CO SB058

Allows insurance companies and producers to offer value-added products or services at no or reduced cost if they relate to coverage and serve purposes like loss mitigation, risk reduction, health enhancement, or financial wellness education

Permits insurers to give noncash gifts, meals, or charitable donations to customers in connection with marketing or selling policies, with costs capped at amounts deemed reasonable by the Commissioner

Requires value-added offerings to be based on documented, objective criteria and offered in a non-discriminatory manner, with costs reasonable compared to the customer's premiums

Authorizes pilot programs of up to one year for new products or services, requiring Division approval within 30 days of notification

Prohibits insurers from offering free insurance as an inducement to purchase another policy or using terms like "free" or "no cost" in advertisements (except for value-added services)