Michigan SB1070 amends the insurance code to regulate the assignment of life insurance proceeds for funeral and cemetery services.

Michigan SB1070 amends the insurance code to regulate the assignment of life insurance proceeds for funeral and cemetery services. It prohibits insurers from owning or managing funeral establishments and restricts the sale of life insurance policies intended for funeral payments. The bill mandates that insurers provide certain disclosures and protections to consumers, including a revocability clause and dispute resolution rights. It also establishes criteria for the assignment of life insurance proceeds, including price limits and conditions for revocation.

Michigan SB1070 amends the insurance code to regulate the assignment of life insurance proceeds for funeral and cemetery services.

Michigan SB1070 amends the insurance code to regulate the assignment of life insurance proceeds for funeral and cemetery services. It prohibits insurers from owning or managing funeral establishments and restricts the sale of life insurance policies intended for funeral payments. The bill mandates that insurers provide certain disclosures and protections to consumers, including a revocability clause and dispute resolution rights. It also establishes criteria for the assignment of life insurance proceeds, including price limits and conditions for revocation.