Section 500.2003 - Prohibited trade practices; “person” and “insurance policy” defined.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.2003 Prohibited trade practices; “person” and “insurance policy” defined.
Sec. 2003.
(1) A person shall not engage in a trade practice which is defined in this uniform trade practices act or is determined pursuant to this act to be, an unfair method of competition or an unfair or deceptive act or practice in the business of insurance.
(2) “Person” means a person defined in section 114 and includes an agent, solicitor, counselor, or adjuster, but excludes the property and casualty guaranty association.
(3) “Insurance policy” or “insurance contract” means a contract of insurance, indemnity, suretyship, or annuity issued or proposed or intended for issuance by a person engaged in the business of insurance.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1976, Act 273, Eff. Apr. 1, 1977
Popular Name: Act 218