June 10, 2014, Introduced by Reps. Durhal, Talabi, Stallworth, Dillon, Townsend, Cavanagh, Smiley, Irwin, Banks, Stanley, Brown, Santana, Olumba and Oakes and referred to the Committee on Insurance.
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
(MCL 500.100 to 500.8302) by adding section 2006a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2006a. (1) An insurer shall not do any of the following:
(a) As a condition for payment, require a contract holder
under a fixed annuity contract to complete a survey that includes,
but is not limited to, questions related to the contract holder's
financial situation or reason the contract holder is seeking
payment under the fixed annuity contract.
(b) Except as otherwise provided in this act, ask the contract
holder questions that would prevent or delay payment to which the
contract holder is entitled.
(2) As used in this section:
(a) "Contract holder" means the holder of a fixed annuity
contract.
(b) "Fixed annuity contract" means a deferred annuity contract
that provides an account value that is credited with interest at a
guaranteed rate.