reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.462 - Signature of Insurance Producer on Application for Life or Disability Insurance.

500.462 Signature of insurance producer on application for life or disability insurance.
Sec. 462.
Except as otherwise provided in this section, an application for life or disability insurance must bear the signature of an insurance producer. This section does not apply to an application for insurance through the insurer's internet website if the website contains a statement that the applicant may use an insurance producer to assist with the application at no cost to the applicant.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1972, Act 133, Eff. Mar. 30, 1973 ;-- Am. 2016, Act 276, Imd. Eff. July 1, 2016
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.464 - Additional Deposits by Domestic Insurers.

500.464 Additional deposits by domestic insurers.
Sec. 464.
(1) Whenever a domestic insurer desiring to do business in any other state or in any foreign country is required to make or maintain a deposit of cash or securities or both in some state other than or in addition to the deposit required to be made with the state treasurer under this act, the other or additional deposit may be made and maintained with the treasurer of this state.
(2) Deposits by insurers with the state treasurer pursuant to this act or in compliance with the law of another state or a foreign country, shall be held for the purposes specified in the applicable law. Special deposits by insurers with the state treasurer shall be held for the purposes specified by the insurer in making the deposit.
(3) Securities deposited with the state treasurer shall be indorsed to bearer or to the state treasurer in the name of his office. The state treasurer shall not enforce, sell or assign securities except when necessary to fulfill the purposes of the deposit and except to return the securities to the depositing insurer when return is permitted.
(4) The insurer may collect and receive dividends and interest on the securities deposited with the state treasurer and may exchange securities for other acceptable securities.
(5) If the market value of securities held by the state treasurer becomes less than the required amount of the deposit, the commissioner may suspend or revoke the authority of the insurer to transact insurance in this state until the deficiency has been covered by the deposit of additional acceptable securities.
(6) Deposits required by this act may be released to the depositing insurer to the extent the insurer demonstrates to the satisfaction of the commissioner that the deposited securities are no longer necessary to cover the obligations of the insurer, if the insurer no longer is transacting business within the state. Other deposits or portions of other deposits may be released to the depositing insurer at any time to the extent that the insurer has demonstrated to the satisfaction of the commissioner that the deposited securities no longer are necessary to satisfy the purposes of the deposit.
History:
Add. 1972, Act 360, Imd. Eff. Jan. 9, 1973
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.470 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

500.470 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
Compiler's Notes:
The repealed section pertained to deficiency in life insurer assets.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.476 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

500.476 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
Compiler's Notes:
The repealed section pertained to deposit of securities for protection of policyholders.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.476b - Taxes to Which Authorized Insurer Subject.

500.476b Taxes to which authorized insurer subject.
Sec. 476b.
Authorized insurers are subject to the tax as provided in section 476a if applicable or the former single business tax act, 1975 PA 228, or the Michigan business tax act, 2007 PA 36, MCL 208.1101 to 208.1601, whichever is greater.
History:
Add. 1987, Act 261, Imd. Eff. Dec. 28, 1987 ;-- Am. 2007, Act 187, Imd. Eff. Dec. 21, 2007
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.476c - Repealed. 1993, Act 200, Eff. Dec. 28, 1994.

500.476c Repealed. 1993, Act 200, Eff. Dec. 28, 1994.
Compiler's Notes:
The repealed section pertained to payment of fee and legal status of accident fund.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.479 - Imposition of Fee by Naic.

