Mich. Admin. Code R. 500.615
Current through Vol. 24-22, December 15, 2024
Rule 615. Whenever the insurance code of 1956 or a rule issued pursuant thereto requires that premiums on group term life insurance be paid jointly by the certificate holder and some other person, the contract of insurance shall limit the contributions of the certificate holders so that the contributions do not exceed 75% of the total premium for the coverage, and do not exceed the amounts specified in the following schedule:
Maximum Contribution to Life Premium from Certificate Holder Rate at Which Per Thousand of Life Insurance Policy is Written Monthly Weekly
Standard 60 cents 14 cents Standard plus $1.00 70 cents 16 cents Standard plus $2.00 75 cents 17 cents Standard plus $3.00 or more 80 cents 18 cents
Mich. Admin. Code R. 500.615