About Iowa Insurance Laws, Health Insurance and Regulations…
Iowa is home to a robust insurance industry that is managed by Iowa Insurance Division. This agency is largely responsible for the regulations that govern the insurance companies that are licensed to do business within the state. The agency also upholds the regulations established over the overarching national insurance industry by the federal government. Part of the agency’s role is to ensure that Iowa consumers are treated fairly by insurance companies doing business in the state.
As in other states, auto insurance is required in the state of Iowa. The Iowa Insurance Division has established regulations concerning the requirements surrounding this form of insurance coverage. According to these regulations, drivers may carry a minimum level of coverage, which much account for: $20,000 for bodily injury liability of one person; $40,000 for bodily injury liability for more than one person; and $15,000 for property damage liability. Drivers are not required to carry personal injury protection (PIP) coverage.
The average auto insurance premium in Iowa is approximately $1,200 per year.
The Iowa Insurance Division is responsible for ensuring that premiums do not become unjustly excessive for consumers or place any undue financial strain on residence of the state.
Property insurance is not mandatory for homeowners or businesses within Iowa, but the state does regulate this sector of the insurance industry. The Iowa Insurance Division ensures that consumers are protected from any malicious practices that may exist in the insurance market, while also ensuring that the state’s insurance companies can operate freely. State regulators work to ensure that companies do not impose any excessive rates upon homeowners insurance policyholders. The Iowa Insurance Division encourages property owners to purchase some form of insurance protection in order to mitigate any financial loss they may see through natural disasters.
Like all other states in the U.S., Iowa is required to host a health insurance exchange, which must be fully operational by 2014, per federal law. Though the law expects that states will build their own exchange systems, these states also have the ability to opt out of such an effort and leave the matter with the federal government. Iowa has not yet determined whether it will build a health insurance exchange itself, though Governor Terry Branstad has expressed interest in doing so.
Iowa is home to more than 3 million people, 9% of which do not currently have health insurance coverage. These people may be unable to attain coverage due to the costs associated with health care. A health insurance exchange is expected to provide these consumers with access to the affordable coverage they need. The Iowa Insurance Division is currently looking into alternatives for an exchange program and has been examining the viability of partially partnering with the federal government for the construction and operation of an exchange program in the state.
Iowa Insurance Resources:
Iowa Insurance Commissioner: Susan E. Voss
Iowa Department of Insurance Website: http://www.iid.state.ia.us/
Iowa Insurance Licensing Info: http://www.iid.state.ia.us/insurance_agent_info
File Insurance Complaint: http://www.iid.state.ia.us/market