500.479 Imposition of fee by NAIC.
Sec. 479.
(1) An insurer domiciled in this state and authorized to transact insurance in this state is not required and cannot be compelled to pay any fee imposed by the NAIC, unless the fee is authorized by an order of the commissioner pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
(2) In determining whether to authorize the payment of a fee imposed by the NAIC, the commissioner shall consider the NAIC's annual report required under section 478, any legislative oversight reports, records, or findings transmitted by the senate and house of representatives standing committees on insurance issues under section 478, and the following factors:
(a) How the NAIC dedicates the use of the fees, including the degree to which any solvency-related revenue is improperly used to subsidize NAIC functions other than solvency oversight.
(b) The degree to which fees imposed by the NAIC are based on an insurer's annual amount of premium volume, rather than the cost of a service rendered by the NAIC.
(c) Whether the NAIC has exceeded its legal authority, as determined by an examination of the fiscal report required under section 478, as well as any other factors considered appropriate by the commissioner.
(d) The level of accountability shown by the NAIC to legislative and regulatory authorities.
(e) The effect of NAIC standards on state sovereignty and innovation.
(f) Whether the NAIC determines the state's accreditation status solely on the basis of its regulatory effectiveness.
(g) Whether NAIC proceedings and decision making are open and publicly accessible.
(3) An order issued under this section shall include a detailed explanation of the commissioner's findings concerning the factors listed in subsection (2).
(4) The commissioner may by an appropriate order authorize or prohibit, in whole or in part, the payment of a fee imposed by the NAIC. The commissioner may rescind or modify, in whole or in part, an order issued by the commissioner under this section as circumstances warrant.
History:
Add. 1998, Act 279, Imd. Eff. July 27, 1998
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.480 - Definitions.

500.480 Definitions.
Sec. 480.
As used in sections 478 and 479:
(a) "Fee" means financial data base fees, annual statement filing fees, securities valuation fees, user fees, and any other financial assessment or charge of any kind imposed directly or indirectly by the NAIC.
(b) "NAIC" means the national association of insurance commissioners.
(c) "NAIC standard" means a directive; financial annual statement requirement; model act; model regulation; issue paper; market conduct or financial examination report or requirement; accounting practice, procedure, or reporting standard; securities valuation requirement; or any report, action, or program of any kind promulgated by the NAIC, or a committee, task force, working group, or advisory committee of the NAIC.
(d) "Solvency oversight" means an activity directly related to regulating the financial condition of an insurer. Solvency oversight does not include an activity related to market conduct regulation, market regulatory support, or general regulatory support.
(e) "Solvency-related revenue" means only financial data base fees, annual statement fees, and securities valuation fees.
History:
Add. 1998, Act 279, Imd. Eff. July 27, 1998
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.501 - Scope of Chapter.

500.501 Scope of chapter.
Sec. 501.
(1) This chapter applies to the treatment of nonpublic personal financial information about individuals who obtain or are claimants or beneficiaries of products or services primarily for personal, family, or household purposes from licensees whether through an individual or group plan. This chapter does not apply to information about companies or about individuals who obtain products or services for business, commercial, or agricultural purposes.
(2) This chapter does not modify, limit, or supersede any provision of section 1243.
(3) This chapter does not modify, limit, or supersede statute or rules governing the confidentiality or privacy of individually identifiable health and medical information, including, but not limited to, all of the following:
(a) Section 2157 of the revised judicature act of 1961, 1961 PA 236, MCL 600.2157.
(b) Section 1750 of the mental health code, 1974 PA 258, MCL 330.1750.
(c) The public health code, 1978 PA 368, MCL 333.1101 to 333.25211.
(d) Section 406 of the nonprofit health care corporation reform act, 1980 PA 350, MCL 550.1406.
(e) Sections 410 and 492A of the Michigan penal code, 1931 PA 328, MCL 750.410 and 750.492a.
(f) Section 13 of the freedom of information act, 1976 PA 442, MCL 15.243.
(g) Section 34 of the third party administrator act, 1984 PA 218, MCL 550.934.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.505 - Notice and Opt Out Requirements.

