Bill > H872

This bill aims to regulate what insurance companies, their agents, and brokers can offer as incentives when selling insurance policies or annuity contracts. It sets a limit of twenty-five dollars for any cash, gift cards not specified in the policy, or other valuable consideration offered as an inducement to purchase insurance, and prohibits offering special favors or advantages in dividends or benefits. The bill also clarifies that certain services, such as risk assessment, claims assistance, and administrative services, are not considered "valuable consideration" or rebates and can still be provided. Additionally, it prevents the sale of workers' compensation insurance or motor vehicle liability policies at rates different from those approved by the commissioner, and prohibits the acceptance of such prohibited rebates or inducements by policyholders. The bill also includes provisions for life insurance companies to offer supplemental agreements allowing policyholders to borrow money for student loan programs under specific federal statutes.