Michigan Administrative Code
Department - Insurance and Financial Services
Insurance
Life Insurance Contracts On Variable Basis
Section R. 500.848 - Variable life insurance policies and related documents; forms; filing and approval; exception
Current through Vol. 24-04, March 15, 2024
Rule 8.
(1) All forms of variable life insurance policies, riders, endorsements, applications, and other related documents which are to be attached to and made a part of the policy shall be filed with the commissioner and shall be subject to approval before delivery or issuance for delivery in this state. The procedures and requirements for filing and approval shall be, to the extent appropriate and not inconsistent with this rule, the same as those otherwise applicable to other life insurance policies.
(2) The commissioner may approve variable life insurance policies and related forms with provisions the commissioner deems to be not less favorable to the policyholder and the beneficiary than those required by this rule.
(3) The requirements of R 500.849(a) do not apply to variable life insurance policies and related forms issued in connection with corporate pension and profit-sharing plans and retirement income plans which are exempt pursuant to section 3(c)(11) of the investment company act of 1940, 15 U.S.C. S80a-3(c)(11), and, where applicable, other provisions of the federal securities laws because of their tax qualified status.
