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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.3931 Rules.
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Sec. 3931. The commissioner may promulgate rules including the following: (a) Rules establishing standards for the sale of long-term care insurance policies, terms of renewability, initial and subsequent conditions of eligibility, nonduplication of coverage provisions, coverage o…
Mich. Comp. Laws § 500.3933 Summary of coverage.
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Sec. 3933. An insurer that offers long-term care insurance shall provide to a prospective applicant before application and upon request before renewal a summary of coverage and shall obtain an acknowledgment of receipt of the summary on the application form or renewal form by obt…
Mich. Comp. Laws § 500.3935 Statement relating to request for additional information.
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Sec. 3935. An application for a long-term care policy shall contain the following statement printed, stamped, or as part of a sticker permanently affixed to the application in capital letters on the first page: "For additional information about long-term care coverage write to th…
Mich. Comp. Laws § 500.3937 Shopper's guide; format; providing to applicants; exception.
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Sec. 3937. (1) A long-term care insurance shopper's guide in the format developed by the national association of insurance commissioners, or a guide developed or approved by the commissioner, shall be provided to all prospective applicants of a long-term care insurance policy in …
Mich. Comp. Laws § 500.3939 Application; questions relating to other policies in force or use as replacement; agent's list of other policies sold; notice to applicant and existing insurer; appropriateness of recommended purchase or replacement.
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Sec. 3939. (1) Application forms shall include the following questions designed to elicit information as to whether, as of the date of the application, the applicant has another long-term care insurance policy or certificate in force or whether a long-term care policy or certific…
Mich. Comp. Laws § 500.3941 Advertising; filing copy with commissioner.
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Sec. 3941. Every insurer providing long-term care insurance coverage in this state shall file with the commissioner for review a copy of any written, radio, or television advertisement for long-term care insurance intended for use in this state at least 45 days before the date th…
Mich. Comp. Laws § 500.3941a Inapplicability of section to life insurance policies or riders containing accelerated benefits; development of suitability standards.
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Sec. 3941a. (1) This section does not apply to life insurance policies or riders containing accelerated benefits for long-term care. (2) Every insurer or other entity marketing long-term care insurance shall do all of the following: (a) Develop and use suitability standards to de…
Mich. Comp. Laws § 500.3942 Marketing; duties of insurer; use of "level premium" or "noncancelable" prohibited; exception.
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Sec. 3942. (1) Every insurer marketing long-term care insurance coverage in this state, directly or through its producers, shall do all of the following: (a) Establish marketing procedures to assure that any comparison of policies by its producers or other producers are fair and …
Mich. Comp. Laws § 500.3942a Reporting requirements; agent activities; preparation of report.
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Sec. 3942a. (1) Every insurer marketing long-term care insurance in Michigan shall comply with all of the following reporting requirements for the purpose of reviewing more closely agent activities regarding the sale of long-term care insurance: (a) Maintain records for each agen…
Mich. Comp. Laws § 500.3943 Right to return policy; notice; “direct response solicitation” defined.
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Sec. 3943. (1) Except as otherwise provided in subsection (2), an applicant for long-term care insurance shall have the right to return the policy within 30 days after its delivery and to have the entire premium refunded if, after examination of the policy, the applicant is not s…
Mich. Comp. Laws § 500.3945 Violation; penalty.
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Sec. 3945. In addition to any other penalties provided by the laws of this state, any insurer and any agent found to have violated any requirement of this state relating to the regulation of long-term care insurance or the marketing of such insurance shall be subject to a fine of…
Mich. Comp. Laws § 500.3949 Life and long-term care benefits; marketing; compliance.
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Sec. 3949. (1) An insurer that has both life and disability authority in this state may market policies containing both life benefits and long-term care benefits. (2) Except as otherwise provided in this act, if life insurance products contain long-term care benefits, the life in…
Mich. Comp. Laws § 500.3951 Policy summary; compliance with MCL 500.3933; additional provisions; monthly report.
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Sec. 3951. (1) A policy summary shall be delivered for a life insurance policy or certificate that provides long-term care benefits. The summary shall comply with the requirements in section 3933. For direct response solicitations, the insurer shall deliver the policy summary upo…
Mich. Comp. Laws § 500.3953 Disclosure statement.
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Sec. 3953. A life insurance policy that provides an accelerated benefit for long-term care shall provide a disclosure statement at the time of application for the policy or rider and at the time the accelerated benefit payment request is submitted stating that receipt of accelera…
Mich. Comp. Laws § 500.3955 Compliance with chapter and applicable laws.
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Sec. 3955. Each insurance policy that is advertised, marketed, or offered as long-term care insurance or nursing home insurance shall comply with this chapter and the other applicable provisions of this act.
Mich. Comp. Laws § 500.3957 Definitions.
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Sec. 3957. As used in this chapter: (a) "Applicant" means that term as defined in section 3901. (b) "Long-term care partnership program policy" or "partnership policy" means a policy that meets all of the requirements for the long-term care partnership program under section 112c …
Mich. Comp. Laws § 500.3959 Long-term care partnership program policy; applicability of chapter and applicable sections of chapter 39.
