500.3942a Reporting requirements; agent activities; preparation of report.
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500.3942a Reporting requirements; agent activities; preparation of report.
Sec. 3942a.
(1)Every insurer marketing long-term care insurance in Michigan shall comply with all of the following reporting requirements for the purpose of reviewing more closely agent activities regarding the sale of long-term care insurance:
(a)Maintain records for each agent of that agent's amount of replacement sales as a percent of the agent's total annual sales and the amount of lapses of long-term care insurance policies sold by the agent as a percent of the agent's total annual sales and report annually by June 30 the top 10% of its agents that have the greatest percentages of lapses and replacements.
(b)Report annually by June 30 the number of lapsed policies as a percent of its total annual sales and as a percent of its total number of policies in force as of the end of the preceding calendar year.
(c)Report annually by June 30 the number of replacement policies sold as a percent of its total annual sales and as a percent of its total number of policies in force as of the preceding calendar year.
(2)All reports prepared pursuant to subsection
(1)shall be on a statewide basis.
History: Add. 1992, Act 84, Imd. Eff. June 2, 1992
Popular Name: Act 218