MA | The Division of Insurance has issued Bulletin 2024-06 to remind insurance companies, officers thereof, and insurance producers authorized to operate in Massachusetts that M.G.L. c. 176D, §3(8) prohibits, as unfair or deceptive acts or practices in the business of insurance, such companies, officers and producers from paying, giving, or allowing to pay or give, directly or indirectly, “anything of value” or “any valuable consideration”, not specified in the insurance contract, as an inducement to the purchase of insurance or a rebate of insurance premium. M.G.L. c. 176D, §3(8) also prohibits insurance companies and insurance producers from providing or allowing “any special favor or advantage” to accrue to an insurance purchaser that is not specified in the contract.
