Bill > H2961

This bill amends existing laws related to insurance company rebates. The key provisions are: 1. It prohibits insurance companies, their officers or agents, and insurance brokers from offering or providing rebates, valuable consideration, special favors, or anything of value greater than $25 or in the form of cash or gift cards as an inducement to purchase, renew, or continue an insurance policy, annuity, or pure endowment contract. However, it allows for the provision of advice, services, and tools related to risk assessment, management, claims, and administrative support. 2. It prohibits individuals from accepting any such rebates, special favors, or valuable consideration greater than $25 or in the form of cash or gift cards from insurance companies, their agents, or brokers. 3. It amends a section of the state's insurance laws to align with the changes made in the first two sections, prohibiting the offering or acceptance of rebates, special favors, or valuable consideration greater than $25 or in the form of cash or gift cards as an inducement for insurance contracts.

Business and Industry

https://malegislature.gov/Bills/190/H2961