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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.4046 Provisions prohibited; forfeiture of policy for failure to repay loan; limitation of actions; predating policy; settlement at maturity for less than full value.
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Sec. 4046. No policy of life insurance other than industrial life insurance shall be issued or delivered in this state if it contain any of the following provisions: (1) A provision for the forfeiture of the policy for failure to repay any loan on the policy or to pay interest on…
Mich. Comp. Laws § 500.4047 Profit sharing, charter or founders and coupon policies; definitions; prohibitions, violations.
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Sec. 4047. (1) As used in this section, "profit sharing policy" means any life insurance policy which by its terms represents that the policyholder will receive preferential treatment in the distribution of earnings or surplus of the insurance company with special advantages not …
Mich. Comp. Laws § 500.4048 Provisions required by laws of other states or counties.
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Sec. 4048. The policies of a foreign or alien life insurer, may, if approved by the commissioner, contain any provision which the law of the state, territory, district or country under which the insurer is organized, prescribed shall be in such policies, when issued in this state…
Mich. Comp. Laws § 500.405 Foreign insurer; revocation of certificate of authority; conditions; requalification for certificate of authority if control acquired; determination.
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Sec. 405. (1) Except as provided in subsection (2), the certificate of authority of a foreign insurer with respect to whom control as defined in 115 changes after October 1, 1992 without being subject to the commissioner's approval shall be automatically revoked 90 days after the…
Mich. Comp. Laws § 500.4052 Preliminary term insurance on old policies; reserve.
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Sec. 4052. Policies may be issued in this state providing for not more than 1 year preliminary term insurance by the incorporation therein of a clause on the face of the policy distinctly specifying that the first year's insurance is term insurance. If the premium charged for ter…
Mich. Comp. Laws § 500.4054 Proceeds of policy; exemption from creditors.
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Sec. 4054. (1) Any authorized life insurer shall have power to hold the proceeds of any life or endowment insurance or annuity contract issued by it (a) upon such terms and restrictions as to revocation by the insured and control by beneficiaries; (b) with such exemptions from le…
Mich. Comp. Laws § 500.4058 Nonforfeiture benefits on old policies.
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Sec. 4058. This section shall apply only to policies of life insurance other than industrial life insurance issued prior to the operative date of section 4060 (the standard nonforfeiture law). The nonforfeiture benefit referred to in section 4024 shall be available to the owner o…
Mich. Comp. Laws § 500.405a Insurer subject to delinquency proceedings; revocation of certificate of authority; conditions.
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Sec. 405a. If an insurer is subject in its state or country of domicile to formal delinquency proceedings within the meaning of chapter 81 or to a proceeding of similar effect, and the formal delinquency proceeding was properly commenced by the appropriate domiciliary regulatory …
Mich. Comp. Laws § 500.405b Requalification pursuant to MCL 500.405 or 500.405a; formal review.
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Sec. 405b. An insurer that seeks requalification pursuant to sections 405 or 405a is entitled to a formal review by the commissioner during which the insurer may submit information, documents, or other data to the commissioner in support of the application for requalification. Th…
Mich. Comp. Laws § 500.406 Foreign insurer; limitation on corporate purposes and powers; election of statute; denial of admission or authority; continuation of license to transact insurance business previously authorized; exception.
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Sec. 406. (1) A foreign insurer shall not be admitted to this state if the insurer's corporate purposes exceed those permitted for Michigan insurers. (2) For the purpose of obtaining admission or renewal of authority to do business in this state, a foreign insurer, by proper corp…
Mich. Comp. Laws § 500.4060 Standard nonforfeiture law for life insurance.
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Sec. 4060. (1) This section shall be known as the standard nonforfeiture law for life insurance and applies to life insurance contracts except as otherwise provided in section 4061 for universal life insurance contracts. (2) Subject to subdivisions (g) and (h), for policies issue…
Mich. Comp. Laws § 500.4061 Flexible premium universal life insurance policies; provisions applicable to minimum cash surrender values; minimum paid-up nonforfeiture benefits.
