A bill to amend 1956 PA 218, entitled “The insurance code of 1956,” by amending sections 2207, 2209, 3110, and 3402 (MCL 500.2207, 500.2209, 500.3110, and 500.3402), section 3402 as amended by 2016 PA 276.
This bill seeks to amend "The Insurance Code of 1956," specifically sections 2207, 2209, 3110, and 3402, to refine life insurance policy regulations. Key proposals include clarifying who may insure another's life, safeguarding policy proceeds from creditor claims, and defining the rights of beneficiaries, assignees, or transferees. It limits the exemption from creditors for premiums paid annually to $300.00, outlines the rights of married individuals to insure a spouse or another person with consent, and specifies how policy proceeds are protected from creditors or the insured's estate representatives.
Introduced
by
Referred to the Committee on Government Operations
