This bill amends various sections of Alaska's insurance regulations to clarify exceptions to prohibited rebates and enhance the powers of the director of the division of insurance. Notably, it incorporates references to the Gramm-Leach-Bliley Act alongside the McCarran-Ferguson Act, emphasizing the regulation of unfair competition and deceptive practices in the insurance industry. The bill introduces new provisions that allow insurers and insurance producers to offer value-added products or services at no or reduced cost, provided they meet specific criteria related to loss mitigation, risk assessment, and health enhancement. Additionally, it establishes guidelines for noncash gifts and promotional activities, ensuring they are not unfairly discriminatory and do not obligate customers to purchase insurance.

Furthermore, the bill prohibits certain advertising practices, such as suggesting that insurance coverage is free, and modifies existing language regarding inducements related to insurance premiums. The director of the division of insurance is granted the authority to adopt necessary regulations to implement these changes, which will take effect on January 1, 2026, with certain provisions becoming effective immediately. Overall, the bill aims to modernize insurance practices in Alaska while maintaining consumer protections against unfair methods of competition.

Statutes affected:
SB0185A, AM SB 185, introduced 04/25/2025: 21.36.010, 21.36.110, 21.36.090, 21.36.100, 21.54.100, 21.36.120