2023 Senate Bill 378

AI Analysis – Experimental

Senate Bill No. 378, introduced in Michigan in 2023 by Senator Singh, aims to amend the Insurance Code of 1956, specifically section 1204c, to update the continuing education and license renewal requirements for insurance producers. Key provisions of the bill include:

Establishing a biennial license renewal process with staggered renewal dates. Requiring insurance producers to complete at least 24 hours of continuing education every two years, with a minimum of 3 hours dedicated to ethics. Approved methods for completing these hours include classes, home study, or online training. Introducing fees associated with program approval, provider authorization, and course credit for license renewal: a $25.00 fee for program approval or reapproval, a $500.00 provider authorization fee for the first year (with a $100.00 renewal fee for subsequent years), and a $1.00 per hour fee for course credit. Allowing for the carryover of up to 12 excess continuing education hours to the next renewal period, excluding ethics hours. Permitting insurance producers to receive 4 hours of credit for active participation in professional insurance associations, with certain conditions. Outlining waivers for continuing education under specific conditions, reciprocal agreements with other states, a 90-day grace period for producers who fail to meet continuing education requirements, provisions for license cancellation and reapplication, and allowances for producers in the process of selling their business. Including measures for the oversight of continuing education providers and instructors to ensure quality and compliance.