MI HB4636

Adds exemption from insurance producer license requirements for persons selling stored property insurance in connection with self-service storage facility rentals, provided written disclosure materials are provided at time of solicitation.

Requires disclosure materials for stored property insurance to include: identity of insurer, benefits and key terms of coverage, summary of claim filing process, and notice that coverage may duplicate existing homeowners or renters policies.

Defines "stored property insurance" as coverage for tangible personal property not exceeding $10,000 contained in a self-service storage facility, issued under group or master policies to storage facilities for customer provision.

Exempts persons selling travel insurance sold in conjunction with planned travel from insurance producer license requirements.

Effective date: August 8, 2016 (90 days after enactment on May 10, 2016).