Montana Governor Greg Gianforte has signed legislation that revises state non-discrimination laws to allow insurers to consider insured individuals’ gender and marital status when setting rates for insurance premiums. NAIFA’s Montana chapter worked with state Commissioner of Securities and Insurance Troy Downing to craft and promote the legislation. NAIFA-MT members testified on its behalf at hearings in the state. The commissioner cited research by NAIFA-MT in his press release on the legislation.
Montana is the only state that prohibits insurers from considering gender and marital status when setting rates across all insurance lines. Downing and NAIFA-MT showed that this has resulted in artificially inflated rates for women purchasing life, auto, and other types of insurance in the state.
“My female clients regularly pay dramatically more in Montana for the same policy than any other American female,” said Peter Daniel Sullivan, CFP, NAIFA-MT’s Government Relations Chair.
The new law takes effect Jan. 1, 2022.