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MI SB0031
Bill
AI Summary
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Adds section 2210a to the Michigan Insurance Code (1956 PA 218) to establish that a trustee of a trust has an insurable interest in the life of an individual.
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Insurable interest for trustees is provided under section 7114 of the Estates and Protected Individuals Code (1998 PA 386, MCL 700.7114).
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Takes effect only if Senate Bill No. 32 of the 97th Legislature is also enacted into law.
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Approved by the Governor on February 11, 2014 with an effective date of February 11, 2014.
Legislative Description
Insurance; life; insurable interests; amend insurance code to provide for insurable interest of trustees. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 2210a. TIE BAR WITH: SB 0032'13
Insurance, life
Last Action
Assigned Pa 0007'14 With Immediate Effect
2/12/2014