This bill amends various sections of Alaska's insurance regulations to clarify and expand upon practices related to insurance rebates, advertising, and 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 exceptions to the definitions of discrimination and rebates, allowing insurers to offer value-added products or services at no or reduced cost, provided they meet specific criteria related to loss mitigation, health enhancement, and financial wellness.

Additionally, the bill establishes prohibited advertising practices, such as offering insurance as an incentive for purchasing another policy or using misleading terms like "free" in advertisements. It also modifies existing language regarding inducements to insurance, specifying that insurance producers are included in the prohibition against offering rebates or discounts not specified in the policy. The bill allows the director of the division of insurance to adopt necessary regulations for implementation, with the majority of the provisions set to take effect on January 1, 2026, while some regulations may be enacted immediately.

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