Mich. Admin. Code R. 500.628 - Contracts and certificates; contents
Rule 628. A contract on a variable basis shall not be delivered or issued for delivery in this state and a group certificate in connection with any such contract shall not be delivered or issued for delivery in this state, unless:
(a) It contains
a statement of the essential procedures to be followed by the insurer in
determining the dollar amount of variable benefits or other contractual
payments or values under the contract.
(b) It contains on its first page, in a
prominent position, a clear statement that the benefits or other contractual
payments of values are on a variable basis and will decrease or increase to
reflect investment experience.
Notes
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