Mich. Admin. Code R. 500.631 - Advertising and illustrations
Rule 631.
(1)
Except as exempted in writing by the commissioner, an insurer which delivers or
issues for delivery contracts on a variable basis shall file with the
commissioner at least 30 days prior to use copies of advertising, illustrations
and other printed materials to be used in connection with the sale of
individual contracts on a variable basis in this state.
(2) Advertising, illustrations, and other
disseminations of information concerning contracts on a variable basis are
subject to the provisions of sections 2005 and 2007 of the insurance code of
1956. An illustration of benefits under a contract on a variable basis violates
those provisions if it includes projections of past investment experience into
the future or attempted predictions of future investment experience. However,
those provisions do not prohibit the use of hypothetical assumed rates of
interest to illustrate possible levels of benefits.
(3) Advertising, illustrations, and other
disseminations of information concerning group variable annuity contracts on a
variable basis satisfy the provisions of sections 2005 and 2007 of the
insurance code of 1956 if they are subject to review by the securities and
exchange commission of the United States government or by the national
association of securities dealers and the review has not resulted in
disapproval.
Notes
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