Michigan Compiled Laws 218-1956-41 Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)

• Section 500.4101 Definitions.
  As used in this chapter: (a) “Interest credits” means all interest that is credited to a deferred annuity contract. (b) “Modified guaranteed annuity” means...
• Section 500.4103 Delivery Or Issuance By Insurer Of Modified Guaranteed Annuity; Conditions.
  (1) An insurer shall not deliver or issue for delivery a modified guaranteed annuity within this state unless it is licensed or organized to...
• Section 500.4105 Sales And Advertising Material; Illustrations Of Benefits Payable; Prospectus.
  (1) An insurer authorized to transact modified guaranteed annuity business in this state shall not use any sales material, advertising material, or descriptive literature...
• Section 500.4107 Separate Account Annual Statement And Other Information To Be Submitted To Commissioner.
  An insurer authorized to transact modified guaranteed annuity business in this state shall submit to the commissioner both of the following: (a) A separate...
• Section 500.4109 Disapproval By Commissioner Of Filed Material.
  Material required to be filed with and approved by the commissioner is subject to disapproval if at any time it is found by the...
• Section 500.4111 Filing Requirements.
  The filing requirements applicable to modified guaranteed annuities are those filing requirements otherwise applicable under existing statutes and regulations of this state concerning individual...
• Section 500.4113 Modified Guaranteed Annuity Contract; Required Provisions; Market-value Adjustment Formula.
  (1) A modified guaranteed annuity contract delivered or issued for delivery in this state shall contain a statement of the essential features of the...
• Section 500.4115 Nonapplicability Of Section; Required Provisions; Minimum Values Of Paid-up Annuity, Cash Surrender, Or Death Benefits Available Under Modified Guaranteed Annuity Contract; Nonforfeiture Amounts; Percentages Of Net Considerations.
  (1) This section does not apply to any of the following: (a) Reinsurance. (b) A group annuity contract purchased in connection with 1 or...
• Section 500.4117 Application For Modified Guaranteed Annuity.
  The application for a modified guaranteed annuity shall prominently set forth immediately preceding the signature line language denoting that amounts payable under the contract...
• Section 500.4119 Reserve Liabilities.
  Reserve liabilities for a modified guaranteed annuity shall be established in accordance with actuarial procedures that recognize that assets of the separate account are...
• Section 500.4121 Modified Guaranteed Annuity Separate Accounts.
  The following requirements apply to the establishment and administration of modified guaranteed annuity separate accounts by a domestic insurer: (a) An insurer issuing a...
• Section 500.4123 Annual Report.
  An insurer shall annually provide their contract holders with a report showing both the account value and the cash surrender value. The report shall...
• Section 500.4125 Compliance With Law Or Regulation In Place Of Domicile Of Foreign Insurer As Compliance With This Chapter.
  If the law or regulation in the place of domicile of a foreign insurer provides a degree of protection to the policyholders and the...
• Section 500.4127 License To Sell Variable Annuities Required To Sell Modified Guaranteed Annuity Contracts.
  A person, corporation, partnership, or other legal entity shall not sell or offer for sale in this state any modified guaranteed annuity contract unless...

Last modified: October 10, 2016