INTRODUCTION The Insurance Division of the Iowa Department of Commerce is pleased to present their performance report for fiscal year 2004. The Division continues to serve through its’ agency mission of protecting through consumer education and by “consumers effectively and efficiently providing a fair, flexible and positive regulatory environment.” This report will acknowledge the hard work of the Division personnel in maintaining our mission. Despite a lack of adequate resources in funding and staff, the Division continued to see an increase in work load including contested cases and fines, agent licensing, and number of Iowans served through our Senior Health Insurance Information Program (SHIIP.) The Division continued to streamline processing of agent licenses and product form review through a variety of electronic methods. Coupling with national programs implemented by the National Association of Insurance Commissioners (NAIC,) the Division was able to review 82,535 rates and forms as well as license more than 63,000 insurance agents. Much of this was done through electronic methods providing for less paperwork and smoother processing. We have several key challenges face the Division. They include the threat of federal preemption, an increased overlap between the insurance and securities markets, the increased complexity of investment options and insurance products and availability of adequate resources. The Division’s role in insuring fair and efficient regulation of insurance, securities, and other regulated industries in the state of is one of deep commitment. We will continue to maintain our vision of ways to build upon our tradition of excellence.” “Finding Sincerely,
INTRODUCTION The Insurance Division of the Iowa Department of Commerce is pleased to present their performance report for fiscal year 2004. The Division continues to serve through its’ agency mission of protecting “consumers through consumer education and by effectively and efficiently providing a fair, flexible and positive regulatory environment.” This report will acknowledge the hard work of the Division personnel in maintaining our mission. Despite a lack of adequate resources in funding and staff, the Division continued to see an increase in work load including contested cases and fines, agent licensing, and number of Iowans served through our Senior Health Insurance Information Program (SHIIP.) The Division continued to streamline processing of agent licenses and product form review through a variety of electronic methods. Coupling with national programs implemented by the National Association of Insurance Commissioners (NAIC,) the Division was able to review 82,535 rates and forms as well as license more than 63,000 insurance agents. Much of this was done through electronic methods providing for less paperwork and smoother processing. We have several key challenges face the Division. They include the threat of federal preemption, an increased overlap between the insurance and securities markets, the increased complexity of investment options and insurance products and availability of adequate resources. The Division’s role in insuring fair and efficient regulation of insurance, securities, and other regulated industries in the state of is one of deep commitment. We will continue to maintain our vision of “Finding ways to build upon our tradition of excellence.” Sincerely,
Commerce_Insurance-2.docx