Section 500.4151 - Definitions.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.4151 Definitions.
Sec. 4151.
As used in this chapter:
(a) "Annuity" means a fixed annuity or variable annuity that is individually solicited, whether the product is classified as an individual or group annuity.
(b) "Insurance producer" or "producer" means insurance producer as defined in section 1201 and includes a business entity described in section 1205(2) that is licensed as an insurance producer under this act.
(c) "Recommendation" means advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase or exchange of an annuity in accordance with that advice.
History: Add. 2006, Act 399, Imd. Eff. Sept. 29, 2006