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Sec. 4061. (1) All of the following apply to the minimum cash surrender values for flexible premium universal life insurance policies: (a) Minimum cash surrender values for flexible premium universal life insurance policies must be determined separately for the basic policy and a…
Mich. Comp. Laws § 500.4062 Loan value; deferment.
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Sec. 4062. (1) In the case of policies issued prior to the operative date of section 4060 (the standard nonforfeiture law), the loan value referred to in section 4022 shall be the reserve at the end of the current policy year on the policy and on any dividend additions thereto, s…
Mich. Comp. Laws § 500.4064 Loan indebtedness; right to compound interest.
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Sec. 4064. In ascertaining the indebtedness due upon any loan upon any policy of insurance issued in this state, the interest, if not paid when due, shall be added to the principal of such loan, and shall bear interest at the rate specified in the note or loan agreement.
Mich. Comp. Laws § 500.407 Authorization to transact kinds of insurance; exceptions.
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Sec. 407. An insurer that otherwise qualifies to transact insurance under this act may be authorized to transact any 1 kind or combination of kinds of insurance as defined in chapter 6 except: (a) A life insurer is not authorized to transact any other kind of insurance except dis…
Mich. Comp. Laws § 500.4070 Insurance and annuities on same life; automatic conversion of deferred annuity into paid-up annuity.
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Sec. 4070. (1) Contracts may be issued in this state providing for both insurance and annuities on the same life, and sections 4008 to 4036 (standard provisions), 4042 (limitation of liability), 4046 (prohibited provisions), 4204 to 4238, 4242, and 4244 shall apply only to that p…
Mich. Comp. Laws § 500.4072 Standard nonforfeiture law for individual deferred annuities.
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Sec. 4072. (1) This section shall be known as the standard nonforfeiture law for individual deferred annuities. (2) This section does not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an emp…
Mich. Comp. Laws § 500.4073 Annuity policy or contract; notice of right to cancel and receive refund; effect of returning policy or contract; variable annuity contract; exceptions.
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Sec. 4073. (1) Subject to subsection (2), an annuity contract shall not be delivered or issued for delivery in this state unless the contract contains on the front page a notice, in substance printed or stamped made as a permanent part of the policy, that during a period of not l…
Mich. Comp. Laws § 500.407a Noninsured benefit plan; offering and writing excess loss insurance; definition; authority of insurer not limited.
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Sec. 407a. (1) An insurer authorized to write insurance described in section 602 or 606 may offer and write specific or aggregate excess loss insurance to a noninsured benefit plan. An insurer that writes excess loss insurance shall comply with the applicable policy rate and form…
Mich. Comp. Laws § 500.408 Insurers; capital, surplus, or asset requirement; schedule; multiple lines; provisions for transacting certain insurance; applicability of section; compliance with MCL 500.403.
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Sec. 408. (1) To qualify for authority to transact insurance in this state a domestic, foreign, or alien insurer shall possess and thereafter maintain paid-in capital or surplus or assets in amounts that are not less than those shown by the applicable portion of the following sch…
Mich. Comp. Laws § 500.410 Minimum amount of unimpaired capital and surplus; minimum amount and use of additional surplus; transacting life insurance or property insurance; continuing to transact insurance; transacting legal expense insurance; compliance with MCL 500.403.
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Sec. 410. (1) To qualify for and maintain authority to transact insurance in this state on or after July 21, 1965 and before January 1, 1999, a domestic, foreign, or alien insurer shall possess and thereafter maintain unimpaired capital and surplus in an amount determined adequat…
Mich. Comp. Laws § 500.4101 Definitions.
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Sec. 4101. As used in this chapter: (a) "Interest credits" means all interest that is credited to a deferred annuity contract. (b) "Modified guaranteed annuity" means a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of whi…
Mich. Comp. Laws § 500.4103 Delivery or issuance by insurer of modified guaranteed annuity; conditions.
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Sec. 4103. (1) An insurer shall not deliver or issue for delivery a modified guaranteed annuity within this state unless it is licensed or organized to do a life insurance or annuity business in this state, and the commissioner is satisfied that its condition or method of operati…
Mich. Comp. Laws § 500.4105 Sales and advertising material; illustrations of benefits payable; prospectus.
