Mich. Admin. Code R. 500.603 – Duties of insurers. | Midpage
Rule 500.603
Mich. Admin. Code R. 500.603
Duties of insurers.
(By authority conferred on the commissioner of insurance by sections 210 and 4424(6) of Act No. 218 of the Public Acts of 1956, as amended, being SS500.210 and 500.4424(6) of the Michigan Compiled Laws)Insurance
(1) A life insurer shall inform its field representatives of the requirements of this rule and R 500.601, R 500.602, and R 500.604 to R 500.606.
(2) A life insurer shall require, with, or as a part of, each application for life insurance, a statement signed by the applicant as to whether the insurance for which application is made will replace existing life insurance.
(3) A life insurer shall require, in connection with each application for life insurance, a statement signed by the agent as to whether, to the best of his or her knowledge, replacement is involved in the transaction.