Commissioner Voss has issued a bulletin that rebates are considered any goods or services offered to a current or prospective policyholder that are not specifically incorporated as part of the contract and therefore prohibited under Iowa law. She goes on to say that effective with the issuance of the bulletin, all carriers and insurance producers licensed and doing business in Iowa shall cease offering such goods or services. For policies in effect at the time of the bulletin, she states the prohibition shall take effect upon renewal. The Division will be conducting a market survey for compliance and additional conversations on this topic may take place later this year.

Click here to see a copy of the rebate bulletin.