House Study Bill 313 HOUSE FILE BY (PROPOSED COMMITTEE ON GOVERNMENT OVERSIGHT BILL BY CHAIRPERSON LENSING) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to the powers of the commissioner of insurance to 2 enforce the state's insurance laws. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2921YC 82 5 av/gg/14 PAG LIN 1 1 Section 1. Section 505.8, Code 2007, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 8. The commissioner may assess fines or 1 4 penalties, order restitution, or take other corrective action 1 5 as the commissioner deems necessary or appropriate to 1 6 accomplish the purposes of the laws of the state relating to 1 7 all insurance business transacted in the state. 1 8 EXPLANATION 1 9 This bill provides that the commissioner of insurance may 1 10 assess fines or penalties, order restitution, or take other 1 11 corrective action as deemed necessary or appropriate to 1 12 accomplish the purposes of the state's insurance laws. 1 13 LSB 2921YC 82 1 14 av:rj/gg/14