500.505 Notice and opt out requirements.
Sec. 505.
(1) A licensee is not required to provide the notice and opt out requirements for nonpublic personal financial information under this chapter if the licensee is an employee, agent, or other representative of a principal and all of the following are met:
(a) The principal is another licensee.
(b) The principal otherwise complies with and provides the notices required by this chapter.
(c) The licensee does not disclose any nonpublic personal information to any person other than the principal or its affiliates as provided in this chapter.
(2) A surplus lines broker or surplus lines insurer is considered to be in compliance with the notice and opt out requirements for nonpublic personal financial information under this chapter if all of the following are met:
(a) The broker or insurer does not disclose nonpublic personal information of a consumer or a customer to nonaffiliated third parties for any purpose, including joint servicing or marketing under section 535, except as permitted by section 537 or 539.
(b) The broker or insurer delivers a notice to the consumer at the time a customer relationship is established on which the following is printed in 16-point type:
PRIVACY NOTICE
"Neither the U.S. brokers that handled this insurance nor the insurers that have underwritten this insurance will disclose nonpublic personal information concerning the buyer to nonaffiliates of the brokers or insurers except as permitted by law.".
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.507 - Privacy Policies and Practices; Notice.

500.507 Privacy policies and practices; notice.
Sec. 507.
(1) Beginning July 1, 2001, a licensee shall provide a clear and conspicuous notice that accurately reflects its privacy policies and practices to all of the following:
(a) An individual who on or after July 1, 2001 becomes the licensee's customer, not later than when the licensee establishes a customer relationship, except as provided in section 511.
(b) An individual who was the licensee's customer before July 1, 2001, either at the next regularly scheduled contact with that customer but not later than July 1, 2002, so long as the licensee does not disclose any nonpublic personal financial information about the customer to any nonaffiliated third party other than as authorized by sections 537 and 539 or annually in accordance with section 513 if the licensee provided a notice before July 1, 2001 and that notice was consistent with the requirements of this chapter.
(c) A consumer, before the licensee discloses any nonpublic personal financial information about the consumer to any nonaffiliated third party, if the licensee makes such a disclosure other than as authorized by sections 537 and 539.
(2) A licensee is not required to provide an initial notice to a consumer under subsection (1) if the licensee meets any of the following:
(a) The licensee does not disclose any nonpublic personal financial information about that consumer to any nonaffiliated third party, other than as authorized by sections 537 and 539, and the licensee does not have a customer relationship with the consumer.
(b) A notice has been provided to that consumer by an affiliated licensee, as long as the notice clearly identifies all licensees to whom the notice applies and is accurate with respect to the licensee and the other institutions.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.509 - Customer Relationship; Time of Establishment; Continuing Relationship; Revised Privacy Notice for New Insurance Product or Service.

500.509 Customer relationship; time of establishment; continuing relationship; revised privacy notice for new insurance product or service.
Sec. 509.
(1) A licensee establishes a customer relationship at the time the licensee and the consumer enter into a continuing relationship. A continuing relationship includes, but is not limited to, all of the following:
(a) For an insurer, when the consumer receives the delivery of an insurance policy or contract.
(b) For a producer, when the consumer obtains insurance through that licensee.
(c) When the consumer agrees to obtain financial, economic, or investment advisory services relating to insurance products or services for a fee from the licensee.
(2) An individual does not have a continuing relationship with a licensee as follows:
(a) If the individual's policy is lapsed, expired, or otherwise inactive or dormant under the licensee's business practices and the licensee has not communicated with the individual about the policy for a period of 12 consecutive months, other than to provide annual privacy notices, material required by law or regulation, communication at the direction of a state or federal authority, or promotional materials.
(b) If the individual is an insured or an annuitant under an insurance policy or annuity, but is not the policyholder or owner of the insurance policy or annuity.
(c) If the individual's last known address according to the licensee's records is invalid. An address of record is considered invalid if mail sent to that address by the licensee has been returned by the postal authorities as undeliverable and if subsequent attempts by the licensee to obtain a current, valid address for the individual have been unsuccessful.
(3) Except as otherwise provided in this subsection, when an existing customer obtains a new insurance product or service from a licensee that is to be used primarily for personal, family, or household purposes, the licensee shall provide a revised privacy notice that meets the requirements of section 525 and that covers the customer's new insurance product or service. If the initial, revised, or annual notice that the licensee most recently provided to that customer under this chapter is accurate with respect to the new insurance product or service, the licensee does not need to provide a new privacy notice under this subsection.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.511 - Initial Notice; Conditions; Delivery.

