Bill > H1032

This bill proposes changes to the law regarding rebates on certain insurance policies, annuities, or pure endowment contracts. The key provisions include: 1. Prohibiting insurance companies, officers, agents, or brokers from paying, offering, or allowing any valuable consideration or inducement not specified in the policy or contract, with exceptions for certain promotional or advertising programs that provide prizes, goods, or other items not exceeding $100 per customer or prospective customer per calendar year. 2. Clarifying that the prohibition on rebates applies to insurance contracts, including life insurance, life annuities, and accident and health insurance, and extends to any valuable consideration or inducement not specified in the contract. The bill aims to reform the existing rebate laws to provide clarity and create exceptions for certain promotional activities, while maintaining the general prohibition on offering or providing unauthorized rebates or inducements in the insurance industry.

Business and Industry

https://malegislature.gov/Bills/191/H1032