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.
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