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House committee advances bill to let insurers offer free or reduced-cost value-added services
Summary
The House Business Affairs and Labor Committee voted 13-0 to advance Senate Bill 58, which would allow insurers to provide certain free or low-cost products and services tied to coverage, subject to consumer-protection limits and Division of Insurance oversight.
The House Business Affairs and Labor Committee advanced Senate Bill 58, which would allow insurers and producers to offer customers certain free or reduced-cost value-added products and services tied to an insurance policy, by a 13-0 roll call vote. The committee adopted an amendment that removed raffle-style incentives before forwarding the bill to the Committee of the Whole with a favorable recommendation.
Proponents told the committee the change would modernize Colorado’s unfair trade practices framework and allow insurers to supply loss-mitigation devices — such as water-shutoff devices, electrical-fault detectors or home security systems — that can reduce claims and…
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