Insurers Can Offer Biometric Wearables Without ‘Rebating’: Connecticut
January 7, 2020 by Allison Bell
Life and health insurers can give consumers Apple Watch devices and Fitbit devices for use in health tracking programs without getting into trouble with Connecticut insurance regulators, even if the insurers have failed to mention the devices in the policies.
Andrew Mais, the Connecticut insurance commissioner, has given that interpretation of Connecticut’s insurance rules in a new bulletin.
Connecticut, like other states, generally prohibits insurers and insurance producers from using premium rebates, or agent commission rebates, to induce consumers to buy or keep coverage.
Connecticut will let an insurer provide a “value-added service or program” for purposes of controlling losses and reducing rates, Mais writes in the bulletin.
Click HERE to read the full story via ThinkAdvisor
