reglab/housing_qa huggingface dataset:
MI Comp L § 500.4070 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4070 - Insurance and Annuities on Same Life; Automatic Conversion of Deferred Annuity Into Paid-Up Annuity.

500.4070 Insurance and annuities on same life; automatic conversion of deferred annuity into paid-up annuity. 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 part of the contracts providing for insurance.  (2) Except a contract subject to section 4060 (standard nonforfeiture law for life insurance) or section 4072 (standard nonforfeiture law for individual deferred annuities), every contract prescribed in subsection (1) providing for a deferred annuity on the life of the insured only, or a deferred annuity issued on a single life, unless paid for by a single premium, shall provide that in the event of the nonpayment of a premium after 3 full years of premiums have been paid, the annuity shall automatically become converted into a paid-up annuity for the proportion of the original annuity as the number of completed years of premiums paid bears to the total number of premiums required under the contract. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1980, Act 58, Eff. Oct. 1, 1980 Popular Name: Act 218
MI Comp L § 500.4073 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4073 - Annuity Policy or Contract; Notice of Right to Cancel and Receive Refund; Effect of Returning Policy or Contract; Variable Annuity Contract; Exceptions.

500.4073 Annuity policy or contract; notice of right to cancel and receive refund; effect of returning policy or contract; variable annuity contract; exceptions.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 less than 10 days after the date the policyholder receives the policy, the policyholder may cancel the policy and receive from the insurer a prompt refund of any premium paid for the policy, including a policy fee or other charge, by mailing or otherwise surrendering the policy to the insurer together with a written request for cancellation. If a policyholder or purchaser pursuant to the notice, returns the policy or contract to the company or association at its home or branch office or to the agent through whom it was purchased, it is void from the beginning and the parties are in the same position as if no policy or contract had been issued.  (2) For a variable annuity contract, the refund under subsection (1) shall equal the sum of the following:  (a) The difference between the premiums paid, including any policy or contract fees or other charges, and the amounts allocated to any separate accounts under the policy or contract.  (b) The value of the amounts allocated to any separate accounts under the policy or contract on the date the returned policy is received by the insurer or its insurance producer.  (3) This section does not apply to policies or contracts issued to an employee in connection with the funding of a pension, annuity or profit-sharing plan, qualified or exempt under section 401, 403, 404, or 501 of the internal revenue code of 1986, 26 USC 401, 403, 404, and 501 if participation in the plan is a condition of employment. History: Add. 1980, Act 58, Eff. Oct. 1, 1980 ;-- Am. 2014, Act 143, Eff. Mar. 31, 2015 Popular Name: Act 218
MI Comp L § 500.4101 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4101 - Definitions.

500.4101 Definitions. 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 which are guaranteed if held for specified periods. It contains nonforfeiture values that are based upon a market-value adjustment formula if held for shorter periods. This formula may, or may not, reflect the value of assets held in the separate account. The assets underlying the contract shall be in a separate account during the period the contract holder can surrender the contract.   (c) "Separate account" means a separate account established pursuant to this chapter or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4103 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4103 - Delivery or Issuance by Insurer of Modified Guaranteed Annuity; Conditions.

500.4103 Delivery or issuance by insurer of modified guaranteed annuity; conditions. 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 operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In making this determination, the commissioner shall consider among other things the insurer's history and financial condition, the character, responsibility, and fitness of the insurer's officers and directors, and the law and regulation under which the insurer is authorized in the state of domicile to issue such annuities.   (2) If the insurer is a subsidiary of an admitted life insurance company or affiliated with such insurer by common management or ownership, the commissioner may consider subsection (1) satisfied if either the subsidiary or affiliated insurer or the admitted life company satisfies subsection (1) and the insurer is licensed and has a satisfactory record of doing business in this state for a period of at least 3 years.  (3) Before an insurer delivers or issues for delivery a modified guaranteed annuity within this state, it shall submit to the commissioner the following:  (a) A general description of the kinds of modified guaranteed annuities it intends to issue.   (b) If requested by the commissioner, a copy of the statutes and regulations of its state of domicile under which it is authorized to issue modified guaranteed annuities.  (c) If requested by the commissioner, biographical data of the insurer's officers and directors. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4105 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4105 - Sales and Advertising Material; Illustrations of Benefits Payable; Prospectus.

