylor Farms Salads as Recalls Spread From This Issue
