PROPERTY-CASUALTY INSURER; CUSTOMER GIFTS                                    H.B. 5609 (H-1):

                                                                                                    SUMMARY OF BILL

                                                                                      REPORTED FROM COMMITTEE

House Bill 5609 (Substitute H-1 as reported without amendment)

Sponsor:  Representative Leslie Love

House Committee:  Insurance

Senate Committee:  Insurance

CONTENT

The bill would amend the Insurance Code to modify, from $10 to $50, the invoice value of an article of merchandise a property-casualty insurer or property-casualty insurance producer may give to an applicant for or an insured under a property-casualty insurance policy.

The Code specifies that Sections 2024, 2066, and 2070 do not prohibit a property-casualty insurer or property-casualty insurance producer from giving an applicant for or an insured under a property-casualty insurance policy an article of merchandise having an invoice value of $10 or less. The bill would modify the invoice value of $10 or less to $50 or less, and specify that amount would be for the calendar year.

MCL 500.2024b                                                        Legislative Analyst:  Drew Krogulecki

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed:  11-28-18                                        Fiscal Analyst:  Elizabeth Raczkowski

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.