MI HB5147

Variable life and annuity products approved by the U.S. Securities and Exchange Commission for sale in Michigan are considered compliant with state insurance form readability and filing requirements.

Insurance forms for personal, family, or household purposes must meet a minimum readability score of 45 and include topical captions and identification of exclusions before approval by the Department of Insurance and Financial Services.

The 30-day automatic approval provision for form filings remains in effect if the director fails to act within 30 days of submission.

Insurers may delegate form filing obligations to licensed rating organizations by filing written authorization with the department.

Repeals Section 2206 of the 1956 Insurance Code; effective 91 days after final adjournment of the 2014 Regular Session.