™Your Policy Risk Impact Agent
1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.4432 Group life insurance policy; incontestability.
0.3K chars
Sec. 4432. There shall be a provision that the policy shall be incontestable after 2 years from its date of issue, except for non-payment of premiums and except for violation of the conditions of the policy relating to military or naval service in time of war.
Mich. Comp. Laws § 500.4434 Entire contract; provision; application; representations.
0.6K chars
Sec. 4434. Each group life insurance policy shall contain a provision that the policy and the applications of the employer and, if applicable, of the individual employees insured, are the entire contract between the parties, and that all statements made by the employer or by the …
Mich. Comp. Laws § 500.4436 Misstatement of age; provision required.
0.2K chars
Sec. 4436. There shall be a provision for the equitable adjustment of the premium or the amount of insurance payable in the event of a misstatement of the age of an employee.
Mich. Comp. Laws § 500.4438 Individual certificate; notice of conversion rights.
1.3K chars
Sec. 4438. (1) Each group life insurance policy shall contain a provision that the company will issue to the employer for delivery to the employee, whose life is insured under the policy, an individual certificate that contains all of the following: (a) A description of the emplo…
Mich. Comp. Laws § 500.4439 Insurance under group policy; assignment of rights, effect.
1.3K chars
Sec. 4439. A person whose life is insured under a group insurance policy may, subject and pursuant to the terms of the policy, or pursuant to an arrangement between the insured, the employer and the company, assign (other than to the employer) all or any part of his incidents of …
Mich. Comp. Laws § 500.444 Collection of delinquent taxes with interest or penalty.
0.5K chars
Sec. 444. The taxes prescribed in this code may be collected, in case of delinquency, together with any interest or penalty on those taxes, by the revenue commissioner, out of money or by the sale of securities, deposited with the state treasurer by the delinquent insurer or if s…
Mich. Comp. Laws § 500.4442 New employee; provision required.
0.3K chars
Sec. 4442. Each group life insurance policy shall contain a provision that each new employee of an employer shall periodically be added to coverage if the new employee satisfies the conditions for coverage and is in the group or class of an employee originally insured.
Mich. Comp. Laws § 500.4446 Policy issued in another state; determination by director.
0.3K chars
Sec. 4446. A group policy offered by an insurer issued in another state shall not be issued in this state unless the director of the department of insurance and financial services determines that requirements substantially similar to section 4424(a) have been met.
Mich. Comp. Laws § 500.445 Delinquency as bar to granting certificate of authority.
0.2K chars
Sec. 445. A certificate of authority shall not be granted to an insurer or to its agents if the insurer is delinquent in the payment of the taxes or penalties prescribed in this chapter.
Mich. Comp. Laws § 500.4450 Employer deemed policyholder.
0.3K chars
Sec. 4450. In every group life insurance policy issued in this state, the employer shall be deemed to be the policyholder for all purposes within the meaning of this chapter, and, if entitled to vote at meetings of the insurer, shall be entitled to 1 vote thereat.
Mich. Comp. Laws § 500.4454 Readjustment of premium rate; optional provisions.
0.2K chars
Sec. 4454. Any group life insurance policy may provide for a readjustment of the rate based on experience at the end of the first year or any subsequent year of insurance, which readjustment may be made retroactive for such policy year only.
Mich. Comp. Laws § 500.4501 Definitions.
2.9K chars
Sec. 4501. As used in this chapter: (a) "Authorized agency" means the department of state police; a city, village, or township police department; a county sheriff's department; a United States criminal investigative department or agency; the prosecuting authority of a city, villa…
Mich. Comp. Laws § 500.4503 Fraudulent insurance acts.
3.0K chars
Sec. 4503. A fraudulent insurance act includes, but is not limited to, acts or omissions committed by any person who knowingly, and with an intent to injure, defraud, or deceive: (a) Presents, causes to be presented, or prepares with knowledge or belief that it will be presented …
Mich. Comp. Laws § 500.4507 Release of information; purpose.
