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1437XD

Department of Insurance and Financial Services Omnibus (1437XD) - Insurance and Financial Services, Department of

2025-2026 Regular Session

Bill 1437XD boosts financial literacy and protects consumers from exploitation in Iowa by funding education initiatives and creating prevention resources for victims.

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Bill Summary · 1437XD

Summary of Bill 1437XD: Department of Insurance and Financial Services Omnibus

Bill Number: 1437XD
Introduced On: November 18, 2025
Classification: Proposed Bill
Status: Not specified

Purpose and Intent

The Department of Insurance and Financial Services Omnibus Bill (1437XD) aims to enhance the regulatory framework governing financial services and insurance in Iowa. The bill focuses on improving financial literacy, preventing financial exploitation, and addressing various aspects of health insurance and property insurance regulations.

Key Provisions

1. Financial Literacy and Investor Education

  • Registration Fees: The bill amends the fees for agents registering with the Department of Insurance, setting a fee of $40 for application, renewal, and changes. A portion of these fees will support:

    • $10 to the Securities Investor Education and Financial Literacy Training Fund
    • $10 to the Financial Exploitation Prevention Fund

  • Financial Literacy Initiatives: The bill mandates the development of public education initiatives on financial topics, particularly for high school students, and establishes a Financial Literacy and Investor Education Fund to support these initiatives.

2. Financial Exploitation Prevention

  • The bill creates a Financial Exploitation Prevention Fund to:
    • Educate the public on financial exploitation.
    • Assist potential victims of financial exploitation.
    • Conduct investigations and support prosecutions related to financial exploitation.

3. Revenue Allocation

  • Nonexamination Revenues: The bill stipulates that 40% of nonexamination revenues from insurance regulation will be allocated to the Commerce Revolving Fund, while the remainder will go to the state’s general fund.

4. Confidentiality and Collaboration

  • Investigation files related to financial exploitation will be classified as confidential, protecting sensitive information from public disclosure.
  • The bill encourages collaboration with organizations focused on financial literacy and exploitation prevention.

Impact

Who Will Be Affected?

  • Insurance Agents: Changes in registration fees and requirements.
  • Consumers: Increased access to financial literacy resources and protections against exploitation.
  • Regulatory Bodies: Enhanced funding and resources for the Department of Insurance and Financial Services to carry out its functions.

Procedural Aspects

  • The bill is currently in the proposed stage and will undergo further legislative processes before potential enactment.
  • The establishment of the financial literacy and exploitation prevention funds will require appropriations from the General Assembly.

Conclusion

Bill 1437XD represents a comprehensive effort to strengthen the regulatory framework surrounding financial services and insurance in Iowa. By focusing on education and prevention, the bill aims to empower consumers and protect them from financial exploitation while ensuring that the Department of Insurance has the necessary resources to fulfill its mandate effectively.

Compiled from official sources — confirm details with the bill’s official record.

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