HB 6115 Summary

• Amends the Insurance Code of 1956 to allow annuity recommendations or sales in compliance with comparable federal standards (such as SEC Regulation Best Interest or ERISA fiduciary duties) to satisfy Michigan's suitability requirements.

• Permits insurers to rely on supervision standards applied by broker-dealers, investment advisers registered under federal securities laws, or plan fiduciaries, even if those standards would not otherwise apply to the specific product or recommendation.

• Requires insurers to monitor the conduct of financial professionals and their supervising entities, and provide information to assist with their supervision systems.

• Establishes that insurers remain responsible for chapter compliance and allows the director to order corrective action, sanctions, or both if violations occur, with potential reduction or elimination if corrective action is taken promptly and violations are not part of a pattern.

• Takes effect 6 months after enactment only if HB 6112, HB 6113, and HB 6114 are also enacted into law.