Section 500.2024 - Unfair methods of competition or deception; rebates and special inducements.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.2024 Unfair methods of competition or deception; rebates and special inducements.
Sec. 2024.
The following are defined as unfair methods of competition and unfair and deceptive acts or practices in the business of insurance:
Except as otherwise expressly provided by law, knowingly permitting or offering to make or making any contract of life insurance, life annuity or accident and health insurance, or agreement as to such contract other than as plainly expressed in the contract issued thereon, or paying or allowing, or giving or offering to pay, allow, or give, directly or indirectly, as inducement to such insurance, or annuity, any rebate of premiums payable on the contract, or any special favor or advantage in the dividends or other benefits thereon, or any valuable consideration or inducement whatever not specified in the contract; or giving, or selling, or purchasing or offering to give, sell, or purchase as inducement to such insurance or annuity or in connection therewith, any stocks, bonds, or other securities of any insurance company or other corporation, association, or partnership, or any dividends or profits accrued thereon, or anything of value whatsoever not specified in the contract.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218