Sec. 4121.
The following requirements apply to the establishment and administration of modified guaranteed annuity separate accounts by a domestic insurer:
(a) An insurer issuing a modified guaranteed annuity shall establish 1 or more separate accounts pursuant to this chapter.
(b) The insurer shall maintain in each separate account assets with a market value or other value comporting to standards set out in this chapter, at least equal to the valuation reserves and other contract liabilities respecting the account.
(c) Investments of the separate account shall be valued at their market value on the date of valuation, or at amortized cost if it approximates market value, or pursuant to standards contained in this chapter.
(d) Unless otherwise approved by the commissioner, separate accounts relating to modified guaranteed annuities shall be subject to investment laws applicable to the insurer's general asset account.
History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-41 - Chapter 41 Modified Guaranteed Annuities (500.4101...500.4127)
Section 500.4101 - Definitions.
Section 500.4103 - Delivery or Issuance by Insurer of Modified Guaranteed Annuity; Conditions.
Section 500.4105 - Sales and Advertising Material; Illustrations of Benefits Payable; Prospectus.
Section 500.4109 - Disapproval by Commissioner of Filed Material.
Section 500.4111 - Filing Requirements.
Section 500.4117 - Application for Modified Guaranteed Annuity.
Section 500.4119 - Reserve Liabilities.
Section 500.4121 - Modified Guaranteed Annuity Separate Accounts.