This bill amends the Michigan Insurance Code of 1956, specifically section 2024a, to update the provisions regarding the distribution of merchandise by life insurers. The bill clarifies that life insurers and life insurance producers are permitted to provide articles of merchandise to applicants or insured individuals under a life insurance policy.

The amendment changes the previous limit on the invoice value of such merchandise from $5.00 to $50.00 per calendar year, allowing insurers to offer more valuable items. Additionally, the language has been updated to replace "agent" with "producer" and to specify that the cost of the merchandise is to the insurer rather than its invoice value. These changes aim to modernize the regulations surrounding promotional items in the life insurance industry.

Statutes affected:
House Introduced Bill: 500.2024
As Passed by the House: 500.2024