reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.361 - Providing Dental Services Outside State.

550.361 Providing dental services outside state.
Sec. 11.
A dental care corporation may provide dental services to persons outside the state who are eligible under contracts entered into under section 19.
History:
1963, Act 125, Eff. Sept. 6, 1963 ;-- Am. 1990, Act 129, Imd. Eff. June 26, 1990
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.362 - Dental Care Service Contracts; Preliminary Requirements; Payments.

550.362 Dental care service contracts; preliminary requirements; payments.
Sec. 12.
A dental care corporation before entering into a contract with an applicant or group of applicants for dental services may require:
(a) A physical examination of the applicant and each of his dependents and proof of their substantial freedom from any disease or condition requiring immediate dental service.
(b) A reasonable waiting period after a contract is entered into before the subscriber is entitled to dental service.
(c) Payment by or for the subscriber of the stated fee for dental services for the care of any given illness, injury or other condition requiring dental service.
History:
1963, Act 125, Eff. Sept. 6, 1963
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.364 - Contract Limitations; Service Classes; County Residents.

550.364 Contract limitations; service classes; county residents.
Sec. 14.
A dental care corporation, by its articles of incorporation or bylaws, may limit the care that it will furnish, and may divide such care as it elects to furnish into classes or kinds. A corporation by its bylaws may limit the issuance of contracts to residents of certain counties.
History:
1963, Act 125, Eff. Sept. 6, 1963
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.365 - Dentists; Eligibility; Agreements With Corporation.

550.365 Dentists; eligibility; agreements with corporation.
Sec. 15.
A licensed dentist is eligible to render professional services to subscribers upon compliance with uniform requirements prescribed by the dental care corporation. At least 1/4 of the resident licensed dentists practicing in this state shall execute and maintain agreements with the corporation to render dental care to the subscribers of the corporation in order for the corporation to qualify and continue operating under this act.
History:
1963, Act 125, Eff. Sept. 6, 1963 ;-- Am. 1990, Act 129, Imd. Eff. June 26, 1990
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.366 - Subscriber-Dentist Relationship; Choice of Dentist; Refusal to Place Name of Dentist on Register; Removal of Name From Register.

550.366 Subscriber-dentist relationship; choice of dentist; refusal to place name of dentist on register; removal of name from register.
Sec. 16.
The relation between a subscriber or any of his or her dependents and a dentist shall be identical with the relation that ordinarily exists in the community between a dentist and his or her patient. Except as otherwise provided in section 16a, a dental care corporation, its officers, agents, or employees shall not interfere with or influence a patient's choice of his or her dentist, but a corporation may refuse to place the name of a dentist upon its register or remove the name of a dentist from its register, after due notice and hearing for cause satisfactory to the corporation.
History:
1963, Act 125, Eff. Sept. 6, 1963 ;-- Am. 1984, Act 234, Eff. Dec. 20, 1984
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.366a - Prudent Purchaser Agreements; Rates; Provisions Inapplicable to Certain Contracts and Renewal Thereof.

550.366a Prudent purchaser agreements; rates; provisions inapplicable to certain contracts and renewal thereof.
Sec. 16a.
(1) A dental care corporation may enter into prudent purchaser agreements with dentists pursuant to the prudent purchaser act.
(2) The rates charged by a corporation for coverage under contracts issued under this section shall not be unreasonably lower than what is necessary to meet the expenses of the corporation for providing this coverage and shall not have an anticompetitive effect or result in predatory pricing in relation to prudent purchaser agreement coverages offered by other organizations.
(3) Nothing in the 1984 amendatory act that added this section shall apply to any contract which was in existence before December 20, 1984, or the renewal of such contract.
History:
Add. 1984, Act 234, Eff. Dec. 20, 1984 ;-- Am. 1988, Act 281, Imd. Eff. July 27, 1988
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.367 - Reserve Funds; Maintenance; Investment.

550.367 Reserve funds; maintenance; investment.
Sec. 17.
A dental care corporation, before beginning business and at all times while engaged in business, shall maintain reserves in such form and amount as the commissioner of insurance may determine. Reserve funds shall be invested only in securities permitted by the laws of this state for the investment of assets of life insurance companies.
History:
1963, Act 125, Eff. Sept. 6, 1963
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.368 - Dental Care to Be in Accordance With Accepted Dental Practice.

