Michigan Compiled Laws Act 173 Of 1958 Credit Insurance Act (550.601 - 550.624)

AN ACT to provide for the regulation of credit life insurance and credit accident and health insurance; to define the powers and duties of the state commissioner of insurance; and to provide penalties for violations of this act.

History: 1958, Act 173, Eff. Sept. 13, 1958

Compiler's Notes: For transfer of the Department of Insurance and Office of the Commissioner on Insurance from the Department of Licensing and Regulation to the Department of Commerce, see E.R.O. No. 1991-9, compiled at MCL 338.3501 of the Michigan Compiled Laws.

Section 550.601 Credit Insurance Act; Short Title.
This act shall be known and may be cited as “credit insurance act”. History: 1958, Act 173, Eff. Sept. 13, 1958 Compiler's Notes: For...
Section 550.602 Scope Of Act.
All life insurance and all accident and health insurance sold in connection with loans or other credit transactions shall be subject to the provisions...
Section 550.603 Credit Insurance Act; Definitions.
As used in this act: (1) “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a...
Section 550.604 Credit Life Insurance, Credit Accident And Health Insurance; Forms.
Credit life insurance and credit accident and health insurance shall be issued only in the following forms: (a) Individual policies of life insurance issued...
Section 550.605 Credit Life Insurance; Amount.
The amount of credit life insurance shall not exceed the indebtedness. Where indebtedness repayable in substantially equal installments is secured by an individual policy...
Section 550.606 Periodic Indemnity Payable.
The amount of periodic indemnity payable by credit accident and health insurance in the event of disability, as defined in the policy, shall not...
Section 550.607 Term; Refund On Termination Prior To Expiration.
The term of any credit life insurance or credit accident and health insurance shall commence, subject to acceptance by the insurer, on the date...
Section 550.608 Evidence Of Insurance; Policy Or Certificate Delivery.
All credit life insurance and credit accident and health insurance sold shall be evidenced by an individual policy, or in the case of group...
Section 550.609 Policy Or Certificate; Contents.
Each individual policy or group certificate of credit life insurance, and credit accident and health insurance in addition to other requirements of law, shall...
Section 550.610 Policy Or Certificate; Delivery To Debtor.
The individual policy or group certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is incurred except as...
Section 550.611 Policy Or Certificate; Application, Contents.
If the individual policy or group certificate of insurance is not delivered to the debtor at the time the indebtedness is incurred, a copy...
Section 550.612 Papers Filed With Commissioner Of Issuing State.
All policies, certificates of insurance, notices of proposed insurance, applications for insurance, binder, endorsements and riders shall be filed with the commissioner of the...
Section 550.613 Papers Filed With Commissioner Of Issuing State; Disapproval.
The commissioner within 30 days after the filing of all policies, certificates of insurance, notices of proposed insurance, applications for insurance, binders, endorsements and...
Section 550.614 Papers Filed With Commissioner Of Issuing State; Use, Hearing, Prior Written Approval.
If the commissioner notifies the insurer that the form does not comply with this subsection, it is unlawful thereafter for such insurer to issue...
Section 550.615 Papers Filed With Commissioner Of Issuing State; Withdrawal Of Approval.
The commissioner, at any time after a hearing, of not less than 20 days written notice to the insurer, may withdraw his approval of...
Section 550.616 Papers Filed With Commissioner Of Issuing State; Use After Withdrawal Of Approval.
It is not lawful for the insurer to issue such forms or use them after the effective date of such withdrawal of approval. History:...
Section 550.617 Papers Filed With Commissioner Of Issuing State; Judicial Review.
Any order or final determination of the commissioner under the provisions of this section shall be subject to judicial review. History: 1958, Act 173,...
Section 550.618 Schedule Of Premium Rates; Refunds; Nonissuance Credit.
Each insurer issuing credit life insurance or credit accident and health insurance shall file with the commissioner its schedules of premium rates for use...
Section 550.619 Policies Issuable Only By Authorized Insurers.
All policies of credit life insurance and credit accident and health insurance shall be delivered or issued for delivery in this state only by...
Section 550.620 Payment Of Claims; Claim Files; Group Insurance Claims.
All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims...
Section 550.621 Procurement Of Insurance By Debtor.
When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor, upon request to the...
Section 550.622 Rules; Violation, Notice Of Hearing, Finding, Order.
The commissioner, after notice and hearing, may issue such rules and regulations in accordance with Act No. 88 of the Public Acts of 1943,...
Section 550.623 Violation; Penalty; License Or Authority, Suspension Or Revocation.
In addition to any other penalty provided by law, any person who violates an order of the commissioner after it has become final, and...
Section 550.624 Effect Of Act; Scope Of Act.
This act shall not alter or amend any provision of Act No. 21 of the Public Acts of 1939, as amended, being sections 493.1...

Last modified: October 10, 2016