500.511 Initial notice; conditions; delivery.
Sec. 511.
(1) A licensee may provide the initial notice within a reasonable time after the licensee establishes a customer relationship if establishing the customer relationship is not at the customer's election or providing notice not later than when the licensee establishes a customer relationship would substantially delay the customer's transaction and the customer agrees to receive the notice at a later time.
(2) When a licensee is required to deliver an initial notice under this section, the licensee shall deliver it according to section 527. If the licensee uses a short-form initial notice for noncustomers according to section 517, the licensee may deliver its privacy notice according to section 517(3).
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.513 - Annual Notice Required; “Annually” Defined; Exception.

500.513 Annual notice required; “annually” defined; exception.
Sec. 513.
(1) Except as otherwise provided in subsection (2), a licensee shall provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices not less than annually during the continuation of the customer relationship. As used in this subsection, "annually" means at least once in any period of 12 consecutive months during which that customer relationship exists. A licensee may define the 12-consecutive-month period, but the licensee shall apply it to the customer on a consistent basis.
(2) A licensee is not required to provide an annual notice under subsection (1) if all of the following apply:
(a) The licensee only provides nonpublic personal information to a nonaffiliated third party under section 535, 537, or 539.
(b) The licensee's privacy policies and practices about disclosing nonpublic personal information have not changed from the previous notice the licensee provided to the customer under subsection (1) or section 511.
(3) A licensee is not required to provide an annual notice under subsection (1) to a former customer.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001 ;-- Am. 2020, Act 90, Eff. Sept. 14, 2020
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.517 - Initial Notice Requirements for Consumer Not a Customer; Short-Form Initial Notice; Delivery.

500.517 Initial notice requirements for consumer not a customer; short-form initial notice; delivery.
Sec. 517.
(1) A licensee may satisfy the initial notice requirements in sections 507 and 519(3) for a consumer who is not a customer by providing a short-form initial notice at the same time as the licensee delivers an opt out notice as required in section 519.
(2) A short-form initial notice under subsection (1) shall be clear and conspicuous, state that the licensee's privacy notice is available upon request, and explain a reasonable means by which the consumer may obtain that notice.
(3) The licensee shall deliver its short-form initial notice according to section 527. The licensee is not required to deliver its privacy notice with its short-form initial notice and may provide the consumer a reasonable means to obtain its privacy notice. If a consumer who receives the licensee's short-form notice requests the licensee's privacy notice, the licensee shall deliver its privacy notice according to section 527.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.519 - Opt Out Notice; Requirements.

500.519 Opt out notice; requirements.
Sec. 519.
(1) If a licensee is required to provide an opt out notice under section 529, it shall provide a clear and conspicuous notice to each of its consumers that accurately explains the right to opt out under that section. The notice shall state all of the following:
(a) That the licensee discloses or reserves the right to disclose nonpublic personal financial information about its consumer to a nonaffiliated third party.
(b) That the consumer has the right to opt out of that disclosure.
(c) A reasonable means by which the consumer may exercise the opt out right.
(2) A licensee may provide the required opt out notice together with or on the same written or electronic form as the initial notice.
(3) If a licensee provides the opt out notice later than required for the initial notice, the licensee shall also include a copy of the initial notice with the opt out notice in writing or, if the consumer agrees, electronically.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.521 - Opt Out Notice to Joint Consumers.

500.521 Opt out notice to joint consumers.
Sec. 521.
(1) If 2 or more consumers jointly obtain an insurance product or service from a licensee, the licensee may provide a single opt out notice. The licensee's opt out notice shall explain how the licensee will treat an opt out direction by a joint consumer and may either treat an opt out direction by a joint consumer as applying to all of the associated joint consumers or permit each joint consumer to opt out separately.
(2) If a licensee permits under subsection (1) each joint consumer to opt out separately, the licensee shall permit 1 of the joint consumers to opt out on behalf of all of the joint consumers. A licensee may not require all joint consumers to opt out before it implements any opt out direction.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.523 - Consumer's Opt Out Direction; Compliance Requirements.

