IA HSB520

Insurers must file a withdrawal plan with the commissioner before reducing total annual premium volume in Iowa by 50% or more, or before reducing premium in specific lines (auto, homeowners, dwelling property) by 50-75% or more depending on market share thresholds.

The withdrawal plan must include proposed start and completion dates, reasons for withdrawal, number of affected policyholders and insurance producers, and copies of notifications to be sent to impacted parties.

Plans must detail how the insurer will fulfill all contractual obligations to policyholders, provide continued service to claimants, and meet statutory obligations including guaranty fund assessments and assigned risk plan participation.

The commissioner must approve or deny withdrawal plans within 60 days of a complete filing, with approval required if the plan provides at least 100 days notice and meets all statutory requirements.

Exemptions apply to transfers of business between insurers within the same holding company system, and the definition of "insurer" excludes surplus lines insurers, county/state mutual associations, and entities offering health or accident/sickness coverage.