Mich. Admin. Code R. 550.203 - Termination of group credit insurance policy
Current through Vol. 22-05, April 1, 2022
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Rule 3. (1) If a debtor is covered by a group credit insurance policy providing for the payment of single premiums to the insurer, then provision shall be made by the insurer that if the policy is terminated for any reason, insurance coverage with respect to any debtor insured under such policy shall be continued for the entire period for which the single premium has been paid.
(2) If a debtor is covered by a group credit insurance policy providing for the payment of premiums to the insurer on a monthly outstanding balance basis, then the policy shall provide that if the policy is terminated for whatever reason, termination notice thereof shall be given to the insured debtor not less than 30 days before the effective date of termination, except where replacement of the coverage by the same or another insurer in the same or a greater amount takes place without lapse of coverage. The notice required in this subrule shall be given by the insurer or, at the option of the insurer, by the creditor.
History: 1987 AACS.