2011 Senate Bill 24 / Public Act 75

Revise insurance agent commissions ban

Introduced in the Senate

Jan. 19, 2011

Introduced by Sen. Tonya Schuitmaker (R-20)

To repeal a prohibition on an insurance premium finance company paying an employee or an insurance “producer” (agent) a commission or rebate for inducing the financing of an insurance policy with the finance company, with certain exceptions and additional required disclosures.

Referred to the Committee on Insurance

May 11, 2011

Reported without amendment

With the recommendation that the substitute (S­1) be adopted and that the bill then pass.

May 19, 2011

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance as previously described.

The substitute passed by voice vote

May 24, 2011

Passed in the Senate 37 to 0 (details)

Received in the House

May 24, 2011

Referred to the Committee on Insurance

June 23, 2011

Reported without amendment

Without amendment and with the recommendation that the bill pass.

June 29, 2011

Passed in the House 109 to 0 (details)

To repeal a prohibition on an insurance premium finance company paying an employee or an insurance “producer” (agent) a commission or rebate for inducing the financing of an insurance policy with the finance company, with certain exceptions and additional required disclosures.

Signed by Gov. Rick Snyder

July 12, 2011