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, including a minimum of 3 hours focused on ethics. The legislation introduces a staggered license continuation schedule and allows for waivers of the continuing education requirements in specific situations, such as military service or severe hardship. Additionally, a grace period is established for producers who do not meet their education requirements by the expiration date of their license. The bill also outlines the process for the approval of educational programs and associated fees, while permitting producers to carry over excess education hours to the next review period, with certain limitations.

Moreover, the bill addresses the conduct and licensing of insurance education instructors, detailing grounds for disciplinary action against those who engage in fraudulent or dishonest practices, or who demonstrate incompetence. It specifies that an instructor's license may be revoked if disciplinary actions are taken in any jurisdiction. The bill also clarifies definitions related to insurance producers, distinguishing between life-health agents and property-casualty agents, and defines an "hour" as a period of not less than 50 minutes. The act is set to take immediate effect upon approval.

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