Michigan Laws 500.2912 – Issuing insurance at rate requiring consent under MCL 500.2414 or 500.2614; inspection; sworn statements; false affidavits; employing services of surplus lines agent; forms of sworn statements; d
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(1) A person shall not be issued a policy of home insurance at a rate requiring consent under section 2414 or 2614. A person shall not be issued basic property insurance coverage at a rate requiring consent under section 2414 or 2614 until an inspection has been made by the inspection bureau and the person has filed with the inspection bureau a sworn statement acknowledging his or her rights under this chapter and waiving those rights. The person’s agent shall make a sworn statement that the person has been fully advised of his or her rights under this chapter and has been furnished a written description of those rights.
(2) A false affidavit by an agent is grounds for refusal, suspension, or revocation of license pursuant to section 1242.
Terms Used In Michigan Laws 500.2912
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Basic property insurance: means :
(i) Insurance against direct loss to any property caused by perils as defined and limited in a fire policy as provided in chapter 28 and an extended coverage indorsement and a vandalism and malicious mischief indorsement or combination thereof as approved by the commissioner. See Michigan Laws 500.2901Commissioner: means the director. See Michigan Laws 500.102 Home insurance: means a homeowners multiple peril insurance policy for qualified property containing all of the following, but does not include insurance intended to insure commercial, industrial, professional, or business property, obligations, or liabilities:
(i) Fire insurance for an insured's dwelling of a type described in section 2103(2). See Michigan Laws 500.2901Inspection bureau: means an organization designated by the commissioner to act as the inspection bureau. See Michigan Laws 500.2901 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402
(3) A person shall not employ the services of a surplus lines agent in obtaining basic property or home insurance until the person has filed with the commissioner a sworn statement acknowledging and waiving his or her rights under this chapter. The person’s surplus lines agent shall make a sworn statement that the person has been fully advised of his or her rights under this chapter and has been furnished a written description of those rights.
(4) A false affidavit by a surplus lines agent constitutes grounds for refusal, suspension, or revocation of license pursuant to section 1242.
(5) The commissioner shall prescribe the forms of sworn statements and written descriptions of rights used in connection with this section.