MT HB114

Insurance producers who only sell insurance policies and lack formal financial planning certifications are prohibited from representing themselves as financial planners, investment advisers, financial counselors, or similar specialists

Insurance producers engaging in financial planning must disclose to clients before any agreement that they are also insurance producers and will receive commissions on insurance product sales in addition to financial planning fees

Financial planning fees charged by insurance producers must be based on written agreements signed before services are performed, specifying services, fee amounts, and that clients are not obligated to purchase insurance products; agreements must be retained for at least 3 years

"Health insurance lead generator" is defined and brought under consumer protection regulations, with requirements to maintain accessible business records for at least 5 years for examination by the commissioner

Effective date: January 1, 2026