™Your Policy Risk Impact Agent
1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.4165 Applicability of subsections; definitions.
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Sec. 4165. (1) Subject to subsection (2), a recommendation or sale made in compliance with comparable standards satisfies the requirements of this chapter. This subsection applies to a recommendation or sale of an annuity made by a financial professional in compliance with busine…
Mich. Comp. Laws § 500.4166 Compliance with chapter; violation orders.
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Sec. 4166. (1) An insurer is responsible for compliance with this chapter. If a violation occurs, either because of the action or inaction of the insurer or its producer, the director may order any of the following: (a) The insurer to take reasonably appropriate corrective action…
Mich. Comp. Laws § 500.418 Identification of payers subject to child support arrearages; "title IV-D agency" defined.
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Sec. 418. (1) An insurer may voluntarily cooperate with a title IV-D agency and the child support lien network in identifying payers subject to child support arrearages who may be entitled to money to be paid under a liability insurance policy or the liability coverage portion of…
Mich. Comp. Laws § 500.4200 Scope of chapter; other applicable provisions.
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Sec. 4200. (1) This chapter shall apply only with respect to industrial life insurance policies. (2) The following sections of chapter 40 (life insurance policies and annuity contracts) shall apply also to industrial life insurance policies: 4004 (policy must contain entire contr…
Mich. Comp. Laws § 500.4201 Industrial life insurance; definitions.
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Sec. 4201. "Industrial life insurance," as used in this code, means that form of life insurance either (1) under which the premiums are payable weekly, or (2) under which the premiums are payable monthly or oftener, but less often than weekly, if the face amount of insurance prov…
Mich. Comp. Laws § 500.4204 Required policy provisions; exceptions.
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Sec. 4204. (1) In the case of industrial policies issued on and after January 1, 1944, no policy of industrial life insurance shall be issued or delivered in this state, unless the same shall contain in substance the provisions set forth in sections 4206 through 4238. (2) Any of …
Mich. Comp. Laws § 500.4206 Grace period; provision required.
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Sec. 4206. There shall be a provision that the insured is entitled to a grace period of 4 weeks within which the payment of any premium after the first may be made, except that where premiums are payable monthly the period of grace shall be 1 month; and that during the period of …
Mich. Comp. Laws § 500.4208 Incontestability; provision required, exceptions.
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Sec. 4208. There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period of 2 years from its date of issue, except for non-payment of premiums and except for violation of the conditions of the policy r…
Mich. Comp. Laws § 500.4210 Policy constitutes entire contract; provision required.
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Sec. 4210. There shall be a provision that the policy shall constitute the entire contract between the parties, or, if a copy of the application is endorsed upon and attached to the policy when issued, a provision that the policy and the application therefor shall constitute the …
Mich. Comp. Laws § 500.4212 Misstatement of age; provision required.
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Sec. 4212. There shall be a provision that if the age of the person insured has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age.
Mich. Comp. Laws § 500.4214 Participation in surplus; provision required.
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Sec. 4214. There shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy.
Mich. Comp. Laws § 500.4216 Conversion; weekly premium policies; provision required; monthly premium policies.
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Sec. 4216. (1) There shall be a provision in the case of weekly premium policies granting, upon proper written request and upon presentation of evidence of the insurability of the insured satisfactory to the company, the privilege of converting his weekly premium industrial insur…
Mich. Comp. Laws § 500.4220 Nonforfeiture and cash surrender values.
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Sec. 4220. (1) In the case of policies issued prior to the operative date of section 4060 (the standard nonforfeiture law), there shall be a provision which in event of default in premium payments, after premiums shall have been paid for 3 years, shall secure to the owner of the …
Mich. Comp. Laws § 500.4222 Table of nonforfeiture benefits.
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Sec. 4222. There shall be a table showing in figures the nonforfeiture benefits available under the policy every year upon default in payment of premiums during at least the first 20 years of the policy, and a provision that the company will furnish upon request an extension of s…
Mich. Comp. Laws § 500.4224 Nonforfeiture benefit; automatic option; provision required.
