Mich. Admin. Code R. 550.209 - Policy forms; filing; and reserves
Current through Vol. 22-05, April 1, 2022
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Rule 9. (1) Credit life and credit accident and health insurance shall be issued only in the forms described in section 4 of the act.
(2) All policy forms, certificates of insurance, notices of proposed insurance, applications for insurance, binders, endorsements, and riders to be delivered or issued for delivery in this state and the schedules of maximum premium rates pertaining thereto shall be filed with the commissioner as required by sections 12 and 18 of the act.
(3) For policies and certificates issued after January 1, 1987, the minimum reserve basis for credit life insurance shall be determined in accordance with the 1980 commissioner's extended term table with interest at 5 1/2%.
(4) The minimum reserve basis for active lives on credit accident and health insurance shall be the amount of the premium refund available to the insured.
History: 1987 AACS.