Section 500.6428 - Domestic cooperative plan insurers; provisions applicable to policies.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.6428 Domestic cooperative plan insurers; provisions applicable to policies.
Sec. 6428.
(1) Every insurer transacting business under subdivision (1) of section 6406 (disability and related insurances) shall be subject to the provisions of sections 2242 (filing and approval of policy forms), 2260 (claims administration not waiver), chapter 34 (disability insurance policies), and chapter 36 (group and blanket disability insurance).
(2) Every insurer transacting business under subdivision (2) of section 6406 (loss of position insurance) shall be subject to the provisions of section 6616; and all policies issued after January 1, 1948, shall grant such nonforfeiture values under annuity contracts as are required of life insurers under this insurance code.
(3) On and after January 1, 1949, every insurer transacting business under subdivision (3) of section 6406 (life insurance) shall be subject to the provisions of chapters 40 (life insurance policies and annuity contracts) and 42 (industrial life insurance).
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218