Section 500.4420 - Nonprofit industrial association groups; participation, authorization.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.4420 Nonprofit industrial association groups; participation, authorization.
Sec. 4420.
Group life insurance may be issued covering the executives of employer members of any nonprofit incorporated industrial association, which is now and has been actively functioning as such under its articles of incorporation for a period of not less than 10 years, written under a policy issued to such association which shall be deemed to be the employer for the purposes of this chapter, or to the association and the executives of such employer members jointly, and insuring only all of such executives for amounts of insurance based upon some plan which will preclude individual selection, for the benefit of persons other than such association, and the premium on which shall be paid by the employer members or the employer members and the executives of such employer members jointly.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218