IA SF2454

Amends Iowa Code Section 502.806 to extend the time broker-dealers and investment advisers may delay disbursements when financial exploitation of an eligible adult is suspected, allowing up to 25 business days initially and up to 55 business days with continued internal review support.

Creates new Chapter 508 sections establishing definitions for "disbursement," "eligible adult," "financial exploitation," "permissible third party," and "qualified individual" as they relate to life insurance policies and annuities.

Authorizes insurers and qualified individuals to notify the commissioner and delay disbursements for up to 15 business days (extendable to 25 days) when they reasonably believe financial exploitation of an eligible adult has occurred or is being attempted.

Requires insurers to develop and maintain written policies and procedures for identifying and reporting suspected financial exploitation of eligible adults and to provide related training for qualified individuals.

Provides immunity from administrative and civil liability for insurers and qualified individuals who, acting reasonably and in good faith, delay disbursements, report suspected exploitation, or take related protective actions under this chapter.