Iowa Department of Insurance & Financial Services

SHIIP-SMP Volunteer Medicare Counselors Needed Across Iowa The Senior Health Insurance Information Program (SHIIP) and Senior Medicare Patrol (SMP) are free, confidential, and unbiased services of the State of Iowa Insurance Division. Every year, nearly 400 certified SHIIP-SMP volunteer counselors meet with more than 40,000 Iowans to provide one-on-one support understanding Medicare coverage options and navigating unique challenges related to health insurance. Whether it is helping individuals prepare for signing up for Medicare after retirement, comparing prescription plan options, completing applications for financial assistance or responding to Medicare fraud – SHIIP-SMP volunteers go above and beyond to make sure their clients are provided unbiased answers to questions so they can leave confident in their choices. Learn more: https://ow.ly/U6qk50UOE5b

IID Joins $106 Million Multi-State Settlement with Vanguard The Iowa Insurance Division today announced that it has joined a taskforce of state securities regulators and the United States Securities and Exchange Commission (SEC) in a $106 million settlement with Vanguard Marketing Corporation (VMC) and The Vanguard Group, Inc. (Vanguard) for failing to supervise certain registered persons and failing to disclose potential tax consequences to investors following a change in investment minimums for certain target date retirement funds. “These Iowans were not warned about potential tax consequences that would likely result from changes Vanguard made, and I am pleased they will receive remediation for the capital gains they incurred holding this product,” said Iowa Insurance Commissioner Doug Ommen. “We will continue to protect Iowa investors and ensure that companies operating in Iowa follow our securities laws.” The settlement stems from a three-year multi-state task force investigation coordinated through the North American Securities Administrators Association’s Enforcement Section Committee, to conduct a comprehensive investigation, parallel to a concurrent investigation by the SEC. https://ow.ly/7thc50UINbs

The Iowa Division of Banking and 47 state financial regulatory agencies have taken coordinated action against Block, Inc., for violations of Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. More than 50 million consumers in the United States use Cash App, Block’s mobile payment service, to spend, send, store, and invest money. In the multistate settlement signed this week, Block agreed to pay an $80 million penalty to the state agencies, hire an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program, and submit a report to the states within nine months. Block then will have 12 months to correct any deficiencies found in the review after the report is filed. Read more at: https://ow.ly/BIEM50UIF35

The Iowa Insurance Division has joined a $17 million multi-state settlement with Edward Jones resulting from an investigation into the broker-dealer’s supervision of customers paying front-load commissions for Class A mutual fund shares in light of later moving brokerage assets into fee-based investment advisory accounts. https://ow.ly/p8Oj50UCU6E

The Iowa Insurance Division is seeking a highly motivated individual to help manage our policy and technological programs that regulate the securities, preneed funeral, perpetual care cemetery, service contract, and continuing care retirement facility industries. Apply today! https://ow.ly/vp5r50UAHNy

Insurance fraud costs consumers an estimated $308.6 billion annually in the United States. This month’s Consumer Connection explains what it is and provides some examples of it here in Iowa over the past year. Check it out! https://ow.ly/QNwg50Uzv5f

The Iowa Insurance Division is hiring a Clerk Specialist for SHIIP. SHIIP helps Iowans on Medicare with questions and problems related to Medicare and their health insurance options. Apply today! https://ow.ly/89Vh50Uw3Vc

Great work by the Iowa Attorney Generals office. When something sounds too good to be true, it probably is! There are some great tips in this article to help prevent you from being a victim of a scam. Check it out! https://ow.ly/5TOi50Uwbgp

The Iowa Insurance Division is now recruiting a Financial Exploitation Investigator. In this position you will be protecting Iowa consumers by investigating allegations that senior investors are being financially exploited. Apply today! https://ow.ly/z5XH50Uw3KL