Consumer Connection: What is a trusted contact?
By Sonya Sellmeyer, Consumer Advocacy Officer for the Iowa Insurance Division
The Iowa Insurance Division together with the Financial Industry Regulatory Authority (FINRA), the North American Securities Administrators Association (NASAA), and the U.S. Securities and Exchange Commissioner’s Office of Investor Education and Advocacy (SEC OICA) are encouraging consumers with investment accounts to provide their financial firms with a trusted contact.
A trusted contact is an individual you authorize your investment firm to contact in certain instances. The trusted contact cannot make trades or decisions regarding the investor’s account and does not become a power of attorney, trustee, executor, or legal guardian. Designating a trusted contact may be helpful in several circumstances. The investment firm may reach out to the trusted contact when they are concerned about fraud, are unable to reach the account owner after numerous attempts, in the event of a natural disaster, or have concerns about a health issue. When the firm reaches out to a trusted contact, the firm is only able to release information that is reasonably necessary to assist the firm in the administration of the account.
Iowa Ranked Most Affordable Personal Auto Insurance in the U.S.
Des Moines, Iowa – Iowa ranked #1 in the U.S. for most affordable personal auto insurance according to a recent study by the Insurance Research Council.
“Affordable auto insurance is good news for Iowans,” Iowa Insurance Commissioner Doug Ommen said. “With Iowa’s ability to keep the cost drivers of insurance down and with a competitive market that provides many options for consumers to choose from, I look forward to Iowa continuing to lead in this area.”
2022 ACA Health Insurance Open Enrollment Approaches
Des Moines, Iowa – Open enrollment for Iowans purchasing or changing their Affordable Care Act (ACA) individual health coverage for 2022 runs Monday, November 1, 2021 – Saturday, January 15, 2022.
“Iowans need to be thinking about health insurance coverage for 2022 now. Employers are also offering choices, but for Iowans looking to the individual market, the time to enroll is coming very soon,” Iowa Insurance Commissioner Doug Ommen said.
Financial Literacy Education
Are you an Iowa teacher looking to bring the FUN & EXCITEMENT of financial literacy to your classroom? The Iowa Insurance Division is here to help through our wonderful partners at the National Theatre for Children, EVERFI, & Funding the Future!
Security Freeze for Credit Reports
Many Iowans are concerned about identity theft. One tool to help stop identity theft is placing a security freeze on your credit report. This restricts access to your credit information which scammers use to open accounts in your name.
A security freeze does not affect your credit score or prevent you from getting your free annual credit report. A security freeze will still allow certain entities to have access to your credit information, such as:
- Existing creditors or debt collectors acting on their behalf
- Government agencies in response to court or administrative orders, subpoenas or search warrants.