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MI HB4325
Bill
Status
7/12/2017
Primary Sponsor
Tom Barrett
Click for details
AI Summary
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Establishes new mortality tables and interest rate methodologies for valuing individual annuity and pure endowment contracts issued after December 31, 2014, including the 2012 IAR Table, 2012 Individual Annuity Mortality Table, and 1994 GAR Table depending on contract type.
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Requires insurance producers to complete 24 hours of continuing education every 2 years for license renewal, with at least 3 hours focused on insurance ethics.
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Allows insurance producers to carry over excess continuing education hours (maximum 12 hours) completed in one 2-year period to the next period, excluding ethics coursework and duplicative classes.
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Authorizes the Director of Insurance to monitor classroom instruction, approve or deny insurance education instructors, and take disciplinary action against instructors for violations or incompetence.
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Repeals Section 1204b of the 1956 Insurance Code and takes effect immediately upon Governor approval on June 29, 2017.
Legislative Description
Insurance; producers; continuing education credit carryover system for insurance producers; provide for, and revise valuation standards for certain individual annuity and pure endowment contracts. Amends secs. 835a, 1204a & 1204c of 1956 PA 218 (MCL 500.835a et seq.) & repeals sec. 1204b of 1956 PA 218 (MCL 500.1204b).
Occupations: insurance
Last Action
Assigned Pa 67'17 With Immediate Effect
7/12/2017