500.523 Consumer's opt out direction; compliance requirements.
Sec. 523.
(1) A licensee shall comply with a consumer's opt out direction as soon as reasonably practicable after the licensee receives it.
(2) A consumer may exercise the right to opt out at any time. A consumer's direction to opt out under this subsection is effective until the consumer revokes it in writing or, if the consumer agrees, revokes it electronically.
(3) If a customer relationship terminates, the customer's opt out direction shall continue to apply to the nonpublic personal financial information that the licensee collected during or related to that relationship. If the individual subsequently establishes a new customer relationship with the licensee, the opt out direction that applied to the former relationship does not apply to the new relationship.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.525 - Disclosure of Nonpublic Personal Financial Information to Nonaffiliated Third Party.

500.525 Disclosure of nonpublic personal financial information to nonaffiliated third party.
Sec. 525.
Except as otherwise authorized in this chapter, a licensee shall not, directly or through any affiliate, disclose any nonpublic personal financial information about a consumer to a nonaffiliated third party other than as described in the initial notice unless all of the following have been met:
(a) The licensee has provided to the consumer a clear and conspicuous revised notice that accurately describes its policies and practices.
(b) The licensee has provided to the consumer a new opt out notice.
(c) The licensee has given the consumer a reasonable opportunity, before the licensee discloses the information to the nonaffiliated third party, to opt out of the disclosure, and the consumer does not opt out.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.529 - Disclosure of Nonprofit Personal Financial Information to Nonaffiliated Third Party; Reasonable Opportunity; Opt Out Notice.

500.529 Disclosure of nonprofit personal financial information to nonaffiliated third party; reasonable opportunity; opt out notice.
Sec. 529.
(1) Except as otherwise provided in this chapter, a licensee shall not, directly or through any affiliate, disclose any nonpublic personal financial information about a consumer to a nonaffiliated third party unless all of the following are met:
(a) The licensee has provided to the consumer an initial notice.
(b) The licensee has provided to the consumer an opt out notice as required in section 519.
(c) The licensee has given the consumer a reasonable opportunity, before it discloses the information to the nonaffiliated third party, to opt out of the disclosure and the consumer does not opt out.
(2) A licensee provides a consumer with a reasonable opportunity to opt out under subsection (1) in any of the following ways:
(a) If the licensee mails the notices required in subsection (1) to the consumer and allows the consumer to opt out by mailing a form, calling a toll-free telephone number, or any other reasonable means within 30 days from the date the licensee mailed the notices.
(b) A customer opens an on-line account with a licensee and agrees to receive the notices required in subsection (1) electronically, and the licensee allows the customer to opt out by any reasonable means within 30 days after the date that the customer acknowledges receipt of the notices in conjunction with opening the account.
(c) For an isolated transaction such as providing the consumer with an insurance quote, if the licensee provides the notices required in subsection (1) at the time of the transaction and requests that the consumer decide, as a necessary part of the transaction, whether to opt out before completing the transaction.
(3) This section applies to a licensee whether or not the licensee and the consumer have established a customer relationship.
(4) Unless a licensee complies with this section, the licensee shall not, directly or through any affiliate, disclose any nonpublic personal financial information about a consumer that the licensee has collected, regardless of whether the licensee collected it before or after receiving the direction to opt out from the consumer.
(5) A licensee may allow a consumer to select certain nonpublic personal financial information or certain nonaffiliated third parties with respect to which the consumer wishes to opt out.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.531 - Receipt of Nonpublic Personal Financial Information From Nonaffiliated Financial Institution; Limitation on Disclosure.

