InsureReinsure (Edwards Wildman Palmer LLP)

NAIC ADOPTS AMENDMENTS TO THE UNFAIR TRADE PRACTICES ACT MODEL PERTAINING TO ANTI-REBATING

The NAIC Innovation and Technology (EX) Task Force met December 4th and discussed and adopted model law language amendments to the Unfair Trade Practices Act (#880) pertaining to anti-rebating. The adopted amendments permit the offer or provision by insurers or producers, by or through employees, affiliates or third party representatives, of value-added products or services at no or reduced cost when such products or services are not specified in the policy of insurance if the product or service relates to the insurance coverage and meets certain other specified criteria.

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