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Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.4000

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 4000. (1) This chapter applies to life insurance policies, other than reinsurance, group life insurance, group annuities, and industrial life insurance. However, sections 4004  1 (policy must contain entire contract), 4040  2 (supplementary benefits), 4048  3 (provisions required by laws of other states, countries), 4052  4 (preliminary term insurance), 4054  5 (insurer may hold proceeds; exemption from creditors), 4060  6 (standard nonforfeiture law), 4062  7 (loan value; deferment), and 4064  8 (computation of loan indebtedness) apply to industrial life insurance policies.

(2) This chapter applies to annuity contracts only to the extent provided in sections 4070, 4072 and 4073.  9

(3) This chapter applies to life insurance contracts on a variable basis. However, the commissioner may by rule prescribe appropriate modifications to sections 4022, 4024, 4026, 4028, 4060, 4062, and 4064 [FN10] applicable to life insurance contracts on a variable basis. The commissioner may by rule set reasonable standards for life insurance contracts on a variable basis which do all of the following:

(a) Require insurers to establish and file with the commissioner standards for marketing life insurance on a variable basis.

(b) Define terms to be used.

(c) Prescribe conditions under which life insurance on a variable basis may be issued, redeemed, or exchanged for a nonvariable contract.

1 M.C.L.A. § 500.4004.
2 M.C.L.A. § 500.4040.
3 M.C.L.A. § 500.4048.
4 M.C.L.A. § 500.4052.
5 M.C.L.A. § 500.4054.
6 M.C.L.A. § 500.4060.
7 M.C.L.A. § 500.4062.
8 M.C.L.A. § 500.4064.
9 M.C.L.A. §§ 500.4070, 500.4072 and 500.4073.
10 M.C.L.A. §§ 500.4022, 500.4024, 500.4026, 500.4028, 500.4060, 500.4062, and 500.4064.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.4000 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-500-insurance-code-of-1956/mi-comp-laws-500-4000/

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