Michigan Senate Bill SB1076

Michigan 2023-2024 Regular Session

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

Caption

Insurance: other; portable electronics insurance; provide for. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding ch. 12C. TIE BAR WITH: SB 1069'24, SB 1070'24, SB 1071'24, SB 1072'24, SB 1073'24, SB 1074'24, SB 1075'24, SB 1077'24, SB 1078'24

Impact

If enacted, SB1076 will impact the insurance landscape in Michigan, particularly for vendors selling portable electronics. It establishes a comprehensive coverage policy for consumers who purchase electronics or related services, potentially leading to increased consumer protection in this sector. The legislation facilitates a structured process for vendors to offer insurance coverage, thereby allowing them to better serve customers who seek additional protection for their devices. Furthermore, by requiring vendors to hold specific licenses under this new framework, it aims to professionalize and regulate the portable electronics insurance industry.

Summary

Senate Bill 1076 aims to amend the existing Michigan insurance code by introducing provisions for portable electronics insurance. This new chapter, Chapter 12C, outlines key definitions and parameters regarding portable electronics and the insurance products that cover them. The bill defines terms such as 'customer', 'enrolled customer', 'vendor', and specifies the type of coverage provided through portable electronics insurance, which includes protection against loss, theft, mechanical failure, and other causes of damage. The bill aims to establish a clear regulatory framework for the portable electronics insurance market in Michigan.

Contention

One point of contention surrounding SB1076 is the requirement for vendors to hold a 'limited line portable electronics insurance producer' license. While proponents argue that licensing enhances consumer trust and ensures quality in the insurance products offered, critics might express concerns over the additional regulatory burden this imposes on small vendors. Moreover, there may be worries regarding the potential cost implications of compliance, which could be passed on to consumers in the form of higher premiums for portable electronics insurance.