Iowa: Insurance Division Rescinds Broad Anti-rebating Bulletin, Issues New Bulletin

NAMIC’s trade association partner, the Iowa Insurance Institute, reports that the Iowa Insurance Division rescinded Bulletin 08-11, which had interpreted the state’s anti-rebating law to forbid the providing to customers of goods or services not specifically provided for in the policy, including those not before seen as rebates. In its place, the Insurance Division issued Bulletin 08-13 that describes guidance that is more specific on what goods and services are allowed.

“NAMIC and those who provide insurance coverage to Iowans welcome the new bulletin that better clarifies what is permissible," said Mark Johnston, NAMIC's Midwest state affairs manager. "Appropriate marketing tools foster competition and have served both the consumer and the community well over the years. Further, the ability to offer simple courtesies during the process of planning an insured’s coverage will be retained to the benefit of all.”

The division also announced that it would pursue rulemaking on the issue in the near future. “NAMIC and its partners look forward to working collaboratively with the division and others in developing common sense public policy that protects the consumer,” Johnston said.

Direct questions to NAMIC's State Affairs Manager Mark Johnston.

Posted: Tuesday, August 26, 2008 12:00:00 AM. Modified: Tuesday, August 26, 2008 2:23:11 PM.

(317) 875-5250 - Indianapolis | (202) 628-1558 - Washington, D.C.

Contact NAMIC | Press | Advertise | Sponsor

We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.