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Sec. 3959. Pursuant to section 6021 of the deficit reduction act of 2005, Public Law 109-171, and section 112c of the social welfare act, 1939 PA 280, MCL 400.112c, this chapter applies to a long-term care partnership program policy. The applicable sections of chapter 39 also app…
Mich. Comp. Laws § 500.3961 Partnership policy; solicitation or sale; notice.
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Sec. 3961. (1) If an insurer or its agent solicits or offers to sell a policy that is intended to qualify as a partnership policy, the insurer or its agent shall provide to a prospective applicant the notice described in section 112c of the social welfare act, 1939 PA 280, MCL 40…
Mich. Comp. Laws § 500.3963 Partnership policy; delivery or issuance for delivery; filing and approval required; submission of completed partnership certification form or similar form to department; "partnership certification form" defined.
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Sec. 3963. (1) A partnership policy shall not be delivered or issued for delivery in this state unless the partnership policy is filed with the department and approved by the director under section 2236(1). (2) A policy submitted to the department for approval as a partnership po…
Mich. Comp. Laws § 500.3965 Regular reports to be provided to department of health and human services.
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Sec. 3965. An insurer that issues a partnership policy shall provide copies of the regular reports described in 45 CFR 144.200 to 144.214 to the state department of health and human services.
Mich. Comp. Laws § 500.4000 Scope of chapter.
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Sec. 4000. (1) This chapter applies to life insurance policies, other than reinsurance, group life insurance, group annuities, and industrial life insurance. However, sections 4004 (policy must contain entire contract), 4040 (supplementary benefits), 4048 (provisions required by …
Mich. Comp. Laws § 500.4001 Universal life insurance; definitions.
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Sec. 4001. As used in this chapter, the following definitions apply only to universal life insurance: (a) "Cash surrender value" means the net cash surrender value plus any amounts outstanding as policy loans. (b) "Fixed premium universal life insurance policy" means a universal …
Mich. Comp. Laws § 500.4002 Life insurance policies; discrimination against living donors; prohibition; definitions.
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Sec. 4002. (1) This section applies to life insurance policies or certificates delivered or issued for delivery after December 31, 2023. (2) Unless there is an additional actuarial risk, as determined in accordance with sound actuarial principles as well as the individual's actua…
Mich. Comp. Laws § 500.4004 Entire contract.
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Sec. 4004. Every policy of life insurance hereafter issued or delivered within this state by any life insurer doing business within this state shall contain the entire contract between the parties. And nothing shall be incorporated therein by reference to any constitution, bylaws…
Mich. Comp. Laws § 500.4008 Life insurance; provisions required; single premium policies.
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Sec. 4008. (1) No policy of life insurance shall be issued in this state unless it contains the provisions set forth in sections 4010 through 4036. (2) Any of such provisions or portion thereof relating to premiums not applicable to single premium policies, shall to that extent n…
Mich. Comp. Laws § 500.4010 Premiums; payment; provision required.
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Sec. 4010. There shall be a provision that all premiums shall be payable in advance, either at the home office of the company or to an agent of the company, upon delivery of a receipt signed by 1 or more of the officers who shall be named in the policy.
Mich. Comp. Laws § 500.4012 Life insurance policy; provision required.
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Sec. 4012. Each life insurance policy shall contain the following provisions: (a) A grace period of 1 month for the payment of every premium after the first year, which may be subject to an interest charge, during which month the insurance shall continue in force and which provis…
Mich. Comp. Laws § 500.4014 Entire contract; incontestability; exceptions.
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Sec. 4014. There shall be a provision that the policy, together with the application therefor, a copy of which application shall be endorsed upon or attached to the policy and made a part thereof, shall constitute the entire contract between the parties and shall be incontestable…
Mich. Comp. Laws § 500.4015 Policy of life insurance; mandatory notice as to cancellation of policy and refund of premium.
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Sec. 4015. A policy of life insurance, other than group insurance, shall not be delivered or issued for delivery in this state unless the policy 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 no…
Mich. Comp. Laws § 500.4016 Statements considered representations; provision required; electronic application; endorsement.
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Sec. 4016. (1) Each life insurance policy shall contain a provision that all statements made by the insured, shall, in the absence of fraud, be considered representations and not warranties. The statement shall not avoid the policy unless the statement is contained in a written a…
Mich. Comp. Laws § 500.4018 Misstatement of age or sex; provisions required.
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Sec. 4018. Each life insurance policy shall contain a provision that if there is a misstatement as to the age or sex of the insured in the policy, the amount payable or the death benefit under the policy shall be that which would be purchased by the most recent mortality charge o…
Mich. Comp. Laws § 500.402 Insurers; certificate of authority requirement.
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Sec. 402. A person shall not act as an insurer and an insurer shall not issue a policy or otherwise transact insurance in this state except as authorized by a subsisting certificate of authority granted to it by the director under this act.
Mich. Comp. Laws § 500.4020 Participation in surplus; provision required.
