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ID H0283
Bill
AI Summary
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Replaces all references to "agents, solicitors, or brokers" with "producers" throughout Idaho Code Section 41-1314 governing insurance rebates and illegal inducements.
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Allows life insurers, disability insurers, property insurers, and casualty insurers to provide prizes, goods, wares, merchandise, articles, or property to policyholders or prospective policyholders without violating rebate prohibitions.
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Caps the aggregate value of permissible incentives at $50 to $200 per calendar year (the document contains conflicting language on the exact amount).
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Maintains existing prohibitions on rebates, premium discounts, special dividend advantages, and other valuable considerations not specified in insurance contracts.
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Preserves the prohibition on extending credit for premium payments beyond the customary period without charging reasonable interest.
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 certain provisions do not prohibit certain insurers from providing to a policyholder or prospective policyholder of certain insurance any prizes, goods, wares, merchandise, articles or property of a certain aggregate value.
INSURANCE
Last Action
Governor signed Session Law Chapter 259 Effective: 07/01/11
4/8/2011