Massachusetts H1233 regulates insurance company rebates and valuable consideration inducements.

Massachusetts H1233 amends insurance laws to prohibit companies, officers, agents, and brokers from offering valuable consideration or inducements exceeding $25 not specified in the insurance contract. It also restricts the payment or allowance of rebates of premiums or special favors in dividends or benefits. The bill clarifies that certain products or services provided at no or reduced cost, if not specified in the policy and related to insurance coverage, are exempt from these restrictions if they aim to mitigate loss, reduce claim costs, monitor risk, or enhance customer health and.

Massachusetts H1233 regulates insurance company rebates and valuable consideration inducements.

Massachusetts H1233 amends insurance laws to prohibit companies, officers, agents, and brokers from offering valuable consideration or inducements exceeding $25 not specified in the insurance contract. It also restricts the payment or allowance of rebates of premiums or special favors in dividends or benefits. The bill clarifies that certain products or services provided at no or reduced cost, if not specified in the policy and related to insurance coverage, are exempt from these restrictions if they aim to mitigate loss, reduce claim costs, monitor risk, or enhance customer health and.