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Sec. 4105. (1) An insurer authorized to transact modified guaranteed annuity business in this state shall not use any sales material, advertising material, or descriptive literature or other materials of any kind in connection with its modified guaranteed annuity business in this…
Mich. Comp. Laws § 500.4107 Separate account annual statement and other information to be submitted to commissioner.
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Sec. 4107. An insurer authorized to transact modified guaranteed annuity business in this state shall submit to the commissioner both of the following: (a) A separate account annual statement that includes the business of its modified guaranteed annuities. (b) Such additional inf…
Mich. Comp. Laws § 500.4109 Disapproval by commissioner of filed material.
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Sec. 4109. Material required to be filed with and approved by the commissioner is subject to disapproval if at any time it is found by the commissioner not to comply with this chapter.
Mich. Comp. Laws § 500.410a Bail bond surety and fidelity insurance company; authority to transact insurance.
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Sec. 410a. (1) To qualify for and maintain authority to transact insurance in this state solely as a bail bond surety and fidelity insurance company on or after February 1, 2004, an insurer in good standing in its state of domicile that is subject to regulation by the commissione…
Mich. Comp. Laws § 500.411 Deposits required to transact insurance.
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Sec. 411. (1) To qualify for and maintain authority to transact insurance in this state a domestic insurer shall maintain a deposit with the state treasurer of $300,000.00 or such larger amount as the commissioner considers appropriate taking into consideration the actual or anti…
Mich. Comp. Laws § 500.4111 Filing requirements.
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Sec. 4111. The filing requirements applicable to modified guaranteed annuities are those filing requirements otherwise applicable under existing statutes and regulations of this state concerning individual and group life insurance and annuity contract form filings, to the extent …
Mich. Comp. Laws § 500.4113 Modified guaranteed annuity contract; required provisions; market-value adjustment formula.
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Sec. 4113. (1) A modified guaranteed annuity contract delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of nonforfeiture benefits. (2) A modified guar…
Mich. Comp. Laws § 500.4115 Nonapplicability of section; required provisions; minimum values of paid-up annuity, cash surrender, or death benefits available under modified guaranteed annuity contract; nonforfeiture amounts; percentages of net considerations.
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Sec. 4115. (1) This section does not apply to any of the following: (a) Reinsurance. (b) A group annuity contract purchased in connection with 1 or more retirement plans or plans of deferred compensation established or maintained by or for 1 or more employers, employee organizati…
Mich. Comp. Laws § 500.4117 Application for modified guaranteed annuity.
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Sec. 4117. The application for a modified guaranteed annuity shall prominently set forth immediately preceding the signature line language denoting that amounts payable under the contract are subject to a market-value adjustment prior to a date or dates specified in the contract.
Mich. Comp. Laws § 500.4119 Reserve liabilities.
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Sec. 4119. Reserve liabilities for a modified guaranteed annuity shall be established in accordance with actuarial procedures that recognize that assets of the separate account are based on market values, the variable nature of benefits provided, and any mortality guarantees. At …
Mich. Comp. Laws § 500.412 Procedure for becoming domestic insurer.
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Sec. 412. (1) An insurer organized under the laws of any other state and admitted to do business in this state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domes…
Mich. Comp. Laws § 500.4121 Modified guaranteed annuity separate accounts.
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Sec. 4121. The following requirements apply to the establishment and administration of modified guaranteed annuity separate accounts by a domestic insurer: (a) An insurer issuing a modified guaranteed annuity shall establish 1 or more separate accounts pursuant to this chapter. (…
Mich. Comp. Laws § 500.4123 Annual report.
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Sec. 4123. An insurer shall annually provide their contract holders with a report showing both the account value and the cash surrender value. The report shall clearly indicate that the account value is prior to the application of any surrender charges or market-value adjustment …
Mich. Comp. Laws § 500.4125 Compliance with law or regulation in place of domicile of foreign insurer as compliance with this chapter.
