Sec. 4163.
(1) An insurer and an insurance producer shall maintain or be able to make available to the commissioner records of the information collected from the consumer and other information used in making the recommendations that were the basis for insurance transactions for 5 years after the insurance transaction is completed by the insurer. An insurer is permitted, but is not required, to maintain documentation on behalf of an insurance producer.
(2) Records required to be maintained by this chapter may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media or by any process that accurately reproduces the actual document.
History: Add. 2006, Act 399, Imd. Eff. Sept. 29, 2006
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-41A - Chapter 41a Annuity Recommendation to Consumers (500.4151...500.4166)
Section 500.4151 - Definitions.
Section 500.4153 - Scope of Chapter.
Section 500.4157 - Repealed. 2012, Act 544, Eff. June 1, 2013.
Section 500.4158 - Insurer's Supervision System.
Section 500.4159 - Dissuading Consumer From Certain Acts Prohibited.
Section 500.4160 - Sale of Annuities; Completion of Annuity Training Course; Requirements.
Section 500.4161 - Copy of Annuity Policy.
Section 500.4163 - Records; Maintenance, Availability.
Section 500.4165 - Applicability of Subsections; Definitions.
Section 500.4166 - Compliance With Chapter; Violation Orders.