The bill amends the Michigan Insurance Code of 1956, specifically section 1204c, to revise the continuing education requirements for insurance producers seeking license renewal. It mandates that insurance producers complete 24 hours of continuing education every two years, including a minimum of three hours dedicated to ethics. The bill also allows for a staggered license renewal schedule and permits producers to carry over excess continuing education hours to the next renewal period, subject to certain limitations. Additionally, it introduces provisions for producers who are members of professional insurance associations to earn continuing education credits through active participation in association activities.

Moreover, the bill addresses the insurance education instructor's license, stipulating that it may be revoked in conjunction with any disciplinary action taken against the instructor in any jurisdiction. It updates the numbering of a specific provision from (16) to (18) and clarifies definitions related to insurance producers, including "hour," "insurance producer," "life-health agent," and "property-casualty agent." The definition of "hour" is specified as a period of not less than 50 minutes, while the other definitions outline the qualifications and licensing requirements for these roles. Overall, the amendments aim to enhance the educational standards and professional development of insurance producers in Michigan.

Statutes affected:
Substitute (S-1): 500.1204
Senate Introduced Bill: 500.1204
As Passed by the Senate: 500.1204