MI HB5146

Modifies group life insurance policy requirements to allow coverage of subsidiary employees, affiliated business employees, retired employees, and corporate directors as part of employer group policies.

Establishes criteria for associations to offer group life insurance, requiring at least 100 members, 2+ years of active existence, and bylaws mandating annual meetings, dues collection, and member voting rights.

Clarifies that group life insurance policies must include individual certificates describing coverage and conversion rights, with employees having 31 days after termination to convert to individual policies without additional evidence of insurability.

Requires the director of the Department of Insurance and Financial Services to determine that proposed group policies meet standards regarding public interest, administrative economy, and reasonable benefits-to-premium ratios before issuance.

Applies substantially similar approval requirements to out-of-state group policies issued in Michigan and establishes provisions for periodic addition of new employees meeting eligibility criteria to existing group coverage.