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2006 Michigan Compiled Laws - Act 173 of 1958


CREDIT INSURANCE ACT

Act 173 of 1958

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 § 338.3501 of the Michigan Compiled Laws.




The People of the State of Michigan enact:

DocumentDescription
Section 550.601Credit insurance act; short title.
Section 550.602Scope of act.
Section 550.603Credit insurance act; definitions.
Section 550.604Credit life insurance, credit accident and health insurance; forms.
Section 550.605Credit life insurance; amount.
Section 550.606Periodic indemnity payable.
Section 550.607Term; refund on termination prior to expiration.
Section 550.608Evidence of insurance; policy or certificate delivery.
Section 550.609Policy or certificate; contents.
Section 550.610Policy or certificate; delivery to debtor.
Section 550.611Policy or certificate; application, contents.
Section 550.612Papers filed with commissioner of issuing state.
Section 550.613Papers filed with commissioner of issuing state; disapproval.
Section 550.614Papers filed with commissioner of issuing state; use, hearing, prior written approval.
Section 550.615Papers filed with commissioner of issuing state; withdrawal of approval.
Section 550.616Papers filed with commissioner of issuing state; use after withdrawal of approval.
Section 550.617Papers filed with commissioner of issuing state; judicial review.
Section 550.618Schedule of premium rates; refunds; nonissuance credit.
Section 550.619Policies issuable only by authorized insurers.
Section 550.620Payment of claims; claim files; group insurance claims.
Section 550.621Procurement of insurance by debtor.
Section 550.622Rules; violation, notice of hearing, finding, order.
Section 550.623Violation; penalty; license or authority, suspension or revocation.
Section 550.624Effect of act; scope of act.

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