On Apr. 9, COL LEG passed bill re ins rebates, consumer protections.
COL LEG passed Bill SB 25-058 which aims to amend insurance rebate law and allow the use of insurance rebates in a manner that maintain consumer protections.
Amended COL revised statutesCOL INS 10-3-1104, unfair methods of competition.
Bill Provisions
The practice of offering/providing a value-added product or service at no/reduced cost, will not fall within the definition of discrimination or rebates, under certain conditions.
Conditions include loss mitigation/control, attempts to reduce claims/settlement costs.
Also services re risk mitigation and monitoring, education and financial wellness etc.
Also requires that insurance rebates be offered at a reasonable cost and in a manner that is not unfairly discriminatory and provides certain other customer protections.
Legislative History
On Jan. 21, 2025, bill introduced in Senate; on Mar. 4, 2025, bill passed in Senate.
On Mar. 4, 2025, bill delivered to House; on Apr. 1, 2025, bill was passed in House.
On Apr. 3, 2025, Senate concurs amendments; on Apr. 9, 2025, bill sent to governor.
Effectiveness
Act takes effect at 12:01 a.m. on the day after expiration of the 90-day period after final adjournment of the general assembly, which is expected to adjourn May 7, 2025.