550.368 Dental care to be in accordance with accepted dental practice.
Sec. 18.
Dental care rendered by a dental care corporation shall at all times be in accordance with the accepted dental practice in the community in which the care was rendered. A corporation shall furnish dental care only through licensed dentists.
History:
1963, Act 125, Eff. Sept. 6, 1963 ;-- Am. 1990, Act 129, Imd. Eff. June 26, 1990
Compiler's Notes:
For provisions of Act 122 of 1939, referred to in this section, see MCL 338.201 et seq.For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.369 - Dental Care for Needy and Other Persons; Payments; Contracts.

550.369 Dental care for needy and other persons; payments; contracts.
Sec. 19.
A dental care corporation may receive from governmental or private agencies, corporations, associations, groups, or individuals, within or outside the state, payments covering all or part of the costs of subscriptions to provide dental care for needy and other persons. Contracts for dental care shall be between the corporation and the person to receive the care.
History:
1963, Act 125, Eff. Sept. 6, 1963 ;-- Am. 1990, Act 129, Imd. Eff. June 26, 1990
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.369a - Coordination of Benefits.

550.369a Coordination of benefits.
Sec. 19a.
If a group contract issued by a corporation contains a coordination of benefits provision, the benefits shall be payable pursuant to the coordination of benefits act.
History:
Add. 1984, Act 70, Imd. Eff. Apr. 18, 1984
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.370 - Dentist-Patient Relationship; Civil Actions.

550.370 Dentist-patient relationship; civil actions.
Sec. 20.
A civil action based upon or arising out of the dentist-patient relationship shall not be maintained against a dental care corporation.
History:
1963, Act 125, Eff. Sept. 6, 1963
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.371 - Previously Existing Corporations Merger; Agreement, Approval.

550.371 Previously existing corporations merger; agreement, approval.
Sec. 21.
A nonprofit corporation heretofore incorporated under Act No. 327 of the Public Acts of 1931, as amended, engaged in operations prior to the effective date of this act and offering dental care contracts to persons or groups by the terms of which contracts dental services by licensed dentists are made available to such persons or groups at the expense of such persons or groups, or at the expense of others on their behalf, under an agreed-upon fee schedule, may be merged into a dental care corporation organized under this act under such terms as shall be specified in an agreement of merger. The corporation organized under this act is the surviving corporation. A majority of directors or trustees of each corporation desiring to merge, may enter into and sign the agreement, under the corporate seals of the corporations, prescribing the terms and conditions of merger and the mode of carrying the same into effect. The agreement shall also state such other facts required or permitted by Act No. 327 of the Public Acts of 1931, as amended, as it applies to nonprofit corporation articles in the case of a merger, stated in such altered form as the circumstances of the case required. It shall also state the manner of converting the shares or memberships of each of the constituent corporations into shares or memberships of the surviving corporation, with such other details and provisions as are deemed necessary, including provisions as to conversion of contracts with subscribers. No vote or consent shall be required of the members or shareholders of either of the corporations and no notice need be given or published as otherwise required by the laws of this state relating to merger of corporations. The agreement shall be effective upon the date of its approval by and filing with the commissioner of insurance and filing by the Michigan corporation and securities commission, whichever is later.
History:
1963, Act 125, Eff. Sept. 6, 1963
Compiler's Notes:
For provisions of Act 327 of 1931, referred to in this section, see MCL 450.1 et seq.For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.372 - Dental Care Corporations; Tax Exemption.

550.372 Dental care corporations; tax exemption.
Sec. 22.
A corporation subject to the provisions of this act is declared to be a charitable and benevolent institution, and its funds and property shall be exempt from taxation by the state, or any political subdivision.
History:
1963, Act 125, Eff. Sept. 6, 1963
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 125 of 1963 - Nonprofit Dental Care Corporations (550.351 - 550.373) › Section 550.373 - False Statement; Penalty.

