Sec. 127.
(1) A guaranteed asset protection waiver that is subject to the guaranteed asset protection waiver act is not insurance or the business of insurance and is not subject to this act.
(2) A person is not required to obtain a certificate of authority or license under this act to market, sell, or offer to sell guaranteed asset protection waivers in compliance with the guaranteed asset protection waiver act to borrowers.
(3) A guaranteed asset protection waiver issued before the effective date of the amendatory act that added this section shall not be construed as insurance.
(4) As used in this section, "borrower" and "guaranteed asset protection waiver" mean those terms as defined in section 3 of the guaranteed asset protection waiver act.
History: Add. 2009, Act 230, Imd. Eff. Jan. 8, 2010 Popular Name: Act 218Popular Name: Essential Insurance
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-1 - Chapter 1 Scope of Code (500.100...500.150)
Section 500.100 - Insurance Code of 1956; Short Title.
Section 500.102 - Definitions.
Section 500.103 - “Revenue Commissioner” Defined.
Section 500.106 - "Health Maintenance Organization" and "Insurer" Defined.
Section 500.108 - Authorized, Unauthorized Insurer; Definitions.
Section 500.110 - Domestic, Foreign, Alien; Definitions.
Section 500.114 - Person; Definition.
Section 500.115 - Definitions.
Section 500.116 - Additional Definitions.
Section 500.118 - Treatment of Alien Insurer as Foreign Insurer.
Section 500.121 - Surety; Rights; Remedies; Relief.
Section 500.122 - Applicability of Michigan Antitrust Reform Act.
Section 500.126 - Waiver of Customer Liability Agreement; Definitions.
Section 500.128 - Additional Exceptions.
Section 500.129 - Medical Retainer Agreement Not Subject to Act.
Section 500.132 - Saving Clause; Incumbent Officers.
Section 500.140 - Saving Clause; Existence of Domestic Insurer Continued.
Section 500.142 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Section 500.150 - Violation of Act; Hearing; Order of Director; Penalties; Court Order.