The bill amends the Michigan Insurance Code of 1956 by adding a new section, 1201b, which establishes disclosure requirements for insurance agents. Specifically, it mandates that agents representing insurers must inform potential clients that they are acting on behalf of the insurer using a form issued by the director. This requirement aims to enhance transparency in the insurance application process.

Additionally, the bill stipulates that agents representing insured individuals must also disclose their role to the insured or prospective insured, ensuring that clients are aware of who they are dealing with in the insurance transaction. This dual disclosure requirement is intended to protect consumers by clarifying the relationships between agents and the parties they represent.

Statutes affected:
House Introduced Bill: 500.100, 500.8302