Mich. Admin. Code R. 500.848 - Variable life insurance policies and related documents; forms; filing and approval; exception
Rule 8.
(1) All
forms of variable life insurance policies, riders, endorsements, applications,
and other related documents which are to be attached to and made a part of the
policy shall be filed with the commissioner and shall be subject to approval
before delivery or issuance for delivery in this state. The procedures and
requirements for filing and approval shall be, to the extent appropriate and
not inconsistent with this rule, the same as those otherwise applicable to
other life insurance policies.
(2)
The commissioner may approve variable life insurance policies and related forms
with provisions the commissioner deems to be not less favorable to the
policyholder and the beneficiary than those required by this rule.
(3) The requirements of
R 500.849(a) do not
apply to variable life insurance policies and related forms issued in
connection with corporate pension and profit-sharing plans and retirement
income plans which are exempt pursuant to section 3(c)(11) of the investment
company act of 1940, 15 U.S.C. S80a-3(c)(11), and, where applicable, other
provisions of the federal securities laws because of their tax qualified
status.
Notes
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