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Sec. 4224. There shall be a provision if more than 1 nonforfeiture benefit is provided, as to which of such benefits shall apply in the event 1 of the available benefits is not selected as required by the policy.
Mich. Comp. Laws § 500.4228 Reinstatement; provision required.
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Sec. 4228. There shall be a provision that the policy may be reinstated at any time within 2 years from date of the premium in default, unless the cash value has been paid or the period of extended term insurance expired, upon evidence of insurability satisfactory to the company …
Mich. Comp. Laws § 500.4230 Settlement of claim upon death of insured; provision required.
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Sec. 4230. There shall be a provision that when a policy shall become a claim by the death of the insured, settlement shall be made upon receipt of due proof of death, or not later than 2 months after receipt of such proof.
Mich. Comp. Laws § 500.4236 Title required.
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Sec. 4236. There shall be a title on the face and on the back of the policy correctly describing the same.
Mich. Comp. Laws § 500.4238 Beneficiary changes.
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Sec. 4238. There shall be a space on the front or the back page of the policy for the name of the beneficiary designated by the insured with a reservation of the insured's right to designate or change the beneficiary after the issuance of the policy. The policy may also provide t…
Mich. Comp. Laws § 500.424 Admission of foreign or alien insurer to state; application; report of financial standing; issuance of certificate of authority; filing fees.
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Sec. 424. (1) A foreign or alien insurer shall not be admitted to this state until the insurer files with the commissioner an application for admission upon a form as prescribed by the commissioner. The application shall be accompanied by a copy of the insurer's charter, compact,…
Mich. Comp. Laws § 500.4242 Limitation of liability; aviation, military or naval service.
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Sec. 4242. Nothing contained in this chapter shall be construed as prohibiting a life insurance company from placing in its industrial life insurance policies provisions limiting its liability with respect to (1) death resulting from aviation other than as a fare-paying passenger…
Mich. Comp. Laws § 500.4244 Industrial life insurance; provisions prohibited; right to declare policy void for disease or ailment; rejection; payment of proceeds to other than beneficiary; limitation; settlement at maturity for less than full value; accidental death.
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Sec. 4244. (1) No policy of industrial life insurance issued on or after January 1, 1944, shall be issued or delivered in this state if it contains any of the following provisions: (a) A provision giving the insurer the right to declare the policy void because the insured has had…
Mich. Comp. Laws § 500.431 Definitions.
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Sec. 431. As used in sections 432 through 434: (a) "Claimant" means any person or entity, supervisor, receiver, liquidator, rehabilitator, or conservator appointed for an alien insurer, and any guaranty association responsible for the payment of claims against the insurer, who ha…
Mich. Comp. Laws § 500.431a State of entry by alien insurer through U.S. branch; requirements.
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Sec. 431a. (1) An alien insurer may use this state as a state of entry to transact insurance in the United States through a U.S. branch by qualifying as an insurer licensed to do business in this state and establishing a trust account pursuant to a trust agreement approved by the…
Mich. Comp. Laws § 500.431b U.S. branch using state as state of entry to transact insurance; compliance.
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Sec. 431b. A U.S. branch using this state as a state of entry to transact insurance in the United States is subject to all laws applicable to an insurer domiciled in this state except as otherwise provided. A U.S. branch using this state as a state of entry to transact insurance …
Mich. Comp. Laws § 500.431c Trusteed assets; value.
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Sec. 431c. The assets in the trust accounts shall be known as trusteed assets. The total value of trusteed assets shall at all times be at least equal to the sum of the U.S. branch's reserves and other liabilities, the minimum capital and surplus required to be maintained by sect…
Mich. Comp. Laws § 500.432 Trust agreement and amendments; authentication; withdrawal of approval; form; hearing; modifications or variations; contents and provisions of trust agreement; withdrawal of trusteed assets in another state; notice; examination by commissioner; effect of refusal or neglect to comply with subsection (8); review.
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Sec. 432. (1) The trust agreement and all amendments to the trust agreement shall be authenticated in a form and manner prescribed by the commissioner and shall not be effective unless approved by the commissioner upon a finding of all of the following: (a) That the trust agreeme…
Mich. Comp. Laws § 500.432a Certificate of authority to do business; issuance or amendment to U.S. branch; proof that insurer will not violate act or charter; noncompliance.
