Michigan Laws 500.3963 – Partnership policy; delivery or issuance for delivery; filing and approval required; submission of completed partnership certification form or similar form to department; “partnership certification fo
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Terms Used In Michigan Laws 500.3963
- Department: means the department of insurance and financial services. See Michigan Laws 500.102
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- partnership policy: means a policy that meets all of the requirements for the long-term care partnership program under section 112c of the social welfare act, 1939 PA 280, MCL 400. See Michigan Laws 500.3957
- Policy: means that term as defined in section 3901. See Michigan Laws 500.3957
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) A partnership policy shall not be delivered or issued for delivery in this state unless the partnership policy is filed with the department and approved by the director under section 2236(1).
(2) A policy submitted to the department for approval as a partnership policy under subsection (1) must be submitted with a completed partnership certification form or a similar form. The completed partnership certification form or similar form also must be approved by the director of the department.
(3) As used in this section, “partnership certification form” means a form developed by the department in consultation with the state department of health and human services.