Iowa HSB520 establishes withdrawal requirements for insurance companies, including filing a withdrawal plan with the commissioner.

Iowa HSB520 sets rules for insurance companies withdrawing from the state. Insurers must file a withdrawal plan with the commissioner if they intend to reduce their total annual premium volume by 50% or more, or by 75% in a specific line of insurance. The plan must include details such as the date of commencement and completion, reasons for withdrawal, and the total number of policyholders and producers impacted. The commissioner may approve, modify, restrict, limit, or deny the plan. Insurers cannot resume writing insurance in the state for at least five years without prior approval.

Iowa HSB520 establishes withdrawal requirements for insurance companies, including filing a withdrawal plan with the commissioner.

Iowa HSB520 sets rules for insurance companies withdrawing from the state. Insurers must file a withdrawal plan with the commissioner if they intend to reduce their total annual premium volume by 50% or more, or by 75% in a specific line of insurance. The plan must include details such as the date of commencement and completion, reasons for withdrawal, and the total number of policyholders and producers impacted. The commissioner may approve, modify, restrict, limit, or deny the plan. Insurers cannot resume writing insurance in the state for at least five years without prior approval.