Bill Summary for S 124 (2023-2024)
Feb 16 2023
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AN ACT PERMITTING CERTAIN INSURANCE TRADE PRACTICES RELATED TO GIFTS, REBATES, AND SERVICES OFFERED FOR FREE OR FOR LESS THAN MARKET VALUE AND PLACING A CAP ON INSURANCE REFERRAL FEES PAID TO NONLICENSED PERSONS.Intro. by Johnson.
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Enacts GS 58-63-16 to authorize insurers, insurance producers, and limited representatives to offer or provide products and services:
- of up to $250 in aggregate retail value, per person per year, in connection with the marketing, purchase, or retention of an insurance contract;
- without or at a reduced fee for products or services related to servicing an insurance contract or offered or undertaken to provide risk control for the insured; and
- without or at a reduced fee if their receipt is not contingent upon the purchase of insurance, they are offered on the same terms to all potential customers, and these such requirements are received by the recipient in writing.
Defines insurance producer and limited representative by statutory cross references. Provides that this described authority is granted notwithstanding state laws prohibiting rebates beyond premiums under GS 58-33-85, or unfair methods of competition and unfair or deceptive acts or practices under GS 58-63-15. Makes conforming changes to GS 58-33-85 and GS 58-63-15. Effective October 1, 2023.