IA HSB516

Broker-dealers and investment advisers may delay disbursements for up to 15 business days if they reasonably believe the transaction will result in financial exploitation of an eligible adult, with extensions up to 25 or 55 business days allowed under certain conditions.

Creates new definitions in Iowa Code Chapter 508 for "disbursement," "eligible adult," "financial exploitation," "permissible third party," and "qualified individual" related to life insurance policies and annuities.

Insurers and qualified individuals may notify the commissioner and permissible third parties when they reasonably believe financial exploitation of an eligible adult has occurred or is being attempted.

Provides immunity from administrative or civil liability for insurers and qualified individuals who, acting reasonably and in good faith, delay disbursements or disclose information regarding suspected financial exploitation.

Requires insurance producers to complete at least two hours of continuing education on identifying suspected exploitation of eligible adults, including common signs and notification procedures.