500.531 Receipt of nonpublic personal financial information from nonaffiliated financial institution; limitation on disclosure.
Sec. 531.
(1) If a licensee receives nonpublic personal financial information from a nonaffiliated financial institution under an exception in section 537 or 539, the licensee's disclosure and use of that information is limited as follows:
(a) The licensee may disclose the information to the affiliates of the financial institution from which the licensee received the information.
(b) The licensee may disclose the information to its affiliates, but the licensee's affiliates may, in turn, disclose and use the information only to the extent that the licensee may disclose and use the information.
(c) The licensee may disclose and use the information pursuant to an exception in section 537 or 539 in the ordinary course of business to carry out the activity covered by the exception under which the licensee received the information.
(2) If a licensee receives nonpublic personal financial information from a nonaffiliated financial institution other than under an exception in section 537 or 539, the licensee may disclose the information only as follows:
(a) To the affiliates of the financial institution from which the licensee received the information.
(b) To its affiliates, but its affiliates may, in turn, disclose the information only to the extent that the licensee may disclose the information.
(c) To any other person, if the disclosure would be lawful if made directly to that person by the financial institution from which the licensee received the information.
(3) If a licensee discloses nonpublic personal financial information to a nonaffiliated third party under an exception in section 537 or 539, the third party may disclose and use that information only as follows:
(a) To the licensee's affiliates.
(b) To its affiliates, but its affiliates may, in turn, disclose and use the information only to the extent that the third party may disclose and use the information.
(c) Pursuant to an exception in section 537 or 539 in the ordinary course of business to carry out the activity covered by the exception under which it received the information.
(4) If a licensee discloses nonpublic personal financial information to a nonaffiliated third party other than under an exception in section 537 or 539, the third party may disclose the information only as follows:
(a) To the licensee's affiliates.
(b) To the third party's affiliates, but the third party's affiliates may, in turn, disclose the information only to the extent the third party can disclose the information.
(c) To any other person, if the disclosure would be lawful if the licensee made it directly to that person.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.533 - Disclosure of Policy or Account Number.

500.533 Disclosure of policy or account number.
Sec. 533.
(1) A licensee shall not, directly or through an affiliate, disclose, other than to a consumer reporting agency, a policy or account number or other access number or access code for a consumer's policy, credit card account, deposit account, or transaction account to any nonaffiliated third party for use in telemarketing, direct mail marketing, or other marketing through electronic mail to the consumer.
(2) Subsection (1) does not apply if a licensee discloses a policy or account number or other access number or access code as follows:
(a) To the licensee's service provider solely in order to perform marketing for the licensee's own products or services, as long as the service provider is not authorized to directly initiate charges to the account.
(b) To a licensee who is a producer solely in order to perform marketing for the licensee's own products or services.
(c) To a participant in an affinity or similar program where the participants in the program are identified to the customer when the customer enters into the program.
(3) Subsection (1) does not apply if the policy or account number, or other access number or access code, is in an encrypted form, as long as the licensee does not provide the recipient with a means to decode the number or code.
(4) As used in this section, "transaction account" means an account other than a deposit account or a credit card account. A transaction account does not include an account to which third parties cannot initiate charges.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.535 - Applicability of Opt Out Requirements in MCL 500.519 and 500.529; “Joint Agreement” Defined.

500.535 Applicability of opt out requirements in MCL 500.519 and 500.529; “joint agreement” defined.
Sec. 535.
(1) The opt out requirements in sections 519 and 529 do not apply when a licensee provides nonpublic personal financial information to a nonaffiliated third party to perform services for the licensee or functions on the licensee's behalf, if the licensee does both of the following:
(a) Provides the initial notice.
(b) Enters into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the licensee disclosed the information, including use under an exception in section 537 or 539 in the ordinary course of business to carry out those purposes.
(2) The services a nonaffiliated third party performs for a licensee under subsection (1) may include marketing of the licensee's own products or services or marketing of insurance products or services offered pursuant to joint agreements between the licensee and 1 or more financial institutions.
(3) As used in this section, "joint agreement" means a written contract pursuant to which a licensee and 1 or more financial institutions jointly offer, endorse, or sponsor a financial product or service.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.540 - Use or Disclosure of Nonpublic Personal Financial Information by Certain Associations or Facilities.

