The bill amends Michigan's insurance law to enhance the continuing education requirements for insurance producers. It mandates that producers complete 24 hours of continuing education every two years, which must include at least 3 hours focused on ethics. The legislation introduces a staggered license continuation schedule and allows for waivers of the continuing education requirements under specific circumstances, such as military service or severe hardship. Additionally, a grace period is established for producers who do not meet their education requirements by their license expiration date. The bill also details the approval process for educational programs and the responsibilities of providers, including the imposition of a filing fee and the necessity for course descriptions.

Moreover, the bill addresses the conduct and licensing of insurance education instructors, specifying grounds for disciplinary action against those who engage in unethical practices or demonstrate incompetence. It also clarifies definitions related to insurance producers, including terms such as "hour," "insurance producer," "life-health agent," and "property-casualty agent." The definition of an "hour" is established as a minimum of 50 minutes. The act is designed to take immediate effect upon approval, aiming to improve the knowledge and ethical standards of insurance producers while ensuring compliance with regulatory requirements.

Statutes affected:
Senate Introduced Bill: 780.621, 780.624
As Passed by the Senate: 780.621, 780.624
Public Act: 500.1204, 780.621, 780.624