550.521 Definitions. Sec. 1. As used in this act: (a) “Commissioner” means the commissioner of insurance. (b) “Life insurance” means that term as defined in section 602 of the insurance code of 1956, Act No. 218 of the Public Acts of 1956, being section 500.602 of the Michigan Compiled Laws. (c) “Physician” means a person […]
550.522 Records; production; maintenance; availability for inspection; payment of expenses. Sec. 2. (1) The commissioner may order a provider to produce records, books, files, or other information that is necessary to determine the qualifications of the provider or whether the provider is or has acted in violation of this act. (2) The provider shall maintain […]
550.523 Disclosure of information. Sec. 3. A provider shall disclose all of the following information to the viator no later than the date the contract is signed by the viator: (a) Options other than the contract for a person with a terminal illness or condition, including accelerated benefits offered by the issuer of the policy. […]
550.524 Documents to be obtained by provider; right to avoid or rescind contract. Sec. 4. (1) A provider entering into a contract with a viator shall obtain both of the following: (a) A written statement from a physician that the viator is of sound mind and under no constraint or undue influence. (b) A signed […]
550.524a Agreement to commit suicide; payment prohibited. Sec. 4a. A provider shall not offer to provide or provide any payment to a viator that is conditioned on the viator’s agreement to commit suicide. History: Add. 1999, Act 163, Imd. Eff. Nov. 4, 1999 Compiler’s Notes: For transfer of authority, powers, duties, functions, and responsibilities of […]
550.525 Disposition of contract consideration. Sec. 5. (1) Upon receipt from the viator of the documents to effect the transfer of the policy, the provider shall deposit the contract consideration in an escrow or trust account managed by a state or federal chartered financial institution, pending acknowledgment of the transfer by the issuer of the […]
550.526 Double or additional indemnity. Sec. 6. If a policy provides for double or additional indemnity in case of accidental death and accidental death occurs, the provider shall be entitled only to the face amount of the policy. Any amounts payable under the policy that exceed the face amount shall be paid to the beneficiary […]
550.527 Offer to purchase policy or certificate; notice to insurer. Sec. 7. An offer to purchase a life insurance policy or certificate from the viator shall be transmitted to the insurer providing the life insurance policy, who may advise the viator of other alternatives which may be available under the policy. The notice required by […]
550.528 Order prohibiting provider from entering viatical settlement contract; additional orders. Sec. 8. (1) The commissioner may issue an order prohibiting the provider from entering into a viatical settlement contract in this state if the commissioner finds any of the following: (a) The provider has been fraudulent or engaged in dishonest practices. (b) The provider […]
