|Posted:||June 20, 2017 01:48 PM|
|From:||Senator Donald C. White|
|To:||All Senate members|
|Subject:||Insurer Rebates and Inducements Modernization|
|I will soon introduce legislation to amend the Insurance Department Act and Insurance Company Law to allow producers and insurers to spend as much as $100 on an insured or prospective insured in marketing insurance to that client or prospective client. This modernizes these laws to allow reasonable, practical marketing in a competitive field without jeopardizing the pricing integrity of insurance. For instance, this will enable an insurer or producer to offer a coffee or gas card if a consumer will come in for a quote or submit an application. Consumers benefit when they shop around, and these types of incentives have proven useful in achieving that.
The legislation will cap the value at $100, while giving the Insurance Commissioner the discretion to increase this amount in the future. This matches the dollar amount that applies to other financial services at the national level. It will also expressly allow insurers to provide risk management and loss control services to their insureds without being labeled an inducement.
If you have any questions regarding this legislation, please contact Carlton Logue in my office at 7-8724 or firstname.lastname@example.org.
Introduced as SB878
|Description:||Insurance Company Law amendments|
Introduced as SB877
|Description:||Insurance Department Act amendments|