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Sec. 432a. (1) Before issuing or amending a certificate of authority to do business to any U.S. branch, the commissioner may require satisfactory proof, either in the alien insurer's charter or by an agreement evidenced by a duly certified resolution of its board of directors or …
Mich. Comp. Laws § 500.433 Trusteed assets below minimum required; proceeding against alien insurer.
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Sec. 433. If it appears to the commissioner from any annual or quarterly statement or any other report that a U.S. branch's trusteed assets are below the minimum required to be maintained pursuant to section 431c, the commissioner may proceed against the alien insurer pursuant to…
Mich. Comp. Laws § 500.435 Certificate of authority as evidence of authority to transact insurance; duration of certificate; certificate as property of state; prerequisites to termination of certificate.
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Sec. 435. (1) The certificate of authority issued by the commissioner to an insurer is evidence of its authority to transact the kind or kinds of insurance specified in the certificate in this state. (2) A certificate of authority shall remain in force until terminated at the req…
Mich. Comp. Laws § 500.436 Conditions for suspension, revocation, or limitation of certificate of authority; "insurer" defined.
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Sec. 436. (1) The director may suspend, revoke, or limit the certificate of authority of an insurer if he or she determines that any of the following conditions exist: (a) The insurer no longer meets the requirements of this act respecting capital, surplus, deposits, or assets. (…
Mich. Comp. Laws § 500.436a Continuing operation of insurer transacting insurance in state or nonprofit dental corporation operating under MCL 550.351 to 550.373; standards; subscription to private rating organization not required; determination of financial condition; issuance of order by director; hearing requested by insurer.
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Sec. 436a. (1) In addition to any other relevant standards, the director may consider 1 or more of the following to determine whether the continued operation of an insurer transacting an insurance business in this state or a nonprofit dental care corporation operating under 1963 …
Mich. Comp. Laws § 500.436b Certificate of authority limited by order of commissioner.
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Sec. 436b. If the commissioner finds on the basis of appropriate investigation and public hearings that a type of insurance or a subset of a type of insurance or of other contracts entered into by insurers authorized to do business in this state present a degree of risk or hazard…
Mich. Comp. Laws § 500.437 Proceeding for suspension, revocation, or limitation of certificate of authority; notice; imposition of conditions in order of limitation.
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Sec. 437. (1) A proceeding to suspend, revoke, or limit an insurer's certificate of authority shall be initiated by the commissioner by granting the insurer an opportunity to show compliance with all lawful requirements as provided under section 92 of the administrative procedure…
Mich. Comp. Laws § 500.438 Annual statement; filing; extensions; format and content; reply to inquiries; availability of report to public; penalty for failure to file statement or reply to inquiry; statement of alien insurer; "U.S. branch" defined.
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Sec. 438. (1) An insurer, foreign, alien, U.S. branch, or domestic, transacting business within this state, shall annually, on or before March 1, prepare under oath and deposit with the director a statement concerning its affairs in a form and manner as prescribed by the director…
Mich. Comp. Laws § 500.438a Domestic, foreign, and alien insurers; filing annual statement with national association of insurance commissioners; foreign insurers considered in compliance with section; agents of commissioner; confidentiality of information.
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Sec. 438a. (1) Each domestic, foreign, and alien insurer authorized to transact insurance in this state shall file annually on or before March 1 of each year, with the national association of insurance commissioners a copy of its annual statement along with additional filings for…
Mich. Comp. Laws § 500.4400 Scope of chapter; compliance required.
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Sec. 4400. (1) This chapter applies only with respect to group life insurance. (2) Except as provided in this chapter it shall be unlawful to make a contract of life insurance covering a group in this state.
Mich. Comp. Laws § 500.4404 Employee groups; required number of participants; premium payments; group life insurance as part of combined group life and disability insurance policy; "employees" defined.
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Sec. 4404. (1) Group life insurance may be issued covering not less than 2 employees with or without medical examination, written under a policy issued to the employer or to the trustees of a fund established by the employer, the premium on which is to be paid by the employer, th…
Mich. Comp. Laws § 500.4405 Group life insurance policy; issuance to trust or trustees; requirements.
