MI SB1504

Replaces reference to "insurance bureau" with "office of financial and insurance regulation" in form filing and approval procedures for insurance policies and annuity contracts.

Requires insurance forms for personal, family, or household purposes to achieve a minimum readability score of 45 using a specified calculation method based on word count, sentence length, and syllable count.

Establishes that forms must include topical captions, identification of exclusions, and table of contents for policies exceeding 3,000 words on 3 pages or more than 3 pages of text.

Removes surety bonds from filing requirement exemptions in section 2236(8), making surety bonds other than fidelity bonds subject to form approval requirements.

Applies readability and form approval requirements to group disability insurance policies and group life insurance policies under sections 2242, 3606, and 4430.