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MI HB6144

Bill

Official Source

Status

Engrossed

6/30/2022

Primary Sponsor

Steven Johnson

Click for details

Origin

House of Representatives

101st Legislature

AI Summary

  • Removes the January 1, 1986 effective date from the law, making the gift provision apply indefinitely
  • Changes terminology from "life insurance agent" to "life insurance producer"
  • Increases the cost limit for merchandise gifts from $5.00 to $50.00 per calendar year
  • Expands gift eligibility to include both applicants for life insurance policies and current insureds under policies
  • Changes the valuation standard from "invoice value" to "cost to the insurer" for determining gift eligibility

Legislative Description

Insurance: life; gift limit for life insurance producers; modify. Amends sec. 2024a of 1956 PA 218 (MCL 500.2024a).

Insurance: life

Last Action

Referred To Committee On Insurance And Banking

9/7/2022

Committee Referrals

Insurance And Banking9/7/2022
Financial Services5/25/2022

Full Bill Text

No bill text available