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Sec. 4405. Notwithstanding section 4404, a group life insurance policy may be issued to a trust or trustees of a fund established by 2 or more employers to insure 1 or more employees of the employers.
Mich. Comp. Laws § 500.4408 National guard groups; participation authorization.
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Sec. 4408. Group life insurance may be issued covering the members of 1 or more companies, batteries, troops or other units of the national guard of any state, written under a policy issued to the commanding general of the national guard who shall be deemed to be the employer for…
Mich. Comp. Laws § 500.440a Credit against tax imposed by MCL 500.476a; claim; refund; retroactive application.
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Sec. 440a. (1) Beginning August 3, 1987, an insurer that is subject to the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.101 to 418.941, may credit against the tax imposed by section 476a an amount equal to the amount paid during that tax year by the insurer …
Mich. Comp. Laws § 500.4412 Labor union, teacher and postal clerk groups; participation authorization.
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Sec. 4412. Group life insurance may be issued covering the members of any labor union, or state associations of teachers or postal clerks written under a policy issued to such union or association which shall be deemed to be the employer for the purposes of this chapter, the prem…
Mich. Comp. Laws § 500.4416 Group life insurance; groups of borrowers or purchasers.
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Sec. 4416. Group life insurance may be issued covering only the lives of members of a group of persons who become borrowers from 1 financial institution, including subsidiary or affiliated companies, or who become purchasers of merchandise or other tangible property from 1 vendor…
Mich. Comp. Laws § 500.4418 Group life insurance; loans on dwellings or mobile homes; insurer providing monetary benefits to financial institutions; payment of dividends to financial institution.
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Sec. 4418. (1) Group life insurance may be issued in connection with loans on dwellings or mobile homes when provided through a group if the lending or servicing financial institution directly or indirectly is the group policyholder. The insurance shall be only on a decreasing te…
Mich. Comp. Laws § 500.4419 Prepaid funeral contracts; group life insurance.
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Sec. 4419. Group life insurance may be issued in connection with prepaid funeral contracts only if it meets all of the following: (a) Is issued to an association covering the lives of its members or to a trustee of a group. (b) Is issued as an associated life insurance policy or …
Mich. Comp. Laws § 500.4420 Nonprofit incorporated industrial association groups; executives; participation; other associations, trusts, or trustees; criteria; conditions.
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Sec. 4420. (1) Group life insurance may be issued covering the executives of employer members of any nonprofit incorporated industrial association, that is now and has been actively functioning as a nonprofit incorporated industrial association under its articles of incorporation…
Mich. Comp. Laws § 500.4424 Group life insurance offered to groups other than described in MCL 500.4404 to 500.4420.
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Sec. 4424. Group life insurance offered to a resident of this state under a group life insurance policy issued to a group other than a group described in sections 4404 to 4420 is subject to all of the following: (a) A group life insurance policy shall not be issued in this state …
Mich. Comp. Laws § 500.4426 Extension of coverage to eligible dependents; amounts; payment of premiums; definitions.
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Sec. 4426. (1) Insurance under any group life insurance policy issued under sections 4400, 4404, 4408, 4412, 4420, and 4424 may be extended to insure the eligible dependents of each insured employee or member who so elects. (2) The amounts of dependent insurance shall be in accor…
Mich. Comp. Laws § 500.443 Foreign insurer; payment of quarterly installments of estimated tax; filing statement with revenue commissioner.
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Sec. 443. (1) Before April 30, July 31, October 31, and January 31 of each year, each foreign insurer admitted to do insurance business in this state and subject to the tax prescribed in section 476a shall pay to the state treasurer, accompanied by forms prescribed by the revenue…
Mich. Comp. Laws § 500.4430 Group life insurance policy; filing and approval of form; certain provisions required.
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Sec. 4430. (1) Except as otherwise provided in section 2236(8)(d), a policy of group life insurance shall not be issued or delivered in this state unless and until a copy of the form of the group life insurance has been filed with and approved by the commissioner. (2) A policy of…