Insurers hailed Iowa politicians for passing legislation they favored and rejecting several measures they said would have worsened the state’s insurance marketplace. In the closing hours of the state’s legislative session, a bill focusing on workers’ compensation was passed. The bill, Senate File 342, will take effect this July if signed and would allow paid time off for medical treatment and increases flexibility in claim settlement.
Gov. Tom Vilsack, a Democrat, signed into law on April 28 Senate File 360, the insurance department’s omnibus legislation. Provisions in this bill, according to the Property Casualty Insurers Association of America, include strengthening eligibility standards for the guaranty fund, changing the membership of the governing board of the FAIR Plan to reflect the merger between the Alliance of American Insurers and National Association of Independent Insurers and revising existing statutes on service contracts for the repair or replacement of certain motor vehicles, investments of county or state mutual associations. The provisions in the bill that apply to property/casualty insurers take effect July 1.
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