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Bill > HB4704
MI HB4704
MI HB4704Insurance: life; gift limit for life insurance producers; modify. Amends sec. 2024a of 1956 PA 218 (MCL 500.2024a).
summary
Introduced
06/07/2023
06/07/2023
In Committee
10/17/2023
10/17/2023
Crossed Over
10/11/2023
10/11/2023
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
A bill to amend 1956 PA 218, entitled"The insurance code of 1956,"by amending section 2024a (MCL 500.2024a), as added by 1989 PA 68.
AI Summary
This bill amends Section 2024a of the Insurance Code of 1956 to modify the gift limit for life insurance producers. Specifically, it increases the maximum cost to the insurer for articles of merchandise that can be given to each applicant or insured under a life insurance policy from $5.00 to $50.00 per calendar year. This change allows life insurance producers to provide larger gifts or promotional items to their clients without being prohibited by Sections 2024, 2066, and 2070 of the Insurance Code.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection (on 10/17/2023)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Insurance Regulation
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://legislature.mi.gov/doc.aspx?2023-HB-4704 | 06/07/2023 |
| BillText | http://www.legislature.mi.gov/documents/2023-2024/billengrossed/House/htm/2023-HEBH-4704.htm | 10/12/2023 |
| Fiscal Note/Analysis - Summary as Reported from Committee | http://www.legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-4704-EC73DE03.pdf | 06/22/2023 |
| Fiscal Note/Analysis - Summary as Introduced | http://www.legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-4704-34CA69F2.pdf | 06/19/2023 |
| BillText | http://www.legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2023-HIB-4704.htm | 06/07/2023 |
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