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Michigan Compiled Laws Complete Through PA 47 of 2019
House: Adjourned until Tuesday, August 27, 2019 12:00:00 PM


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218-1956-7
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THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
Chapter 7
RESERVE STANDARDS FOR DISABILITY INSURANCE

DocumentTypeDescription
Section 500.701SectionDefinitions.
Section 500.702SectionHealth insurance reserves; determination of adequacy; basis.
Section 500.703SectionClaim reserves and claim expense reserves required; conditions; testing for adequacy and reasonableness.
Section 500.705SectionDisability income claim reserves; maximum interest rate; morbidity standards specified in rules; exception; group disability income claim reserves; duration from date of disablement 2 years or more but less than 5 years; basis; request for modification plan approval; elimination period; measurement of disablement duration.
Section 500.707SectionHealth insurance benefits other than disability income; claim reserves maximum interest rate; basis of claim reserve.
Section 500.709SectionEstimation of claim liabilities; methods.
Section 500.711SectionUnearned premium reserves; treatment of premiums due and unpaid; discount of certain gross premiums paid in advance.
Section 500.713SectionMinimum unearned premium reserve; basis; sum of unearned premium and contract reserves; limitation.
Section 500.715SectionPremium reserves; computation.
Section 500.717SectionContract reserves; required for certain policies and certificates; exception; addition to claim and premium reserves; methods and procedures; date of incurral defined.
Section 500.719SectionMorbidity standards; rules; structure of valuation net premiums; valuation of health insurance policies and certificates for which tabular morbidity standards not specified; maximum interest rate for contract reserves; termination rates; adjustment of morbidity standard on aggregate basis; minimum reserve; application of certain reserve adjustments; offset of negative reserves against positive reserves; total contract reserve not less than zero.
Section 500.721SectionApplication of alternative method or basis to contract reserve; assumptions; methods to determine sound value of liabilities.
Section 500.723SectionTabular reserves; annual review; increments; restriction of future gross premiums; establishment of contract reserves for insufficiency in aggregate.
Section 500.725SectionReinsurance; determination of increases to, or credit against, reserves.
Section 500.729SectionIndividual insurance policies; minimum morbidity standards for disability income benefits; basis of contract reserve standards for certain hospital, surgical, and maternity benefits; basis of contract reserve standards for certain cancer expense benefits and accidental death benefits.
Section 500.731SectionDisability benefits for group health insurance certificates; minimum morbidity standards.
Section 500.733SectionMaximum interest rates.
Section 500.735SectionMortality basis; use of other mortality tables; request for approval.
Section 500.737SectionRules.
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