500.540 Use or disclosure of nonpublic personal financial information by certain associations or facilities.
Sec. 540.
The Michigan life and health guaranty association, the property and casualty guaranty association, the Michigan automobile insurance placement facility, the Michigan worker's compensation placement facility, and the assigned claims facility created under section 3171 shall not disclose or use nonpublic personal financial information except as provided in section 537(1)(a) to (e) or section 539(a) to (o).
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.541 - Operation of Fair Credit Reporting Act; Construction of Chapter.

500.541 Operation of fair credit reporting act; construction of chapter.
Sec. 541.
Nothing in this chapter shall be construed to modify, limit, or supersede the operation of the fair credit reporting act, title VI of the consumer credit protection act, Public Law 90-321, 15 U.S.C. 1681 to 1681u, and no inference shall be drawn on the basis of the provisions of this chapter regarding whether information is transaction or experience information under section 603 of the fair credit reporting act, title VI of the consumer credit protection act, Public Law 90-321, 15 U.S.C. 1681a.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.543 - Consumer Opting Out From Disclosure; Discrimination Prohibited.

500.543 Consumer opting out from disclosure; discrimination prohibited.
Sec. 543.
A licensee shall not unfairly discriminate against any consumer because that consumer has opted out or intends to opt out from the disclosure of his or her nonpublic personal financial information pursuant to the provisions of this chapter.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.545 - Contract of Licensee With Nonaffiliated Third Party; Effect of Agreement Entered Before or on July 1, 2000.

500.545 Contract of licensee with nonaffiliated third party; effect of agreement entered before or on July 1, 2000.
Sec. 545.
Until July 1, 2002, a contract that a licensee has entered into with a nonaffiliated third party to perform services for the licensee or functions on the licensee's behalf satisfies the provisions of section 535(1)(b), even if the contract does not include a requirement that the third party maintain the confidentiality of nonpublic personal financial information, as long as the licensee entered into the agreement on or before July 1, 2000.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5 - Chapter 5 Privacy of Financial Information (500.501...500.547) › Section 500.547 - Protection of Customer Records and Information; Adoption of Guidelines for Administrative, Technical, and Physical Safeguards.

500.547 Protection of customer records and information; adoption of guidelines for administrative, technical, and physical safeguards.
Sec. 547.
(1) The commissioner shall adopt guidelines for administrative, technical, and physical safeguards that protect the security, confidentiality, and integrity of customer information, pursuant to sections 501, 505(b), and 507 of the Gramm-Leach-Bliley act, Public Law 106-102, 113 Stat. 1338, 15 U.S.C. 6801, 6805, and 6807.
(2) Each licensee shall adopt policies and procedures for administrative, technical, and physical safeguards for the protection of customer records and information. The policies and procedures shall be based on the guidelines adopted under subsection (1) and shall be reasonably designed to do all of the following:
(a) Ensure the security and confidentiality of customer records and information.
(b) Protect against any anticipated threats or hazards to the security or integrity of customer records and information.
(c) Protect against unauthorized access to or use of customer records or information that could result in substantial harm or inconvenience to any customer.
History:
Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5A - Chapter 5a Data Security (500.550...500.565) › Section 500.550 - Private Cause of Action Not Created; Exclusive Standards.

500.550 Private cause of action not created; exclusive standards.
Sec. 550.
This chapter does not create or imply a private cause of action for violation of its provisions and does not curtail a private cause of action that would otherwise exist in the absence of this chapter. Notwithstanding any other provision of law, this chapter establishes the exclusive standards, for this state, applicable to licensees for data security, the investigation of a cybersecurity event, and notification to the director.
History:
Add. 2018, Act 690, Eff. Jan. 20, 2021
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5A - Chapter 5a Data Security (500.550...500.565) › Section 500.557 - Occurrence of Cybersecurity Event; Investigation; Maintenance of Records.

