On Apr. 9, MCH INS issued bulletin re maximum amount of assignment
MCG INS published Bulletin 2024-10-INS maximum amount of cemetery or funeral pre-death assignment allowed by Section 2080 of Insurance Code, MCH INS 500-2080.
Maximum assignment value, effective Jun. 1, 2024 through May 31, 2025, is $13,460.
Maximum Pre-Death Assignment
Section 2080 allows life insurance policy, annuity contract with a pre-death assignment
The proceeds of which may be used as payment for cemetery, funeral services, goods.
There is a maximum death benefit of a life insurance policy or annuity contract which is subject to the pre-death assignment, when the first premium payment is made.
The statute requires that amounts be adjusted annually in accordance with the CPI.
Bulletin 2024-10-INS supersedes Bulletin 2023-04-INS of Mar. 8, 2023, see #132812.
Effectiveness
New assignment value is effective Jun. 1, 2024 through May 31, 2025
Regulators
MCH INS
Entity Types
CNSM; IB; Ins
Reference
Bul 2024-10-INS, 4/9/2024; Citation: MCH INS 500-2080;