500.4105 Sales and advertising material; illustrations of benefits payable; prospectus. 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 state that is false, misleading, deceptive, or inaccurate.  (2) Illustrations of benefits payable under a modified guaranteed annuity shall not include projections of past investment experience into the future or attempted predictions of future investment experience. However, hypothetical assumed interest credits may be used to illustrate possible levels of benefits.  (3) Before an insurer delivers or issues for delivery a modified guaranteed annuity contract in this state, the commissioner may require the filing of a copy of any prospectus or other sales material to be used in connection with the marketing of the insurer's modified guaranteed annuity contract. The sales material shall clearly illustrate that there can be both upward and downward adjustments due to the application of the market-value adjustment formula in determining nonforfeiture benefits. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4107 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4107 - Separate Account Annual Statement and Other Information to Be Submitted to Commissioner.

500.4107 Separate account annual statement and other information to be submitted to commissioner. 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 information concerning its modified guaranteed annuity operations or separate accounts as the commissioner considers necessary. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4109 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4109 - Disapproval by Commissioner of Filed Material.

500.4109 Disapproval by commissioner of filed material. 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. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4111 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4111 - Filing Requirements.

500.4111 Filing requirements. 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 appropriate, provided, however, filings shall include a demonstration in a form satisfactory to the commissioner that the nonforfeiture provisions of the contract comply with section 4115. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4113 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4113 - Modified Guaranteed Annuity Contract; Required Provisions; Market-Value Adjustment Formula.

500.4113 Modified guaranteed annuity contract; required provisions; market-value adjustment formula. 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 guaranteed annuity contract calling for the payment of periodic stipulated payments shall not be delivered or issued for delivery in this state unless it contains in substance all of the following provisions:  (a) A grace period of 30 days or of 1 month during which the contract shall remain in force and within which any payment due to the insurer other than the first may be made. The contract may include a statement of the basis for determining the date as of which any such payment received during the grace period shall be applied to produce the values under the contract.  (b) A provision that, at any time within 1 year from the date of default, the contract may be reinstated upon payment to the insurer of the overdue payments as required by contract, and of all indebtedness to the insurer on the contract, including interest. Reinstatement may not occur if the cash value has been paid. The contract may include a statement of the basis for determining the date as of which the amount to cover the overdue payments and indebtedness shall be applied to produce the values under the contract.  (c) A provision that, to the extent set out in the contract, the portion of the assets of any separate account that equal the reserves and other contract liabilities of the account shall not be chargeable with liabilities arising out of any other business of the insurer.  (3) The market-value adjustment formula, used in determining nonforfeiture benefits, shall be stated in the contract and shall be applicable for both upward and downward adjustments. When a contract is filed, it shall be accompanied by an actuarial statement indicating the basis for the market-value adjustment formula and that the formula provides reasonable equity to both the contract holder and the insurer. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 ;-- Am. 1993, Act 264, Imd. Eff. Dec. 21, 1993 Popular Name: Act 218
MI Comp L § 500.4117 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4117 - Application for Modified Guaranteed Annuity.

500.4117 Application for modified guaranteed annuity. 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. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4119 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4119 - Reserve Liabilities.

500.4119 Reserve liabilities. 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 a minimum, the separate account liability shall equal the surrender value based upon the market-value adjustment formula contained in the contract. If that liability is greater than the asset's market value, a transfer of assets shall be made into the separate account so that the asset's market value at least equals that of the liabilities. Also, any additional reserve that is needed to cover future guaranteed benefits shall also be set up by the valuation actuary. The market-value adjustment formula, the interest guarantees, and the degree to which projected cash flow of assets and liabilities are matched shall also be considered. Each year, the valuation actuary shall provide an opinion on whether the assets in the separate account are adequate to provide all future benefits that are guaranteed.  History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4121 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4121 - Modified Guaranteed Annuity Separate Accounts.

