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Governor Signs Two Federation-Supported Bills
Friday, April 30, 2021Today Governor Kim Reynolds signed two Federation-supported bills into law. Under HF 236, effective January 1, 2022 Iowa-domiciled insurance companies and associations can reinvest cash reserves into U.S. Treasuries that mature beyond 270 days under Iowa Code 511.8. Previously, this reinvestment option was only allowed for U.S. Treasuries maturing in 270 days or less. The bill passed both the House and Senate unanimously.
The second measure, the Insurance Data Security Act, HF 719, was introduced by the Iowa Insurance Division (IID). While it was based on NAIC model legislation, it included key revisions related to exclusivity, materiality, and HIPAA to ensure it wouldn't create significant administrative hurdles. This measure also passed both chambers unanimously.