2.7K chars
Sec. 4507. (1) Upon written request by an authorized agency to an insurer, the insurer or an agent authorized by the insurer to act on its behalf may release to the authorized agency, at the authorized agency's expense, any or all information that is considered important relating…
Mich. Comp. Laws § 500.4509 Civil liability; immunity.
3.3K chars
Sec. 4509. (1) A person acting without malice is not subject to liability for filing a report or requesting or furnishing orally or in writing other information concerning suspected or completed insurance fraud, if the reports or information are provided to or received from the i…
Mich. Comp. Laws § 500.451 Taxes on unauthorized insurers; regulatory fee; payment; delinquency.
0.5K chars
Sec. 451. Any unauthorized insurer transacting insurance in this state shall be subject to a tax of 2% of premiums written in this state and to an additional regulatory fee of 0.5% on premiums written in this state. The tax required by this section shall be considered delinquent …
Mich. Comp. Laws § 500.4511 Violation as felony; penalty; notice to licensing authority.
1.4K chars
Sec. 4511. (1) A person who commits a fraudulent insurance act under section 4503 is guilty of a felony punishable by imprisonment for not more than 4 years or a fine of not more than $50,000.00, or both, and shall be ordered to pay restitution as provided in section 1a of chapte…
Mich. Comp. Laws § 500.454 Name of insurer.
1.0K chars
Sec. 454. (1) Except as otherwise provided in this section, the department shall not authorize an insurer to do business in this state if its name is the same as or closely resembles the name of another insurer organized under or authorized to do business under the laws of this s…
Mich. Comp. Laws § 500.456 Legal process served on resident agent effective as personal service on company, association, or group; stipulation; filing copy of appointment; fee; duration of appointment; service of process.
2.2K chars
Sec. 456. (1) Every insurance company, association, risk retention group, or purchasing group not organized under the statutes of this state shall file with the commissioner, as a condition precedent to doing business in this state, the name and address of a resident agent upon w…
Mich. Comp. Laws § 500.460 Insurance producer to write or place insurance policies.
0.3K chars
Sec. 460. Except as otherwise provided in section 1202, an insurer authorized to transact business in this state shall not write, place, or cause to be written or placed an insurance policy or insurance contract in this state, except through an insurance producer.
Mich. Comp. Laws § 500.4601 Definitions.
8.3K chars
Sec. 4601. As used in this chapter: (a) "Affiliated company" means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. (b) "Alien captive insurance company" means an …
Mich. Comp. Laws § 500.4603 Limited certificate of authority; application; conditions; organizational documents; submission; contents; liability of director; submission of documents to attorney general for examination; duty of commissioner to require, consider, and review certain documents and factors; issuance of certificate; confidentiality; fee; foreign captive insurance company as captive insurance company.
8.3K chars
Sec. 4603. (1) A captive insurance company, if permitted by its organizational documents, may apply to the commissioner for a limited certificate of authority to do any and all insurance authorized by this chapter except worker's compensation insurance, long-term care insurance, …
Mich. Comp. Laws § 500.4607 Adoption of name by captive insurance company.
0.2K chars
Sec. 4607. A captive insurance company shall not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for any other existing business name registered in this state.
Mich. Comp. Laws § 500.4609 Confidentiality requirements.
1.5K chars
Sec. 4609. (1) Information and testimony submitted or furnished to the office pursuant to this chapter, examination reports, preliminary examination reports or results, and the office's work papers, correspondence, memoranda, reports, records, and other written or oral informatio…
Mich. Comp. Laws § 500.4611 Issuance of limited certificate of authority; possession and maintenance of unimpaired paid-in capital and retained earnings; form of minimum capitalization; incorporation as nonprofit; unencumbered equity; assets; evidence to be submitted to commissioner; additional capital; branch captive insurance company; security for payment of liabilities; trust fund; payment of dividends; limitation; distributions.
5.3K chars
Sec. 4611. (1) The commissioner shall not issue a limited certificate of authority to a captive insurance company unless the company possesses and maintains unimpaired paid in capital and retained earnings as follows: (a) For a pure captive insurance company, not less than $150,0…
Mich. Comp. Laws § 500.4619 Pure captive insurance company or sponsored captive insurance company; association captive insurance company or industrial insured captive insurance company; incorporation as stock insurer or limited liability company; issuance of capital stock or membership interests; formation of captive insurance company as corporation or nonprofit corporation or as limited liability company; state residency; chapter as controlling provision of law.
