Insurance: insurers; annual report relating to life and health insurance producer examinations; eliminate. Repeals sec. 1206c of 1956 PA 218 (MCL 500.1206c).
Impact
The repeal of section 1206c could significantly alter the landscape of insurance regulation within Michigan. By removing the mandated annual reporting for producer examinations, the bill is expected to ease the operational load on insurance companies, potentially encouraging more competition in the market. As such, proponents believe that these changes will lead to lower costs for consumers and improved services as producers can now allocate their time to sales and customer relations rather than compliance. This shift could have a positive effect on the state’s insurance market dynamics.
Summary
House Bill 4595 proposes the repeal of section 1206c of the Michigan insurance code of 1956. This section specifically pertains to annual reports related to life and health insurance producer examinations. By eliminating this requirement, the bill aims to reduce administrative burdens on insurance providers and streamline compliance processes. Supporters of the bill argue that this repeal will create a more efficient regulatory environment for insurers in Michigan, allowing them to focus resources on serving their clients rather than on paperwork-related requirements.
Contention
While the bill enjoys support from certain sectors within the insurance industry, there are concerns among consumer advocacy groups about the potential lack of oversight that may arise from this repeal. Opponents of HB4595 argue that the annual reports play a crucial role in maintaining accountability among insurance producers and safeguarding consumer interests. The absence of such evaluations could lead to reduced transparency in the industry, raising fears that consumer protection may be compromised. As a result, the discussion surrounding HB4595 has highlighted the delicate balance between reducing regulatory burdens for businesses and ensuring adequate consumer protections.
Insurance: no-fault; penalties for lapse of insurance policy; eliminate. Amends secs. 2116b, 2118 & 2120 of 1956 PA 218 (MCL 500.2116b et seq.) & repeals sec. 2116a of 1956 PA 218 (MCL 500.2116a).
Insurance: health insurers; certain annual reports of health insurers relating to mental health parity; require. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 3406cc.
Insurance: health insurers; annual and lifetime dollar limits; prohibit. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 3406z. TIE BAR WITH: HB 4623'23
Insurance: health insurers; coverage for emergency refill of prescription medication for up to a 30-day supply; repeal. Amends sec. 3406o of 1956 PA 218 (MCL 500.3406o) & repeals sec. 3406w of 1956 PA 218 (MCL 500.3406w).
Insurance: health insurers; age eligibility for coverage for annual breast cancer mammography examination; lower. Amends sec. 3406d of 1956 PA 218 (MCL 500.3406d).