The bill amends the Michigan Insurance Code of 1956, specifically section 1204c, to enhance the continuing education requirements for insurance producers seeking license renewal. It establishes that the director may implement a staggered schedule for license continuation, allowing for extensions for certain licensees. Insurance producers are required to complete 24 hours of continuing education every two years, with at least 3 hours dedicated to ethics. The bill also introduces provisions for waiving these requirements under specific circumstances, such as military service or severe hardship. Additionally, it allows producers to earn credit for participation in professional insurance associations, provided they meet certain criteria, and clarifies the approval process for educational programs and instructors.

Furthermore, the bill clarifies the definitions of "insurance producer," "life-health agent," and "property-casualty agent," ensuring a better understanding of the roles and licensing requirements within the insurance industry. An "insurance producer" is defined as either a life-health agent or a property-casualty agent, with specific licensing criteria outlined for each category. The amendments aim to improve educational standards and regulatory oversight for insurance producers in Michigan, while also detailing the consequences for failing to meet continuing education requirements, including a grace period and potential license cancellation.

Statutes affected:
House Introduced Bill: 500.1204
As Passed by the House: 500.1204