June 28, 2005, Introduced by Reps. Sheen, Gaffney, Ball, Vander Veen, Stakoe, Huizenga, Drolet, Pastor, Hildenbrand, Moolenaar, Hansen, Robertson, Baxter, Elsenheimer, Shaffer, Stahl, Kooiman, Hoogendyk, Palmer, Gosselin, Mortimer, Condino, Farrah and Green and referred to the Committee on Insurance.
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
(MCL 500.100 to 500.8302) by adding section 2004.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2004. It is an unfair method of competition and an unfair
or deceptive act or practice in the business of insurance to market
or promote an annuity as a way to shelter assets from medicaid
spend-down requirements. As used in this section, "medicaid" means
the medical assistance program administered by the state under
section 105 of the social welfare act, 1939 PA 280, MCL 400.105.