Section 500.735 - Mortality basis; use of other mortality tables; request for approval.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.735 Mortality basis; use of other mortality tables; request for approval.
Sec. 735.
(1) The mortality basis used shall be that specified in section 834 as of the date of issuance of the health insurance policy or certificate.
(2) Other mortality tables adopted by the national association of insurance commissioners and promulgated by the commissioner may be used in the calculation of the minimum reserves if appropriate for the type of benefits and if approved by the commissioner. The request for approval shall include the proposed mortality table and the reason that the standard specified in subsection (1) is inappropriate.
History: Add. 1994, Act 148, Imd. Eff. June 7, 1994
Popular Name: Act 218