SB1062 Summary

• Amends section 20-450 of Arizona Revised Statutes to clarify practices not prohibited as discrimination or rebates in life and disability insurance.

• Allows life insurers to provide implementation credits to group policyholders to offset expenses incurred when initiating, changing, or administering group coverage, with option to reimburse or disclose in policy.

• Permits life insurers to offer wellness program rewards and incentives that comply with the Health Insurance Portability and Accountability Act of 1996 for both group and individual disability insurance.

• Authorizes insurers to provide ancillary products or services related to life or disability insurance intended to minimize losses, prevent claims, or improve health and financial wellness of insureds.

• Defines "life insurance" to include disability income policies and supplemental benefit policies for purposes of this section.