Section 500.521 - Opt out notice to joint consumers.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.521 Opt out notice to joint consumers.
Sec. 521.
(1) If 2 or more consumers jointly obtain an insurance product or service from a licensee, the licensee may provide a single opt out notice. The licensee's opt out notice shall explain how the licensee will treat an opt out direction by a joint consumer and may either treat an opt out direction by a joint consumer as applying to all of the associated joint consumers or permit each joint consumer to opt out separately.
(2) If a licensee permits under subsection (1) each joint consumer to opt out separately, the licensee shall permit 1 of the joint consumers to opt out on behalf of all of the joint consumers. A licensee may not require all joint consumers to opt out before it implements any opt out direction.
History: Add. 2001, Act 24, Imd. Eff. June 18, 2001
Popular Name: Act 218