A bill for an act relating to withdrawal requirements for insurance companies, insurance company affiliates, and other entities engaged in the business of insurance.

HSB 520 requires Iowa insurance companies planning major exits from the state to submit a detailed withdrawal plan to the state insurance commissioner. It applies when an insurer intends to reduce total annual premiums by 50% or more, reduce premiums in a specific line (like auto or homeowners) by 75% (for larger insurers), or cut premiums in certain high-volume lines by 50%. The plan must include timelines, policyholder and producer notifications, details on fulfilling obligations, replacement coverage options, and market impact estimates. The commissioner must approve compliant plans or may modify/limit them, with insurers allowed a hearing if denied. This directly affects insurance companies operating in Iowa that seek to significantly scale back their business.