The bill amends the Michigan Insurance Code of 1956 by updating several sections related to life and disability insurance policies. Key changes include the removal of gender-specific language, allowing any individual to insure their own life or the life of another person in whom they have an insurable interest. The bill also clarifies that the proceeds of life insurance policies payable to a spouse or descendants are exempt from claims by creditors, and it establishes that if premiums are paid with the intent to defraud creditors, those amounts must benefit the creditors from the policy's proceeds.

Additionally, the bill modifies the definitions of dependents, ensuring that both spouses are recognized equally, and it specifies that dependency terminates upon death or remarriage for surviving spouses. The amendments also require that disability insurance policies clearly state the terms of coverage and eligibility for family members, including provisions for dependent children. Overall, the bill aims to modernize the insurance code, enhance protections for beneficiaries, and ensure equitable treatment in insurance matters.

Statutes affected:
House Introduced Bill: 500.2207