HF1221 Summary

• Renames "Division of Insurance Fraud Prevention" to "Commerce Fraud Bureau" and clarifies its law enforcement authority and duties regarding insurance fraud investigations and reporting.

• Eliminates the membership camping license requirement for salespersons and brokers by repealing sections 82A.16 and 82A.17.

• Establishes new requirements for property and casualty insurance companies to submit annual actuarial opinions of reserves with supporting documentation; makes these materials confidential except for regulatory use.

• Creates an agricultural cooperative health plan for farmers with modified requirements including reduced trustee numbers (5-9), exemption from 1,000 initial enrollee requirement with conditions, and mandatory stop-loss insurance coverage.

• Adjusts numerous statutory dollar amounts for loans, homestead exemptions, bankruptcy exemptions, and other thresholds to reflect inflation, updating index base years from 1991/1980/1972 to 2011/2005 with automatic periodic adjustments.

• Enhances real property appraiser requirements including criminal background checks, supervisory training for trainee supervision, and increased prelicense education hours (75-300 hours depending on license level) effective January 1, 2015.