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MI HB4179

Bill

Official Source

Status

Engrossed

4/15/2025

Primary Sponsor

Joseph Aragona

Click for details

Origin

House of Representatives

103rd Legislature

AI Summary

  • Increases the maximum value of merchandise gifts that life insurers or producers can give to applicants from $5.00 to $50.00
  • Changes the cost measurement from "invoice value" to "cost to the insurer"
  • Expands gift eligibility to include existing insureds under a life insurance policy, not just applicants
  • Establishes that the $50.00 gift limit applies per calendar year
  • Updates terminology from "agent" to "producer" to reflect modern insurance industry language

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 Finance, Insurance, And Consumer Protection

4/17/2025

Committee Referrals

Finance, Insurance, And Consumer Protection4/17/2025
Insurance3/6/2025

Full Bill Text

No bill text available