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Legislature OKs Bill Dealing with Travel Insurance

HB 168 based on National Council of Insurance Legislators model

Saturday, April 123, 2013, Juneau, Alaska – The 28th Alaska Legislature today voted to change the definition of travel insurance in state law, protecting consumers through more clear accountability.

House Bill 168, sponsored by the House Labor & Commerce Committee, follows model legislation agreed to by the National Council of Insurance Legislators, and looks to standardize the practice and definition of travel insurance in all 50 states.

“We’re protecting consumers by giving them an easy and clear way to distinguish between a retail travel agent, someone who prepares their travel, and a travel insurance broker, someone who creates the product and licenses it to the agent,” House Labor & Commerce Committee Chair Kurt Olson, R-Soldotna/Kenai, said. “The NCOIL model within House Bill 168 establishes a licensing framework with an emphasis on the insurer and not the agent, and improves consumer protection by requiring clearer accountability and notice over who is responsible for the sale.”

HB 168 adds a new section to state law defining travel insurance, allowing the Alaska Department of Commerce, Community and Economic Development’s Division of Insurance Director the ability to issue a limited license to a travel insurance broker.

HB 168 passed the House April 4 and now heads to the Governor for signature. It takes effect 90 days from signature.

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