Bill > SB185

This bill updates Alaska's insurance regulations by expanding and clarifying rules around rebates, incentives, and advertising practices in the insurance industry. Specifically, the bill adds new exceptions to existing rebate prohibitions, allowing insurers and insurance producers to offer value-added products or services that are designed to promote health, prevent disease, mitigate loss, provide education, or enhance wellness, as long as these offerings meet certain criteria such as being reasonably priced, non-discriminatory, and not requiring policy purchase. The bill also introduces new restrictions on advertising, prohibiting insurers from offering insurance as an incentive for purchasing another policy or using language that suggests insurance is free. Additionally, the bill updates terminology, references additional federal acts like the Gramm-Leach-Bliley Act, and provides the director of the division of insurance with the authority to regulate these new provisions. Insurers will be allowed to offer limited noncash gifts, conduct raffles, and provide certain value-added services, but must do so transparently and without unfair discrimination. The bill is set to take effect on January 1, 2026, with provisions for the insurance director to adopt implementing regulations in the meantime.

Business and Industry, Government Affairs

Labor & Commerce (Senate)

https://www.akleg.gov/basis/Bill/Detail/34?Root=SB185