Bill > HB302

This bill clarifies and regulates the sale and taxation of travel insurance in Alaska by defining various terms related to travel insurance, such as "blanket travel insurance," "cancellation fee waiver," "eligible group," "primary certificate holder," and "travel assistance services," and establishing rules for how travel insurance premiums are taxed, specifically on residents of the state or those whose principal place of business is in the state, while also requiring travel insurers to document policyholder residency and report premiums accurately, distinguishing them from fees for travel assistance or cancellation waivers. Additionally, the bill outlines licensing requirements for travel insurance limited producers and travel retailers, detailing their responsibilities in providing information to consumers, maintaining records, and ensuring compliance with regulations, and it also addresses the structure and disclosure requirements for travel protection plans, which may combine travel insurance with other services like travel assistance and cancellation fee waivers, ensuring consumers are informed about the distinct components and their costs. The bill further specifies that travel insurance is classified under inland marine insurance for rate and form filings, sets standards for underwriting, and clarifies that travel administrators must be licensed and that insurers are liable for their actions, while also repealing an existing statute related to travel insurance and stating that these new provisions apply to policies issued, delivered, or renewed on or after the effective date of the Act.

Business and Industry

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB302