CCH-398
REPORT
OF
THE
CONFERENCE
COMMITTEE
ON
HOUSE
FILE
398
To
the
Speaker
of
the
House
of
Representatives
and
the
President
of
the
Senate:
We,
the
undersigned
members
of
the
conference
committee
appointed
to
resolve
the
differences
between
the
House
of
Representatives
and
the
Senate
on
House
File
398,
a
bill
for
an
Act
relating
to
the
duties
and
responsibilities
of
insurance
producers
under
insurance
policies
or
contracts,
respectfully
make
the
following
report:
1.
That
the
House
recedes
from
its
amendment,
S-5194.
2.
That
the
Senate
recedes
from
its
amendment,
H-8369.
3.
That
House
File
398,
as
passed
by
the
House,
is
amended
to
read
as
follows:
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CCH-398
1.
By
striking
everything
after
the
enacting
clause
and
inserting:
<
Section
1.
Section
522B.1,
Code
2014,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
12A.
“Policy
owner”
means
a
person
who
is
identified
as
the
legal
owner
of
an
insurance
policy
or
contract
under
the
terms
of
the
insurance
policy
or
contract,
or
who
is
otherwise
vested
with
legal
title
to
the
insurance
policy
or
contract
through
a
valid
assignment
completed
in
accordance
with
the
terms
of
the
insurance
policy
or
contract
and
is
properly
recorded
as
the
legal
owner
of
the
policy
or
contract
in
the
records
of
the
insurer.
“Policy
owner”
does
not
include
a
person
who
has
a
mere
beneficial
interest
in
an
insurance
policy
or
contract.
Sec.
2.
Section
522B.11,
subsection
7,
Code
2014,
is
amended
by
adding
the
following
new
paragraphs:
NEW
PARAGRAPH
.
c.
Notwithstanding
the
holding
in
Pitts
v.
Farm
Bureau
Life
Ins.
Co.,
818
N.W.2d
91
(Iowa
2012),
an
insurance
producer,
while
acting
within
the
scope
and
course
of
the
license
provided
for
by
this
chapter,
is
not
in
the
business
of
supplying
information
to
others
unless
the
requirements
of
paragraph
“a”
relating
to
expanded
duties
and
responsibilities
are
met.
NEW
PARAGRAPH
.
d.
Neither
an
insurance
producer
nor
an
insurer
has
a
duty
to
change
the
beneficiary
of
an
insurance
policy
or
contract
unless
clear
written
evidence
of
the
policy
owner’s
intent
to
change
a
beneficiary
of
the
policy
or
contract
is
presented
to
the
insurance
producer
or
insurer
in
the
manner
required
by
the
policy
or
contract
prior
to
the
payment
of
any
insurance
benefits
under
the
policy
or
contract.
Such
evidence
shall
be
provided
in
the
same
manner
as
a
claim
for
benefits
under
the
policy
or
contract.
NEW
PARAGRAPH
.
e.
Notwithstanding
the
holding
in
St.
Malachy
Roman
Catholic
Congregation
v.
Ingram,
841
N.W.2d
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CCH-398
338
(Iowa
2013),
an
insurance
producer
owes
any
duties
and
responsibilities
referred
to
in
this
subsection
only
to
the
policy
owner,
the
person
in
privity
of
contract
with
the
insurance
producer,
and
the
principal
in
the
agency
relationship
with
the
insurance
producer.
>
ON
THE
PART
OF
THE
HOUSE:
______________________________
CHIP
BALTIMORE,
CHAIRPERSON
______________________________
PETER
COWNIE
______________________________
MEGAN
HESS
______________________________
TYLER
OLSON
(Did
not
sign
CCH)
______________________________
MARY
WOLFE
(Did
not
sign
CCH)
ON
THE
PART
OF
THE
SENATE:
______________________________
ROBERT
M.
HOGG,
CHAIRPERSON
(Did
not
sign
CCH)
______________________________
BILL
ANDERSON
______________________________
THOMAS
G.
COURTNEY
(Did
not
sign
CCH)
______________________________
RANDY
FEENSTRA
______________________________
MICHAEL
E.
GRONSTAL
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