Illinois HB2766 amends the Illinois Insurance Code to allow insurers to offer non-cash gifts, items, or services to commercial or institutional.
HB2766 amends the Illinois Insurance Code to allow insurers and producers to offer non-cash gifts, items, or services to commercial or institutional customers. These offerings must be reasonable in cost, not specified in the insurance policy, and not included in any amounts charged to another person or entity. The bill also allows insurers to conduct raffles or drawings as long as there is no financial cost to participants and no obligation to purchase insurance. Insurers must notify the Department of any pilot or testing programs before starting them.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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