550.373 False statement; penalty.
Sec. 23.
Any person, or any agent or officer of a corporation, who violates any of the provisions of this act or who makes a false statement with respect to any report or statement required by this act is guilty of a misdemeanor.
History:
1963, Act 125, Eff. Sept. 6, 1963
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Repealed - Act 109 of 1939 - Nonprofit Hospital Service Corporations (550.501 - 550.517)

NONPROFIT HOSPITAL SERVICE CORPORATIONS
Act 109 of 1939
550.501-550.517 Repealed. 1980, Act 350, Eff. Apr. 3, 1981.
Compiler's Notes:
Prior to April 3, 1981, the effective date of Act 350 of 1980, Blue Cross & Blue Shield of Michigan brought a complaint for declaratory judgment challenging the constitutionality of the act and sought an injunction against the act's enforcement in the Ingham County Circuit Court. On April 2, 1981, the Ingham County Circuit Court enjoined the enforcement of the act and further ordered the parties to comply with the existing enabling acts, Acts 108 and 109 of 1939. Blue Cross & Blue Shield of Michigan v Governor, 422 Mich 1; 367 NW2d 1, appdis, 474 US 805, 106 S Ct 40; 88 L Ed 2d 33 (1985).During the period when enforcement of Act 350 of 1980 was enjoined by the Ingham County Circuit Court, Act 108 was amended by Acts 142, 199, and 232 of 1982 and by Acts 67, 180, 194, 231, and 370 of 1984 and Act 109 was amended by Acts 198 and 233 of 1982 and by Acts 68, 182, 195, 232, and 371 of 1984.The Michigan Supreme Court in Blue Cross & Blue Shield of Michigan v Governor, 422 Mich at 97, ordered the Ingham County Circuit Court to dissolve the injunction against the enforcement of Acts 108 and 109 of 1939. An order dissolving the injunction was entered on August 28, 1985.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528) › Section 550.521 - Definitions.

550.521 Definitions.
Sec. 1.
As used in this act:
(a) "Commissioner" means the commissioner of insurance.
(b) "Life insurance" means that term as defined in section 602 of the insurance code of 1956, Act No. 218 of the Public Acts of 1956, being section 500.602 of the Michigan Compiled Laws.
(c) "Physician" means a person licensed in this or another state to practice medicine or osteopathic medicine.
(d) "Policy" means an individual life insurance policy or a certificate under a group life insurance policy.
(e) "Provider" means a person who enters into a viatical settlement contract with a viator. Provider does not mean any of the following:
(i) A financial lending institution that takes a policy as collateral for a loan.
(ii) The issuer of a policy providing accelerated benefits under section 602 of Act No. 218 of the Public Acts of 1956.
(iii) An individual who enters into no more than 1 viatical settlement contract in a calendar year for the transfer of a policy for any value less than the expected death benefit.
(f) "Viatical settlement contract" or "contract" means a written agreement entered into between a provider and a viator in which the provider will pay consideration that is less than the expected death benefit of the viator's policy in return for the viator's assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy to the provider.
(g) "Viator" means the owner or holder of a policy who has a terminal illness or condition and who enters into a viatical settlement contract.
History:
1996, Act 386, Eff. Mar. 31, 1997
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528) › Section 550.522 - Records; Production; Maintenance; Availability for Inspection; Payment of Expenses.

550.522 Records; production; maintenance; availability for inspection; payment of expenses.
Sec. 2.
(1) The commissioner may order a provider to produce records, books, files, or other information that is necessary to determine the qualifications of the provider or whether the provider is or has acted in violation of this act.
(2) The provider shall maintain records of all transactions of contracts and make the records available to the commissioner for inspection during reasonable business hours.
(3) The provider shall pay the expenses incurred in conducting an examination under this section.
History:
1996, Act 386, Eff. Mar. 31, 1997
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528) › Section 550.523 - Disclosure of Information.

