Sec. 4123.
An insurer shall annually provide their contract holders with a report showing both the account value and the cash surrender value. The report shall clearly indicate that the account value is prior to the application of any surrender charges or market-value adjustment formula and shall specify the surrender charge and market-value adjustment used to determine the cash surrender value.
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.