SB 470 – Allows a refund of a portion of expense savings to an insured under certain circumstances

• Sponsor: Parson
• LR Number: 2151S.01I
• Committee: Small Business, Insurance and Industry
• Last Action: 3/31/2015 - Voted Do Pass S Small Business, Insurance and Industry Committee
• Effective Date: August 28, 2015

Current Bill Summary

SB 470 - This act authorizes a return or refund of a portion of expense savings to an insured in cases where an insured makes no reportable claim under specified coverages within a prescribed period of time. This act further states that such a return or refund shall not constitute a rebate or an unfair trade practice.

This act is nearly identical to HB 1114 (2015), HB 1022 (2015) and a provision contained in HCS/SB 282 (2015).

MICHELA BIRK