Michigan Compiled Laws § 500.2003 Prohibited Trade Practices; “person” And “insurance Policy” Defined.

500.2003 Prohibited trade practices; “person” and “insurance policy” defined.

Sec. 2003.

(1) A person shall not engage in a trade practice which is defined in this uniform trade practices act or is determined pursuant to this act to be, an unfair method of competition or an unfair or deceptive act or practice in the business of insurance.

(2) “Person” means a person defined in section 114 and includes an agent, solicitor, counselor, or adjuster, but excludes the property and casualty guaranty association.

(3) “Insurance policy” or “insurance contract” means a contract of insurance, indemnity, suretyship, or annuity issued or proposed or intended for issuance by a person engaged in the business of insurance.

History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1976, Act 273, Eff. Apr. 1, 1977
Popular Name: Act 218

Section: Previous  500.2001  500.2002  500.2003  500.2005  500.2005a  500.2006  500.2007  500.2008  500.2009  500.2010  500.2011  500.2012  500.2013  500.2014  500.2015  Next

Last modified: October 10, 2016