500.4121 Modified guaranteed annuity separate accounts. 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.  (b) The insurer shall maintain in each separate account assets with a market value or other value comporting to standards set out in this chapter, at least equal to the valuation reserves and other contract liabilities respecting the account.   (c) Investments of the separate account shall be valued at their market value on the date of valuation, or at amortized cost if it approximates market value, or pursuant to standards contained in this chapter.  (d) Unless otherwise approved by the commissioner, separate accounts relating to modified guaranteed annuities shall be subject to investment laws applicable to the insurer's general asset account. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4123 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4123 - Annual Report.

500.4123 Annual report. 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 formula and shall specify the surrender charge and market-value adjustment used to determine the cash surrender value.  History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4125 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4125 - Compliance With Law or Regulation in Place of Domicile of Foreign Insurer as Compliance With This Chapter.

500.4125 Compliance with law or regulation in place of domicile of foreign insurer as compliance with this chapter. 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 or her may consider compliance with that law or regulation as compliance with this chapter. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4127 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)|Section 500.4127 - License to Sell Variable Annuities Required to Sell Modified Guaranteed Annuity Contracts.

500.4127 License to sell variable annuities required to sell modified guaranteed annuity contracts. 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. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
MI Comp L § 500.4153 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41A - Chapter 41a Annuity Recommendation to Consumers (500.4151...500.4166)|Section 500.4153 - Scope of Chapter.

500.4153 Scope of chapter.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 solicitations if there is no recommendation based on information collected from the consumer.  (b) Contracts used to fund any of the following:  (i) An employee pension or welfare benefit plan that is covered by the employee retirement income security act of 1974, Public Law 93-406.  (ii) A plan described by 26 USC 401(a), 26 USC 401(k), 26 USC 403(b), 26 USC 408(k), or 26 USC 408(p), if established or maintained by an employer.  (iii) A governmental or church plan defined in 26 USC 414, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under 26 USC 457.  (iv) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.  (v) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process.  (vi) Formal prepaid funeral contracts.  (3) This chapter does not require a producer to obtain any license other than a producer license with the appropriate line of authority to sell, solicit, or negotiate insurance in this state, including, but not limited to, any securities license, to fulfill the duties and obligations contained under this chapter if the producer does not give advice or provide services that are otherwise subject to securities laws or engage in any other activity requiring other professional licenses.  (4) This chapter does not create or imply a private cause of action for a violation of this chapter or subject a producer to civil liability under the standard of care outlined in section 4155 or under standards governing the conduct of a fiduciary or a fiduciary relationship. History: Add. 2006, Act 399, Imd. Eff. Sept. 29, 2006 ;-- Am. 2012, Act 544, Eff. June 1, 2013 ;-- Am. 2020, Act 266, Eff. June 29, 2021
MI Comp L § 500.4157 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41A - Chapter 41a Annuity Recommendation to Consumers (500.4151...500.4166)|Section 500.4157 - Repealed. 2012, Act 544, Eff. June 1, 2013.

500.4157 Repealed. 2012, Act 544, Eff. June 1, 2013. Compiler's Notes: The repealed section pertained to system to supervise recommendations of insurance providers.
MI Comp L § 500.4159 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41A - Chapter 41a Annuity Recommendation to Consumers (500.4151...500.4166)|Section 500.4159 - Dissuading Consumer From Certain Acts Prohibited.

500.4159 Dissuading consumer from certain acts prohibited.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 complaint. History: Add. 2012, Act 544, Eff. June 1, 2013 ;-- Am. 2020, Act 266, Eff. June 29, 2021
MI Comp L § 500.4161 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-41A - Chapter 41a Annuity Recommendation to Consumers (500.4151...500.4166)|Section 500.4161 - Copy of Annuity Policy.

500.4161 Copy of annuity policy.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. History: Add. 2012, Act 544, Eff. June 1, 2013