A bill to amend 1956 PA 218, entitled “The insurance code of 1956,” by amending section 2025 (MCL 500.2025).
The bill clarifies that certain practices are not considered discrimination or rebates under sections 2017 to 2024. Specifically, it allows life insurance or life annuity contracts to pay bonuses to policyholders or reduce premiums from surplus funds, provided these actions are fair and equitable. For industrial debit plan life insurance policies, it permits allowances for policyholders who make direct premium payments over a specified period, reflecting savings in collection expenses. Additionally, it allows for the readjustment of group insurance policy premiums based on loss or expense experience, retroactively applicable to the policy year.
Co-sponsored by Reps.
Referred to the Committee on Insurance and Financial Services
Reported with substitute H-1
Substitute H-1 concurred in by voice vote
Substitute H-2 offered
by
The substitute passed by voice vote
Passed in the House 104 to 6 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Finance, Insurance, and Consumer Protection
