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ID H0171
Bill
AI Summary
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Replaces terminology in Idaho Code Section 41-1314 by substituting "producers" for references to "agents, solicitors, and brokers" throughout the rebates and illegal inducements statute.
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Increases the aggregate value limit for promotional items that insurers may provide to contract holders and prospective contract holders from $50 to $100 per semiannual period.
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Applies the $100 semiannual promotional item allowance to life insurance, disability insurance, property insurance, and casualty insurance products.
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Maintains existing prohibitions on rebates, special favors, undisclosed benefits, and other illegal inducements while creating the exception for modest promotional merchandise.
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Preserves all other provisions of the rebates and illegal inducements law, including restrictions on credit extensions and allowances for commissions to licensed producers.
Legislative Description
Amends existing law relating to insurance and trade practices and fraud to replace references to agents, solicitors and brokers with reference to producers and to provide that a certain code section does not prohibit certain insurers from providing to a contract holder or prospective contract holder of certain insurance certain items of an aggregate value of one hundred dollars or less on a semiannual basis.
INSURANCE
Last Action
Ret'd to Bus
3/11/2011