Insurance: other; portable electronics insurance; allow. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 1295. TIE BAR WITH: SB 1069'24, SB 1070'24, SB 1071'24, SB 1072'24, SB 1074'24, SB 1075'24, SB 1076'24, SB 1077'24, SB 1078'24

This bill allows employees of electronics vendors to sell portable electronics insurance without holding a personal insurance producer license, provided the vendor is already licensed to do so. To ensure proper oversight, the insurer must supervise the program and provide required training to vendor staff, which can be delivered electronically with additional oversight by licensed producers. The legislation also prohibits vendors from basing employee compensation primarily on the number of insurance policies sold and mandates that insurance charges be clearly itemized on customer bills. Additionally, the bill establishes that money collected for these policies is held in trust by the vendor for the benefit of the insurer.