The commissioner also serves as the administrator of the securities act which involves the licensing of brokerage firms and their agents, examining new securities offerings and investigating investment fraud cases. The unit conducts investigations and, when necessary, brings action against insurance companies and agents. This unit also publishes reports on administrative actions taken and complaint ratios. The Financial Regulation Bureau licenses insurers that conduct business in the state of Iowa. On a quarterly basis, the Bureau monitors the financial condition of all companies authorized to do business in Iowa to insure compliance with Iowa statutes and regulations.
Domestic insurers undergo on-site examinations at least once every five years.
The Bureau is also responsible for collection of premium taxes and preparation of the annual report to the Governor. This bureau also administers and enforces the Prearranged Funeral Contracts Act, the Business Opportunity Promotions Act, the Residential Service Contracts Act, the Motor Vehicle Service Contracts Act, the Continuing Care Retirement Community Act and the Sales of Cemetery Merchandise Act to ensure conformity and protection of the public. Fraud Investigation Bureau - The Fraud Investigation Bureau will confront the problem of insurance fraud by prevention, investigation, and prosecution of fraudulent insurance acts in an effort to reduce the amount of premium dollars used to pay fraudulent claims.