PREPAID FUNERAL CONTRACTS                                                            H.B. 6261 (H-2):

                                                                                 SUMMARY OF DISCHARGED BILL

House Bill 6261 (Substitute H-2 as discharged)

Sponsor:  Representative Rodney Wakeman

House Committee:  Rules and Competitiveness

Senate Committee:  Regulatory Reform (discharged)

CONTENT

The bill would amend the Insurance Code to delete a provision that requires a death benefit offered by an associated life insurance policy or annuity contract delivered or issued for delivery in Michigan to be increase at an annual rate of at least the Consumer Price Index.

The bill states that it "applies to policies delivered, executed, issued, amended, adjusted, or renewed in this state, or outside of this state if covering residents of this state, on or after" the bill's effective date.

MCL 500.2080                                                              Legislative Analyst:  Eleni Lionas

FISCAL IMPACT

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

Date Completed:  12-7-22                                                    Fiscal Analyst:  Jonah Houtz

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.