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CS/CS/HB 483 — Unfair Insurance Trade Practices

by Commerce Committee; Insurance and Banking Subcommittee; and Rep. Yarborough and others (CS/CS/SB 762 by Commerce and Tourism Committee; Banking and Insurance Committee; and Senator Mayfield)

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Banking and Insurance Committee (BI)

The bill amends the Unfair Insurance Trade Practices Act to allow insurers and their agents to  give goods, wares, store gift cards, gift certificates, event tickets, anti-fraud or loss mitigation services, charitable donations, or other items not exceeding $100 in value within 1 calendar year to insureds, prospective insureds, and others.

The bill limits advertising gifts by title insurance agents, agencies, and insurers to an aggregate $25 gift value per calendar year, rather than a $25 per gift value limit with no annual aggregate limitation.

If approved by the Governor, these provisions take effect July 1, 2018.

Vote: Senate 38-0; House 114-0