CREDIT INS.: WAIVE CONTINUING ED. H.B. 5497: FLOOR ANALYSIS
House Bill 5497 (as reported without amendment)
Sponsor: Representative Joe Hune
House Committee: Insurance
Senate Committee: Banking and Financial Institutions
CONTENT
The bill would amend the Insurance Code to require the Commissioner of the Office of Financial and Insurance Services to waive the Code's continuing education requirements for an insurance producer who was licensed to write only limited line credit insurance.
(Under the Code, an insurance producer's hours of study must be reviewed every two years unless the producer has renewed his or her license. A producer wishing to renew his or her license must, before the review date, attend or instruct at least 24 hours of continuing education classes approved by the Commissioner or 24 hours of home study evidenced by successful completion of course work approved by the Commissioner. Of the 24 hours required, at least three hours must be in ethics in insurance classes or course work.)
MCL 500.1204c Legislative Analyst: Patrick Affholter
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 3-20-06 Fiscal Analyst: Elizabeth Pratt
Maria TyszkiewiczAnalysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. HB5497/0506