Section 500.3903 - Group long-term care insurance; coverage offered to groups described in MCL 500.3901(c)(iv) and 500.3901(c)(iii).
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.3903 Group long-term care insurance; coverage offered to groups described in MCL 500.3901(c)(iv) and 500.3901(c)(iii).
Sec. 3903.
(1) Group long-term care insurance coverage shall not be offered to a resident of this state under a group certificate issued in another state to a group described in section 3901(c)(iv), unless this state or another state which the commissioner determines has and enforces statutory and regulatory long-term care insurance requirements substantially similar to those adopted in this state has made a determination that those requirements have been met.
(2) Before advertising, marketing, or offering a group long-term care insurance certificate within this state to a group described in section 3901(c)(iii), the group or the insurer shall file evidence with the commissioner that the group meets all of the following requirements:
(a) Consists of at least 100 members.
(b) Has been in active existence for at least 1 year.
(c) Holds regular meetings at least annually.
(d) Except for credit unions, the group collects dues or solicits contributions from members.
(e) The members have voting privileges and representation on the governing board and committees.
(f) Has been organized and maintained in good faith for purposes other than obtaining insurance unless the commissioner waives this requirement.
(3) Thirty days after making the filing under this section, the group described in section 3901(c)(iii) shall be considered to satisfy subsection (2) organizational requirements, unless the commissioner makes a finding that the group does not satisfy those organizational requirements.
History: Add. 1992, Act 84, Imd. Eff. June 2, 1992
Popular Name: Act 218