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Can you summarize MIAC Insurance and Financial Services?
Michigan Administrative Code > Insurance and Financial Services
Short Summary
The provided legal document content covers various aspects related to insurance and financial services in Michigan. It includes the maintenance and storage of records for transactions covered by Act No. 125 of the Public Acts of 1981, which applies to licensees, registrants, and servicers. These entities are required to maintain records of all transactions involving the receipt or disbursement of money. Servicers must also maintain records for each borrower, containing detailed loan information. Licensees and registrants must maintain a list of all foreclosure loan accounts. The document does not specify any penalties for non-compliance or violation of the act. Another aspect covered in the document is the use of discretionary clauses in credit insurance policy forms in Michigan. Insurers are prohibited from issuing any policy or contract document that contains a discretionary clause. The document empowers the commissioner to disapprove or withdraw approval of any form containing a discretionary clause. Insurers are required to submit a list of all forms containing discretionary clauses to the commissioner. The document also addresses the accreditation of neurological rehabilitation clinics and the proof of accreditation required for payment or reimbursement. It mentions the designation of Level I or Level II trauma centers for enhanced reimbursement purposes. Additionally, the document outlines the Good Moral Character requirements for individuals applying for insurance licenses in Michigan. It defines key terms, identifies convictions that evidence an applicant’s lack of good moral character, and establishes criteria and standards for the director’s review of an applicant’s good moral character. The document provides procedures for an applicant to submit a claim to rebut the use of a conviction as evidence of lacking good moral character. Exemptions to convictions include expunged or reversed/vacated convictions and certain juvenile dispositions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Licensees, registrants, servicers, insurers, individuals applying for insurance licenses in Michigan
What does it govern?
Maintenance and storage of records for transactions covered by Act No. 125 of the Public Acts of 1981 in Michigan, use of discretionary clauses in credit insurance policy forms in Michigan, accreditation of neurological rehabilitation clinics, proof of accreditation required for payment or reimbursement, designation of Level I or Level II trauma centers for enhanced reimbursement purposes, Good Moral Character requirements for individuals applying for insurance licenses in Michigan
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Michigan