Michigan Compiled Laws Act 386 Of 1996 Viatical Settlement Contracts (550.521 - 550.528)

AN ACT to regulate the sale and purchase of viatical settlement contracts; to prescribe the powers and duties of certain state agencies and officials; and to prescribe penalties.

History: 1996, Act 386, Eff. Mar. 31, 1997

Section 550.521 Definitions.
As used in this act: (a) “Commissioner” means the commissioner of insurance. (b) “Life insurance” means that term as defined in section 602 of...
Section 550.522 Records; Production; Maintenance; Availability For Inspection; Payment Of Expenses.
(1) The commissioner may order a provider to produce records, books, files, or other information that is necessary to determine the qualifications of the...
Section 550.523 Disclosure Of Information.
A provider shall disclose all of the following information to the viator no later than the date the contract is signed by the viator:...
Section 550.524 Documents To Be Obtained By Provider; Right To Avoid Or Rescind Contract.
(1) A provider entering into a contract with a viator shall obtain both of the following: (a) A written statement from a physician that...
Section 550.524a Agreement To Commit Suicide; Payment Prohibited.
A provider shall not offer to provide or provide any payment to a viator that is conditioned on the viator's agreement to commit suicide....
Section 550.525 Disposition Of Contract Consideration.
(1) Upon receipt from the viator of the documents to effect the transfer of the policy, the provider shall deposit the contract consideration in...
Section 550.526 Double Or Additional Indemnity.
If a policy provides for double or additional indemnity in case of accidental death and accidental death occurs, the provider shall be entitled only...
Section 550.527 Offer To Purchase Policy Or Certificate; Notice To Insurer.
An offer to purchase a life insurance policy or certificate from the viator shall be transmitted to the insurer providing the life insurance policy,...
Section 550.528 Order Prohibiting Provider From Entering Viatical Settlement Contract; Additional Orders.
(1) The commissioner may issue an order prohibiting the provider from entering into a viatical settlement contract in this state if the commissioner finds...

Last modified: October 10, 2016