NAIFA-Colorado is asking state lawmakers to oppose a bill intended to address inappropriate discrimination in insurance practices, and that would actually stifle innovation by preventing insurers from using third-party site data to determine insurance premiums. The bill, SB 169, would have unintended consequences of restricting access to financial protection and work against life insurance customers.
In Montana, NAIFA recently led the fight to reverse its antiquated practice that prohibited gender and marital status from being considered as rating factors in insurance policies in the state. According to a NAIFA-MT survey across 19 different life insurance companies, a 55-year-old female buying a $500,000, 20-year term life policy and receiving standard rates, pay on average 31% more women in other states.
NAIFA-Colorado and others who operate in Colorado’s insurance industry are asking state lawmakers to work with insurers to find a better way to accomplish the objectives of SB 169.