AK SB185

Allows insurers and producers to offer value-added products or services at no or reduced cost if they relate to insurance coverage and are designed for purposes such as loss mitigation, risk reduction, health enhancement, or financial wellness education

Permits insurers to offer noncash gifts, meals, or charitable donations to customers in connection with insurance marketing, provided the cost does not exceed amounts determined reasonable by the Director of Insurance and customers are not required to purchase policies in exchange

Authorizes insurers to conduct raffles or drawings open to the public with no entry cost and no purchase obligation, with prize values capped at amounts set by the director

Prohibits insurers from offering insurance as an incentive for purchasing another policy or using terms like "free" or "no cost" in advertisements suggesting coverage has no cost to consumers

Takes effect January 1, 2026, with the Director of Insurance authorized to adopt implementing regulations immediately