Mich. Admin. Code R. 550.205
Renewal or refinancing of indebtedness.
(By authority conferred on the commissioner of insurance by section 210 of Act No. 218 of the Public Acts of 1956, as amended, being S500.210 of the Michigan Compiled Laws)Insurance
If the indebtedness is discharged due to renewal or refinancing before the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of such termination before the scheduled maturity, a refund shall be made promptly as provided in R 550.113.
History: 1987 AACS.