MI HB5150

Permits life insurance applications obtained through electronic means to be treated as valid applications under Michigan insurance law, with information from electronic applications endorsed upon or attached to the policy.

Clarifies that statements made by the insured in life insurance policies are representations rather than warranties and cannot void the policy unless contained in a written application attached to the policy.

Requires annuity contracts to display a front-page notice allowing policyholders at least 10 days after receipt to cancel and receive a full refund of premiums and charges.

For variable annuity contracts, refunds must include the difference between premiums paid and amounts allocated to separate accounts, plus the current value of allocated separate account amounts as of the return date.

Exempts employee pension, annuity, and profit-sharing plans qualified under the Internal Revenue Code from the annuity cancellation requirements.