Iowa HSB516 addresses life insurance, permissible third parties, and financial exploitation of eligible adults.

Iowa HSB516 introduces measures to combat financial exploitation of eligible adults in the context of life insurance. The bill mandates training for insurers' supervisors and employees on identifying suspected exploitation. Insurers must provide this training within a year of employment. If an insurer or qualified individual reasonably believes exploitation has occurred, they may notify the commissioner, who can then investigate. Insurers can delay disbursements or transactions if they suspect exploitation, with specific rules governing these delays.

Iowa HSB516 addresses life insurance, permissible third parties, and financial exploitation of eligible adults.

Iowa HSB516 introduces measures to combat financial exploitation of eligible adults in the context of life insurance. The bill mandates training for insurers' supervisors and employees on identifying suspected exploitation. Insurers must provide this training within a year of employment. If an insurer or qualified individual reasonably believes exploitation has occurred, they may notify the commissioner, who can then investigate. Insurers can delay disbursements or transactions if they suspect exploitation, with specific rules governing these delays.