SF 233 – Long-term-care insurance filing fee elimination
SSB 1125 – Additional bonding options for benefited recreational lake district
COMMITTEE ACTION:
SF 233 is a recommendation by the Iowa Insurance Division (IID) to eliminate a $25 filing fee for independent review of a benefit trigger determination under a long-term-care insurance policy. Current law gives the Insurance Commissioner the authority to waive this fee. This has been the practice 100 percent of the time for the past five years, when the IID stopped charging fees for health insurance appeals. The IID routinely helps Iowans with insurance issues without charging a fee, and removing the provision will eliminate confusion.
[3/15: short form (Anderson, Bolkcom absent)]
SSB 1125 allows a benefited recreational district to issue the same types of bonds as cities and counties. There is only one such district in the state, which is located around Lake Delhi in Delaware County. Currently, the district is restricted to issuing only general obligation or revenue bonds. The district cannot refinance bonds. With the change in SSB 1125, Lake Delhi would have the opportunity to refinance bonds in a way to save money over the term of the bond.
Additionally, the bill allows a benefited recreational district to refinance the bonds without having to conduct a public vote. The law would still require a public vote for the district to bond for new debt or an increase in the amount of debt issued.
[3/15: short form (Anderson, Bolkcom absent)]