500.557 Occurrence of cybersecurity event; investigation; maintenance of records.
Sec. 557.
(1) If the licensee learns that a cybersecurity event has or may have occurred, the licensee or an outside vendor or service provider, or both, designated to act on behalf of the licensee, shall conduct a prompt investigation.
(2) During the investigation under subsection (1), the licensee, or an outside vendor or service provider, or both, designated to act on behalf of the licensee, shall, at a minimum, do as much of the following as possible:
(a) Determine whether a cybersecurity event has occurred.
(b) Assess the nature and scope of the cybersecurity event.
(c) Identify any nonpublic information that may have been involved in the cybersecurity event.
(d) Perform or oversee reasonable measures to restore the security of the information systems compromised in the cybersecurity event to prevent further unauthorized acquisition, release, or use of nonpublic information in the licensee's possession, custody, or control.
(3) The licensee shall maintain records concerning all cybersecurity events for at least 5 years from the date of the cybersecurity event and shall produce those records on demand of the director.
History:
Add. 2018, Act 690, Eff. Jan. 20, 2021
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-5A - Chapter 5a Data Security (500.550...500.565) › Section 500.565 - Exemption for Certain Licensees; Timeline for Implementation and Compliance.

500.565 Exemption for certain licensees; timeline for implementation and compliance.
Sec. 565.
(1) A licensee that has fewer than 25 employees, including any independent contractors, is exempt from section 555.
(2) A licensee subject to and in compliance with the health insurance portability and accountability act of 1996, Public Law 104–191, and with regulations promulgated under that act, is not required to comply with this chapter except for the requirements under sections 559 and 561.
(3) An employee, agent, representative, or designee of a licensee, who is also a licensee, is exempt from section 555 and does not need to develop its own information security program to the extent that the employee, agent, representative, or designee is covered by the information security program of the other licensee.
(4) If a licensee ceases to qualify for the exception under subsection (1), the licensee has 180 days to comply with this chapter.
(5) This chapter takes effect on January 20, 2021. A licensee shall implement section 555 by January 20, 2022. However, a licensee has until January 20, 2023 to implement section 555(6).
History:
Add. 2018, Act 690, Eff. Jan. 20, 2021
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-6 - Chapter 6 Kinds of Insurance; Reinsurance; Limit of Risk (500.600...500.644) › Section 500.600 - Insurance; Definitions Applicable.

500.600 Insurance; definitions applicable.
Sec. 600.
The applicable definitions of the kinds of insurance set forth in this chapter shall apply to all insurers.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1970, Act 180, Imd. Eff. Aug. 3, 1970
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-6 - Chapter 6 Kinds of Insurance; Reinsurance; Limit of Risk (500.600...500.644) › Section 500.602 - “Life” Insurance, “Transaction of Life Insurance,” and “Life Insurance Companies” Defined.

500.602 “Life” insurance, “transaction of life insurance,” and “life insurance companies” defined.
Sec. 602.
(1) "Life" insurance is insurance upon the lives and health of persons and every insurance pertaining thereto, and to grant, purchase, or dispose of annuities. Notwithstanding any other provision of law, life insurance includes insurance upon the lives of persons which insurance prepays the death benefit.
(2) Transaction of life insurance includes the issuance of policies of life and endowment insurance and contracts for the payment of annuities and pure endowments, and contracts supplemental to those that contain only those provisions relating to accident and sickness insurance as provide additional benefits for death or dismemberment or loss of sight by accident or as operate to safeguard those policies or contracts against lapse or to give a special surrender value or special benefit or an annuity if the insured or annuitant shall become totally and permanently disabled, as defined by the contract or supplemental contract.
(3) All corporations, associations, partnerships, or individuals, doing business in this state under any charter, compact, agreement, or statute of this or any other state, involving an insurance, guaranty, contract, or pledge, for the payment of annuities or endowments, or for the payment of money to families, or representatives of policy or certificate holders or members, are considered life insurance companies within the meaning of the laws relating to life insurance within this state.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1989, Act 35, Imd. Eff. June 1, 1989 ;-- Am. 2003, Act 208, Imd. Eff. Nov. 26, 2003
Popular Name:
Act 218