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MI SB1077
Bill
Status
11/7/2024
Primary Sponsor
Michael Webber
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AI Summary
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Vendors offering portable electronics insurance must provide written brochures or materials disclosing that the insurance may duplicate coverage already provided by homeowner's, renter's, or other existing insurance policies
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Materials must state that enrollment in portable electronics insurance is not required to purchase or lease a portable electronic device or services
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Required disclosures include the insurer identity, supervising entity, deductible amounts and payment terms, coverage benefits, key terms and conditions, and the claim filing process with maximum fees for equipment return failures
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Customers may cancel enrollment at any time and receive refunds of unearned premiums
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Bill takes effect only if all related bills (SB 1069-1076 and SB 1078) are enacted into law
Legislative Description
Insurance: other; portable electronics insurance; allow. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 1294. TIE BAR WITH: SB 1069'24, SB 1070'24, SB 1071'24, SB 1072'24, SB 1073'24, SB 1074'24, SB 1075'24, SB 1076'24, SB 1078'24
Insurance: other
Last Action
Referred To Committee On Regulatory Affairs
11/7/2024