550.523 Disclosure of information.
Sec. 3.
A provider shall disclose all of the following information to the viator no later than the date the contract is signed by the viator:
(a) Options other than the contract for a person with a terminal illness or condition, including accelerated benefits offered by the issuer of the policy.
(b) That some or all of the contract consideration may be taxable, and that assistance should be sought from a personal tax advisor.
(c) That the contract consideration could be subject to the claims of creditors.
(d) That receipt of the contract consideration may adversely affect the viator's eligibility for government benefits or entitlements.
(e) The viator's right to rescind the contract within 30 days after the date the contract is executed or within 15 days after the receipt of the contract consideration by the viator, whichever is less.
(f) The date by which the contract consideration will be available to the viator and the source of the consideration.
History:
1996, Act 386, Eff. Mar. 31, 1997
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528) › Section 550.524 - Documents to Be Obtained by Provider; Right to Avoid or Rescind Contract.

550.524 Documents to be obtained by provider; right to avoid or rescind contract.
Sec. 4.
(1) A provider entering into a contract with a viator shall obtain both of the following:
(a) A written statement from a physician that the viator is of sound mind and under no constraint or undue influence.
(b) A signed document by the viator stating:
(i) Consent to the contract.
(ii) Acknowledgment of the terminal illness or condition.
(iii) Representation that the viator has a full and complete understanding of the contract.
(iv) Representation that the viator has a full and complete understanding of the benefits of the policy.
(v) A release of the medical records and acknowledgment that the contract has been entered into freely and voluntarily. The provider shall keep all medical records received under this subparagraph confidential.
(2) A viatical settlement contract entered into in this state shall contain a provision giving the viator the right to void the contract for at least 30 days after the date the contract is signed, or 15 days after the receipt of the viatical settlement contract consideration, whichever is less. The provider shall notify the insurer of the policy of a rescission within 30 days of the date that a contract is rescinded under this subsection.
History:
1996, Act 386, Eff. Mar. 31, 1997
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528) › Section 550.524a - Agreement to Commit Suicide; Payment Prohibited.

550.524a Agreement to commit suicide; payment prohibited.
Sec. 4a.
A provider shall not offer to provide or provide any payment to a viator that is conditioned on the viator's agreement to commit suicide.
History:
Add. 1999, Act 163, Imd. Eff. Nov. 4, 1999
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528) › Section 550.525 - Disposition of Contract Consideration.

550.525 Disposition of contract consideration.
Sec. 5.
(1) Upon receipt from the viator of the documents to effect the transfer of the policy, the provider shall deposit the contract consideration in an escrow or trust account managed by a state or federal chartered financial institution, pending acknowledgment of the transfer by the issuer of the policy. The financial institution shall transfer the contract consideration to the viator immediately upon receipt of acknowledgment of the transfer from the insurer.
(2) Failure by the provider to tender the contract consideration as required by this act renders the contract void.
History:
1996, Act 386, Eff. Mar. 31, 1997
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528) › Section 550.526 - Double or Additional Indemnity.

550.526 Double or additional indemnity.
Sec. 6.
If a policy provides for double or additional indemnity in case of accidental death and accidental death occurs, the provider shall be entitled only to the face amount of the policy. Any amounts payable under the policy that exceed the face amount shall be paid to the beneficiary designated by the viator or, if no beneficiary has been designated, to the viator's estate.
History:
1996, Act 386, Eff. Mar. 31, 1997
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528) › Section 550.527 - Offer to Purchase Policy or Certificate; Notice to Insurer.

550.527 Offer to purchase policy or certificate; notice to insurer.
Sec. 7.
An offer to purchase a life insurance policy or certificate from the viator shall be transmitted to the insurer providing the life insurance policy, who may advise the viator of other alternatives which may be available under the policy. The notice required by this section shall be transmitted by the provider of the viatical settlement contract.
History:
1996, Act 386, Eff. Mar. 31, 1997
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528) › Section 550.528 - Order Prohibiting Provider From Entering Viatical Settlement Contract; Additional Orders.

