Michigan Senate Bill SB1072

Michigan 2023-2024 Regular Session

• Introduced: 11/7/24
• Refer: 11/7/24

Caption

Insurance: other; portable electronics insurance act; create. Amends sec. 1201 of 1956 PA 218 (MCL 500.1201). TIE BAR WITH: SB 1069'24, SB 1070'24, SB 1071'24, SB 1073'24, SB 1074'24, SB 1075'24, SB 1076'24, SB 1077'24, SB 1078'24

Impact

The passage of SB1072 would introduce new standards for the sale and regulation of portable electronics insurance in Michigan, effectively expanding the insurance market to include coverage specifically tailored to these devices. This could enhance consumer protection by ensuring policies are explicitly defined and that agents are properly licensed to manage the sales process. The bill aligns with evolving technology and consumer needs, and its implementation could contribute positively to the insurance landscape by enabling better coverage options for consumers.

Summary

Senate Bill No. 1072 seeks to amend the Michigan Insurance Code of 1956, specifically focusing on the addition of a portable electronics insurance act. The primary intent of the bill is to provide a regulatory framework for the insurance of portable electronics, which refers to devices such as smartphones, tablets, and laptops. The bill outlines definitions, terms, and conditions under which these types of insurance can be offered, sold, and negotiated by licensed insurance producers. It emphasizes the need for a clear understanding of roles, including those of the 'agent of the insured' and the 'agent of the insurer'.

Contention

While the bill aims to modernize the insurance offerings related to portable electronics, it is tied to several other legislative proposals, indicated by its tie bar with Senate Bills 1069 to 1078. This connection can lead to broader debates about legislation surrounding insurance regulations and how they are interlinked within the state. Some stakeholders may express concerns regarding the complexities and administration of such regulations, particularly how they align with existing laws and the potential impact on insurance producers tasked with adapting to these changes.