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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | January 23, 2024 09:44 AM |
|---|---|
| From: | Senator John DiSanto and Sen. Sharif Street |
| To: | All Senate members |
| Subject: | Updating State Law Regarding Insurance Rebates & Inducements |
| In the near future, we plan to introduce legislation that would better align Pennsylvania law with National Association of Insurance Commissioners (NAIC) 2020 model legislation allowing consumers to receive non-cash items and value-added products and services from their insurers or producers. Such awards must be offered in a nondiscriminatory manner. Under the proposal, value-added products and services must relate to the insurance coverage and are meant to reduce potential losses in claims or claim settlements and to educate consumers while also enhancing the personal and physical health of the consumer. As an example, a consumer may be offered a smoke detector. Under Acts 22 and 23 of 2018, the state authorized insurers and producers to give consumers non-cash gifts so long as they did not exceed $100. Our proposal increases this threshold to $125, reflecting inflation. The attached draft language reflects input received by our offices from the Pennsylvania Insurance Department and the Insurance Federation of Pennsylvania. Please join us and co-sponsor this legislation to benefit consumers. |
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Introduced as SB1092
Memo Updated: January 23, 2024 09:46 AM