HB 5694 Summary

• Reorganizes section 2025 of the Insurance Code of 1956 by converting numbered subsections to lettered subsections and clarifying that certain practices are not considered discrimination or rebates under sections 2017-2024

• Permits life and property and casualty insurers to offer free or discounted value-added products or services related to insurance coverage, such as loss mitigation, claims assistance, health enhancement, financial wellness education, or risk assessment services

• Requires value-added products or services to be designed to accomplish specified objectives including loss mitigation, claim cost reduction, risk education, risk monitoring, health or financial wellness enhancement, post-loss services, behavioral incentives, or benefit administration assistance

• Mandates that the cost of offered value-added products or services be reasonable relative to the customer's policy premiums or coverage class, and requires insurers or producers to provide contact information for customer support

• Authorizes the director to adopt administrative rules to implement the section and protect consumers, including standards for data protection, privacy, disclosure, and prevention of unfair discrimination