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Sec. 4020. There shall be a provision that the policy shall participate in the surplus of the company, and that, beginning not later than the end of the fifth policy year, the company will determine and account for the portion of the divisible surplus accruing on the policy, and …
Mich. Comp. Laws § 500.4022 Policy loans generally.
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Sec. 4022. There shall be a provision that after 3 full year premiums have been paid, the company at any time, while the policy is in force, shall advance, on proper assignment of the policy and on the sole security thereof, subject to the approval of the insurance commissioner a…
Mich. Comp. Laws § 500.4023 Policy loans; interest rates; notice; information; policy not to terminate as sole result of change in interest rate; applicability of section to insurance or annuity contract.
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Sec. 4023. (1) As used in this section: (a) "Policyholder" includes the owner of the policy or the person designated to pay premiums as shown on the records of the insurer. (b) "Policy loan" includes any premium loan made under a policy to pay 1 or more premiums that were not pai…
Mich. Comp. Laws § 500.4024 Nonforfeiture benefits; cash surrender values; provision required.
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Sec. 4024. Each life insurance policy shall contain a provision for nonforfeiture benefits and cash surrender values in accordance with the requirements of section 4058, 4060, or 4061.
Mich. Comp. Laws § 500.4026 Table of loan values and options; provision required.
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Sec. 4026. Except for universal life insurance policies, each life insurance policy shall contain a table showing in figures the loan values and the options available under the policies each year upon default in premium payments during at least the first 20 years of the policy. U…
Mich. Comp. Laws § 500.4028 Default in premium payments; reinstatement; provision required.
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Sec. 4028. There shall be a provision that if, in event of default in premium payments, the value of the policy shall be applied to the purchase of other insurance, and if such insurance shall be in force and the original policy shall not have been surrendered to the company and …
Mich. Comp. Laws § 500.402a Transactions of insurance requiring certificate of authority.
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Sec. 402a. In this state, the following transactions of insurance, whether effected by mail or otherwise, require a certificate of authority: (a) The issuance or delivery of insurance contracts to residents of this state. (b) The solicitation of applications for insurance contrac…
Mich. Comp. Laws § 500.402b Transactions of insurance not requiring certificate of authority.
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Sec. 402b. In this state, the following constitute transactions of insurance for which a certificate of authority is not required: (a) Transaction of insurance under chapter 19. (b) Transaction of reinsurance, except a transfer of direct obligations to policyholders by assumption…
Mich. Comp. Laws § 500.402c Motor vehicle rental company; insurance transaction; definitions.
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Sec. 402c. (1) A certificate of authority to transact insurance in this state is not required for the sale of any travel or auto-related insurance coverages by a motor vehicle rental company or its officers or employees in connection with and incidental to the rental of a motor v…
Mich. Comp. Laws § 500.403 Insurers; authorization to do business.
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Sec. 403. A domestic, foreign, or alien insurer shall not be authorized to do business in this state or continue to be authorized to do business in this state if the insurer is not or does not continue to be safe, reliable, and entitled to public confidence.
Mich. Comp. Laws § 500.4030 Settlement of claim upon death of insured; provision required.
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Sec. 4030. 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 § 500.4032 Table of installments; provision required.
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Sec. 4032. There shall be a table showing the amounts of installments in which the policy may provide its proceeds may be payable.
Mich. Comp. Laws § 500.4036 Title required.
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Sec. 4036. There shall be a title on the face and on the back of the policy correctly describing the same.
Mich. Comp. Laws § 500.4037 Universal life insurance policy; provisions required.
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Sec. 4037. Each universal life insurance policy shall contain all of the following provisions: (a) That the insurer will send to the policyholder without charge at least annually a report advising the policyholder as to the policy status. The end of the current report period shal…
Mich. Comp. Laws § 500.4038 “Policy cost factors” defined; initial disclosure; statement of policy information; delivery; extension of free-look period; furnishing statement at time of policy delivery.
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Sec. 4038. (1) As used in this section, "policy cost factors" means those amounts that affect the price per thousand of life insurance coverage or other benefits. They include interest, mortality, expense charges, and fees, including any surrender or withdrawal charges, but not p…
Mich. Comp. Laws § 500.404 Insurers; financial conditions; compliance required.
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Sec. 404. Every like domestic, foreign, or alien insurer doing business in this state shall at all times be subject to the same standards and requirements concerning financial conditions and shall be in substantial compliance with those standards and requirements.
Mich. Comp. Laws § 500.4040 Safeguard against lapse; special surrender value; optional provisions; supplemental contract.
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Sec. 4040. (1) Any life insurer may include in its policy a provision intended to safeguard such life insurance against lapse, or provisions that shall provide a special surrender value therefor in the event that the insured thereunder shall, by reason of accidental bodily injury…
Mich. Comp. Laws § 500.4042 Liability limitation; aviation, military or naval service.
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Sec. 4042. Nothing contained in this chapter shall be construed as prohibiting a life insurer from placing in its policies provisions limiting its liability with respect to: (1) Death resulting from aviation other than as a fare-paying passenger on a regularly scheduled route bet…