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Sec. 4125. If the law or regulation in the place of domicile of a foreign insurer provides a degree of protection to the policyholders and the public that is substantially similar to that provided by these regulations, the commissioner to the extent considered appropriate by him …
Mich. Comp. Laws § 500.4127 License to sell variable annuities required to sell modified guaranteed annuity contracts.
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Sec. 4127. A person, corporation, partnership, or other legal entity shall not sell or offer for sale in this state any modified guaranteed annuity contract unless licensed to sell variable annuities under this act.
Mich. Comp. Laws § 500.413 Transfer of domicile of domestic insurer to another state; effect of transfer; approval of transfer; “U.S. branch” defined.
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Sec. 413. (1) Upon the approval of the commissioner, a domestic insurer may transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon the transfer shall cease to be a domestic insurer but shall be admitted to this state if qu…
Mich. Comp. Laws § 500.414 Certificate of authority, agent's appointments, licenses, rates, and other items of transferring insurer continue in full force and effect; outstanding policies remain in full force and effect; filing new or existing policy forms; notice of proposed transfer; filing amendments to corporate documents.
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Sec. 414. The certificate of authority, agent's appointments, licenses, rates, and other items which the commissioner allows, in his or her discretion, which are in existence at the time an insurer licensed to transact the business of insurance in this state transfers its corpora…
Mich. Comp. Laws § 500.415 Rules.
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Sec. 415. The commissioner shall promulgate rules pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, to carry out the purposes of sections 412 to 414.
Mich. Comp. Laws § 500.4151 Definitions.
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Sec. 4151. As used in this chapter: (a) "Annuity" means an annuity that is an insurance product under state law that is individually solicited, whether the product is classified as an individual or group annuity. (b) "Cash compensation" means any discount, concession, fee, servic…
Mich. Comp. Laws § 500.4153 Scope of chapter.
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Sec. 4153. (1) This chapter applies to any sale or recommendation of an annuity. (2) Except as otherwise provided in this chapter, this chapter does not apply to any recommendation to purchase, exchange, or replace an annuity involving any of the following: (a) Direct response so…
Mich. Comp. Laws § 500.4155 Purchase or exchange of annuity; recommendations; effort and obligation to act in best interest of consumer; reasonable basis; duties of producer; exceptions.
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Sec. 4155. (1) A producer, when making a recommendation of an annuity, shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made, without placing the producer's or the insurer's financial interest ahead of the consumer's i…
Mich. Comp. Laws § 500.4158 Insurer's supervision system.
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Sec. 4158. (1) An insurer shall establish and maintain a supervision system that is reasonably designed to achieve the insurer's and its producers' compliance with this chapter, including, but not limited to, all of the following: (a) Establish and maintain reasonable procedures …
Mich. Comp. Laws § 500.4159 Dissuading consumer from certain acts prohibited.
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Sec. 4159. A producer shall not dissuade, or attempt to dissuade, a consumer from any of the following: (a) Truthfully responding to an insurer's request for confirmation of the consumer profile information. (b) Filing a complaint. (c) Cooperating with the investigation of a comp…
Mich. Comp. Laws § 500.416 Special deposit.
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Sec. 416. As a condition of qualifying for and maintaining authority to transact insurance in this state or for qualifying as an eligible unauthorized insurer, the commissioner may require an insurer to maintain a special deposit with the state treasurer in such amount as the com…
Mich. Comp. Laws § 500.4160 Sale of annuities; completion of annuity training course; requirements.
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Sec. 4160. (1) A producer shall not solicit the sale of an annuity unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer's standards for product training. A producer may rely on insurer-provided produ…
Mich. Comp. Laws § 500.4161 Copy of annuity policy.
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Sec. 4161. For a consumer purchasing an individual annuity, the consumer shall be given a copy of the annuity policy within a reasonable time after the annuity is accepted and issued.
Mich. Comp. Laws § 500.4163 Records; maintenance, availability.
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Sec. 4163. (1) An insurer and an insurance producer shall maintain or be able to make available to the commissioner records of the information collected from the consumer and other information used in making the recommendations that were the basis for insurance transactions for 5…