Michigan Compiled Laws § 500.733 Maximum Interest Rates.

500.733 Maximum interest rates.

Sec. 733.

(1) The maximum interest rate for contract reserves is the calendar year statutory valuation interest rate for life insurance specified in section 836 as of the date of issuance of the health insurance policy or certificate.

(2) The maximum interest rate for claim reserves on policies requiring contract reserves is the calendar year statutory valuation interest rate for life insurance specified in section 836 as of the date the claim is incurred.

(3) The maximum interest rate for claim reserves on policies not requiring contract reserves is the calendar year statutory valuation interest rate for single premium immediate annuities specified in section 836 as of the date the claim is incurred, reduced by 100 basis points.

History: Add. 1994, Act 148, Imd. Eff. June 7, 1994
Popular Name: Act 218

Section: Previous  500.709  500.711  500.713  500.715  500.717  500.719  500.721  500.723  500.725  500.729  500.731  500.733  500.735  500.737    Next

Last modified: October 10, 2016