The Connecticut Insurance Department (the “Department”) has rescinded Bulletin S-12 regarding de-minimis gifts to insurance clients and prospective clients. Bulletin S-12, issued on December 24, 2008 and which we previously reported on here, had offered guidance to insurance practitioners regarding Connecticut’s anti-rebating law (Conn. Gen. Stat. § 38a-825). Specifically, Bulletin S-12 explained what the Department considered to be a reasonable monetary limit on the value of gifts that insurers and insurance producers were allowed to give to their clients in connection with the solicitation or sale of insurance products.
The new Bulletin S-13 states that Bulletin S-12 has been rescinded with an effective date of May 18, 2009, but does not provide any further guidance on the issue.