Section 500.3942a - Reporting requirements; agent activities; preparation of report.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.3942a Reporting requirements; agent activities; preparation of report.
Sec. 3942a.
(1) Every insurer marketing long-term care insurance in Michigan shall comply with all of the following reporting requirements for the purpose of reviewing more closely agent activities regarding the sale of long-term care insurance:
(a) Maintain records for each agent of that agent's amount of replacement sales as a percent of the agent's total annual sales and the amount of lapses of long-term care insurance policies sold by the agent as a percent of the agent's total annual sales and report annually by June 30 the top 10% of its agents that have the greatest percentages of lapses and replacements.
(b) Report annually by June 30 the number of lapsed policies as a percent of its total annual sales and as a percent of its total number of policies in force as of the end of the preceding calendar year.
(c) Report annually by June 30 the number of replacement policies sold as a percent of its total annual sales and as a percent of its total number of policies in force as of the preceding calendar year.
(2) All reports prepared pursuant to subsection (1) shall be on a statewide basis.
History: Add. 1992, Act 84, Imd. Eff. June 2, 1992
Popular Name: Act 218