House Bill 379 to revise non-discriminatory rate-setting, was signed into law by Governor Gianforte on April 19, 2021.
HB 379 revises laws for non-discriminatory rate setting in insurance and will allow insurance companies to consider a person’s sex and marital status when rating insurance premiums. According to Commissioner Downing, “Since 1985, Montana has been the only state in the nation that prohibited this practice in all lines of insurance.”
HB 379 is a crucial piece of the Downing administration’s strategy to lower insurance costs and make Montana more competitive nationally. “This bill helps consumers, helps businesses, and promotes a more competitive marketplace.” Downing continues.”
According to Peter Daniel Sullivan, Sullivan Financial Group, Helena, “My female clients regularly pay dramatically more in Montana for the same policy than any other American female. According to the National Association of Insurance and Financial Advisors (NAIFA), Montana’s most recent survey across 19 different life insurance companies, a 55 year old female buying a $500,000, twenty-year term life policy and receiving standard rates, pay on average 31% more cost than Californians, New Yorkers, Texans, etc. “
House Bill 379 takes effect on January 1, 2022.