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Relevant State Departments of Insurance Contact Info
Michigan Department of Insurance and Financial Services –
530 W. Allegan Street, 7th Floor
Lansing, MI 48933
Summary of the State:
- Summary Verbiage
TYPE OF LICENSE: VIATICAL SETTLEMENT
WHAT DOES THE STATE DEFINE AS CONTESTABLE?: 2 YEARS
WHAT IS THE REQUIRED HOLDING PERIOD?: N/A
WHEN DOES LICENSE NEED TO BE RENEWED?: N/A
IS BROKER COMPENSATION DISCLOSURE REQUIRED?: NO
IS THERE A MINIMUM PAYMENT REQUIREMENT?: NO
WHEN DOES THE MONEY NEED TO BE IN ESCROW?: MCLS § 550.525 (Sec. 5). Upon receipt from the viator of the documents to effect the transfer of the policy, the provider shall deposit the contract consideration in an escrow or trust account managed by a state or federal chartered financial institution, pending acknowledgment of the transfer by the issuer of the policy. The financial institution shall transfer the contract consideration to the viator immediately upon receipt of acknowledgment of the transfer from the insurer.
Failure by the provider to tender the contract consideration as required by this act renders the contract void.
IS THERE A NOTICE REQUIREMENT TO THE INSURED AFTER THE SALE?: NO
IS THERE A NOTICE REQUIREMENT TO THE CARRIER BEFORE/AFTER THE SALE?: NO
WHAT IS THE RESCISSION PERIOD?: MCLS § 550.524 (Sec. 4(2)). A viatical settlement contract entered into in this state shall contain a provision giving the viator the right to void the contract for at least 30 days after the date the contract is signed, or 15 days after the receipt of the viatical settlement contract consideration, whichever is less. The provider shall notify the insurer of the policy of a rescission within 30 days of the date that a contract is rescinded under this subsection.
IS THERE A VOC REQUIREMENT (OWN/STATE/NAIC FORM)?: NO
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