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MI SB0900
Bill
Status
10/14/2009
Primary Sponsor
Gretchen Whitmer
Click for details
AI Summary
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Amends the definition of "security" in Michigan's Uniform Securities Act (2008 PA 551) to explicitly include variable annuity contracts.
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Removes the exclusion that previously exempted insurance and endowment policies with fixed or variable payments from securities regulation.
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Adds a new definition of "variable annuity contract" as an insurance or endowment policy where an insurance company promises to pay a variable sum of money based on investment experience, either in a lump sum or periodically.
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Subjects variable annuity contracts to Michigan securities laws and regulations that apply to other securities.
Legislative Description
Trade; securities; variable annuities; regulate as securities. Amends sec. 102c of 2008 PA 551 (MCL 451.2102c).
Trade, securities
Last Action
Referred To Committee On Banking And Financial Institutions
10/14/2009