550.528 Order prohibiting provider from entering viatical settlement contract; additional orders.
Sec. 8.
(1) The commissioner may issue an order prohibiting the provider from entering into a viatical settlement contract in this state if the commissioner finds any of the following:
(a) The provider has been fraudulent or engaged in dishonest practices.
(b) The provider demonstrates a pattern of unreasonable payments to policy owners.
(c) The provider has been convicted of a felony or any misdemeanor that involved criminal fraud.
(d) The provider has violated a provision of this act.
(2) In addition to the order under subsection (1), the commissioner may order any of the following:
(a) Payment of a civil fine of not more than $500.00 for each violation.
(b) If the provider knew or reasonably should have known that the provider was in violation of this act, the repayment of all consideration paid by or on behalf of a viator for a viatical settlement contract affected by the violation and a civil fine of not more than $2,500.00 for each violation.
(c) A cease and desist order.
History:
1996, Act 386, Eff. Mar. 31, 1997 ;-- Am. 1997, Act 189, Imd. Eff. Dec. 30, 1997
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Repealed - Act 182 of 2013 - Abortion Insurance Opt-Out Act (550.541 - 550.551)

ABORTION INSURANCE OPT-OUT ACT
Act 182 of 2013
550.541-550.551 Repealed. 2023, Act 286, Eff. Feb. 13. 2024.
Compiler's Notes:
Enacting section 1 of Act 182 of 2013 provides:"Enacting Section 1. If any part or parts of this act are found to be in conflict with the state constitution of 1963, the United States constitution, or federal law, this act shall be implemented to the maximum extent that the state constitution of 1963, the United States constitution, and federal law permit. Any provision held invalid or inoperative shall be severable from the remaining portions of this act."Public Act 182 of 2013 was proposed by initiative petition pursuant to Const 1963, art II, § 9. On December 11, 2013, the initiative petition was approved by an affirmative vote of the majority of the Senate and the House of Representatives, and filed with the Secretary of State on December 12, 2013.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.601 - Credit Insurance Act; Short Title.

550.601 Credit insurance act; short title.
Sec. 1.
This act shall be known and may be cited as "credit insurance act".
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of the Department of Insurance and Office of the Commissioner on Insurance from the Department of Licensing and Regulation to the Department of Commerce, see E.R.O. No. 1991-9, compiled at MCL 338.3501 of the Michigan Compiled Laws.For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.602 - Scope of Act.

550.602 Scope of act.
Sec. 2.
All life insurance and all accident and health insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this act except such insurance sold in connection with loans on dwellings or mobile homes where the term of the loan is in excess of 5 years.
History:
1958, Act 173, Eff. Sept. 13, 1958 ;-- Am. 1968, Act 97, Imd. Eff. June 7, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.603 - Credit Insurance Act; Definitions.

550.603 Credit insurance act; definitions.
Sec. 3.
As used in this act:
(1) "Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction.
(2) "Credit accident and health insurance" means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy.
(3) "Creditor" means the lender of money or vendor or lessor of goods, services, property, rights or privileges, for which payment is arranged through a credit transaction or any successor to the right, title or interest of any such lender, vendor or lessor.
(4) "Debtor" means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction.
(5) "Indebtedness" means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.
(6) "Commissioner" means state insurance commissioner.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.604 - Credit Life Insurance, Credit Accident and Health Insurance; Forms.

550.604 Credit life insurance, credit accident and health insurance; forms.
Sec. 4.
Credit life insurance and credit accident and health insurance shall be issued only in the following forms:
(a) Individual policies of life insurance issued to debtors on the term plan;
(b) Individual policies of accident and health insurance issued to debtors on a term plan or disability provisions in individual policies of credit life insurance;
(c) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
(d) Group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability provisions in group life policies to provide such coverage.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.605 - Credit Life Insurance; Amount.

550.605 Credit life insurance; amount.
Sec. 5.
The amount of credit life insurance shall not exceed the indebtedness. Where indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance the amount of insurance shall not exceed the approximate unpaid indebtedness on the date of death and, where secured by a group policy of credit life insurance shall not exceed the exact amount of unpaid indebtedness on such date.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.606 - Periodic Indemnity Payable.

550.606 Periodic indemnity payable.
Sec. 6.
The amount of periodic indemnity payable by credit accident and health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness and shall not exceed the original indebtedness divided by the number of periodic installments.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.607 - Term; Refund on Termination Prior to Expiration.

