Michigan Laws 500.6428 – Insurer transacting business under MCL 500.6406 subject to certain provisions
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.6428
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
(1) An insurer transacting business under section 6406(1) is subject to section 2260 and chapter 34.
(2) An insurer transacting business under section 6406(2) is subject to section 6616, and all policies must grant the nonforfeiture values under annuity contracts that are required of life insurers under this act.
(3) An insurer transacting business under section 6406(3) is subject to chapters 40 and 42.