CONTINUING EDUCATION

CREDIT CARRYOVER SYSTEM

House Bill 5831 as introduced

Sponsor:  Rep. Tom Barrett

Committee:  Insurance

Complete to 11-30-16

SUMMARY:

House Bill 5831 would amend the Insurance Code of 1956 to allow an insurance producer to carry over credits of continuing education in certain instances. 

The term "Insurance producer" means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance.

Currently, an insurance producer must attend or instruct at least 24 hours of approved continuing education classes in a two-year period in order to renew licensure.  At least three of those hours must be in ethics in insurance coursework. 

The bill would provide that, for a review date after December 31, 2016, an insurance provider who has completed the 24 hour requirement in a two-year span may carry over up to 12 additional hours to the next review date, with certain exceptions. 

Specifically, this carryover allowance does not apply to the three hours which must be completed in ethics in insurance coursework in each two-year period.  Likewise, when an insurance provider attends or instructs the same continuing education class in a two-year period, the hours associated with the duplicative class may not be applied to the carryover allowance. 

Additionally, the bill would update language throughout the sections of the Code, replacing references to the Department of Labor and Economic Growth with the Department of Insurance and Financial Services, and replace "commissioner" with "director."

            MCL 500.1204b and 500.1204c

FISCAL IMPACT:

The bill will not have a fiscal impact on the Department of Insurance and Financial Services.

                                                                                        Legislative Analyst:   Jenny McInerney

                                                                                                Fiscal Analyst:   Marcus Coffin

■ This analysis was prepared by nonpartisan House Fiscal Agency staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.