550.607 Term; refund on termination prior to expiration.
Sec. 7.
The term of any credit life insurance or credit accident and health insurance shall commence, subject to acceptance by the insurer, on the date when the debtor becomes obligated to the creditor, except that, where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. The term of such insurance shall not extend more than 15 days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in section 18.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.608 - Evidence of Insurance; Policy or Certificate Delivery.

550.608 Evidence of insurance; policy or certificate delivery.
Sec. 8.
All credit life insurance and credit accident and health insurance sold shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate of insurance shall be delivered to the debtor.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.609 - Policy or Certificate; Contents.

550.609 Policy or certificate; contents.
Sec. 9.
Each individual policy or group certificate of credit life insurance, and credit accident and health insurance in addition to other requirements of law, shall set forth the name and home office address of the insurer, and the identity by name or otherwise of the person or persons insured, the amount of payment separately in connection with credit life insurance and credit accident and health insurance if an identifiable charge is made to the debtor, a description of the coverage including any exceptions, limitations or restrictions, and shall state that the benefits shall be paid to the creditor to reduce or extinguish the unpaid indebtedness and, wherever the amount of insurance may exceed the unpaid indebtedness, that any such excess shall be payable to a beneficiary, other than the creditor, named by the debtor or to his estate.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.610 - Policy or Certificate; Delivery to Debtor.

550.610 Policy or certificate; delivery to debtor.
Sec. 10.
The individual policy or group certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is incurred except as hereinafter provided.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.611 - Policy or Certificate; Application, Contents.

550.611 Policy or certificate; application, contents.
Sec. 11.
If the individual policy or group certificate of insurance is not delivered to the debtor at the time the indebtedness is incurred, a copy of the application for such policy or a notice of proposed insurance, signed by the debtor and setting forth the name and home office address of the insurer, the name or names of the debtor, the rate of premium, or at the option of the creditor or debtor, the amount of payment separately in connection with credit life insurance and credit accident and health insurance coverage, and a brief description of the coverage provided, shall be delivered to the debtor at the time such indebtedness is incurred. The copy of the application for, or notice of proposed insurance shall refer exclusively to insurance coverage, and shall be separate and apart from the loan, sale or other credit statement of account, instrument or agreement unless the information required by this section is set forth therein. Upon acceptance of the insurance and within 30 days of the date upon which the indebtedness is incurred, the insurer shall cause the individual policy or group certificate of insurance to be delivered to the debtor. Said application or notice of proposed insurance shall state that, upon acceptance by the insurer, the insurance shall become effective as of the date the indebtedness is incurred.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.612 - Papers Filed With Commissioner of Issuing State.

550.612 Papers filed with commissioner of issuing state.
Sec. 12.
All policies, certificates of insurance, notices of proposed insurance, applications for insurance, binder, endorsements and riders shall be filed with the commissioner of the state in which the policy is issued.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.613 - Papers Filed With Commissioner of Issuing State; Disapproval.

550.613 Papers filed with commissioner of issuing state; disapproval.
Sec. 13.
The commissioner within 30 days after the filing of all policies, certificates of insurance, notices of proposed insurance, applications for insurance, binders, endorsements and riders, in addition to other requirements of law, may disapprove any such form if the benefits provided therein are not reasonable in relation to the premium charge or if it contains provisions which are unjust, unfair, inequitable, misleading, deceptive or encourage misrepresentation of such policy.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 173 of 1958 - Credit Insurance Act (550.601 - 550.624) › Section 550.614 - Papers Filed With Commissioner of Issuing State; Use, Hearing, Prior Written Approval.

550.614 Papers filed with commissioner of issuing state; use, hearing, prior written approval.
Sec. 14.
If the commissioner notifies the insurer that the form does not comply with this subsection, it is unlawful thereafter for such insurer to issue or use such form. In such notice, the commissioner shall specify the reason for his disapproval and state that a hearing will be granted within 20 days after request in writing by the insurer. No such policy, certificate of insurance, notice of proposed insurance, nor any application, binder, endorsement or rider, shall be issued or used until the expiration of 30 days after it has been so filed, unless the commissioner shall give his prior written approval thereto.
History:
1958, Act 173, Eff. Sept. 13, 1958
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.