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DENVER, CO – The House Business Affairs and Labor Committee today passed legislation to save Coloradans money on insurance.
“We’re working to save Coloradans money on their insurance, and this bill ensures consumers can receive certain no-cost or discounted add-ons offered by insurance companies,” said Rep. Gretchen Rydin, D-Littleton. “Whether it’s a security camera or flood detection system, there are many no-cost promotions or discounts offered to consumers through their insurance company. This bill updates Colorado’s anti-rebate law to ensure Coloradans can receive promotions, discounts and add-ons that save them money and provide peace of mind.”
The Insurance Rebate Reform Model Act (SB25-058) passed committee by a vote of 13-0. This bill aims to save Coloradans money on insurance by allowing insurance companies to extend certain discounts or rebates to consumers. Under current law, discounting the price of insurance below what is stated in the contract is considered a deceptive trade practice. This bill would update the regulatory framework to extend specific discounts while maintaining critical consumer protections.
Under the bill, insurance companies would be able to offer discounts or rebates to consumers, if they relate to insurance coverage. In addition, the discounts or rebates must mitigate loss, enhance health or promote financial or wellness literacy.
For example, a no-cost or discounted service tacked on to consumer insurance could be an electric system that protects against flood or fire, security cameras and motion detectors. The goal of SB25-058 is to ensure that consumers can benefit from no-cost or discounted insurance add-ons offered by insurance companies that will help keep them safer.