2.7K chars
Sec. 4619. (1) A pure captive insurance company or a sponsored captive insurance company may be any of the following: (a) Incorporated as a stock insurer with its capital divided into shares and held by the stockholders. (b) Incorporated as a public benefit, mutual benefit, or re…
Mich. Comp. Laws § 500.462 Signature of insurance producer on application for life or disability insurance.
0.4K chars
Sec. 462. Except as otherwise provided in this section, an application for life or disability insurance must bear the signature of an insurance producer. This section does not apply to an application for insurance through the insurer's internet website if the website contains a s…
Mich. Comp. Laws § 500.4621 Reports and inquiries.
3.7K chars
Sec. 4621. (1) A captive insurance company is not required to make an annual report except as provided in this chapter. (2) Annually, not later than 60 days after the end of a captive insurance company's fiscal year, the captive insurance company shall submit to the director a re…
Mich. Comp. Laws § 500.4623 Sponsored captive insurance company; discount of reserves.
0.5K chars
Sec. 4623. (1) A sponsored captive insurance company may discount its loss and loss adjustment expense reserves at the lesser of treasury rates or the captive insurance company's actual rate of return applied to the applicable payments projected through the use of the expected pa…
Mich. Comp. Laws § 500.4625 Conflict between act and chapter; exemption; applicability of certain sections; expenses and charges of examination; annual renewal fee; other fees; employment of legal counsel; confidentiality.
3.8K chars
Sec. 4625. (1) No provisions of this act, other than those specifically referenced in this chapter, apply to a captive insurance company, and those provisions apply only as modified by this chapter. If a conflict occurs between a provision of this act and a provision of this chap…
Mich. Comp. Laws § 500.4637 Limited certificate of authority; suspension or revocation; findings; best interest of public and policyholders.
2.6K chars
Sec. 4637. (1) The limited certificate of authority of a captive insurance company to conduct an insurance business in this state may be suspended or revoked by the commissioner for any of the following: (a) Insolvency or impairment of capital or retained earnings. (b) Failure to…
Mich. Comp. Laws § 500.4639 Association captive insurance company and industrial insured captive insurance company; compliance with investment requirements; pure captive insurance company and special purpose captive insurance company not subject to restrictions on allowable investments; exception; loans; combining of assets for purposes of investment; sponsored captive insurance companies to be in compliance with chapter 9; waiver of investment requirements.
2.1K chars
Sec. 4639. (1) An association captive insurance company and an industrial insured captive insurance company insuring the risks of an industrial insured group shall comply with the investment requirements contained in sections 910 to 947. Notwithstanding any other provision of thi…
Mich. Comp. Laws § 500.464 Additional deposits by domestic insurers.
2.2K chars
Sec. 464. (1) Whenever a domestic insurer desiring to do business in any other state or in any foreign country is required to make or maintain a deposit of cash or securities or both in some state other than or in addition to the deposit required to be made with the state treasur…
Mich. Comp. Laws § 500.4641 Reinsurance on risks ceded by other insurer.
0.5K chars
Sec. 4641. (1) A captive insurance company may provide reinsurance, as authorized by this act and with the prior approval of the commissioner, on risks ceded by any other insurer. (2) A captive insurance company may take credit for reserves on risks or portions of risks ceded to …
Mich. Comp. Laws § 500.4643 Rating organization; joining not required.
0.1K chars
Sec. 4643. A captive insurance company shall not be required to join a rating organization.
Mich. Comp. Laws § 500.4645 Plan, pool, association, or guaranty or insolvency fund; joining, contributing to, or receiving benefit from prohibited.
0.4K chars
Sec. 4645. A captive insurance company shall not join or contribute financially to a plan, pool, association, or guaranty or insolvency fund in this state. A captive insurance company, its insured, its parent, or any affiliated company or any member organization of its associatio…
Mich. Comp. Laws § 500.4651 Rules.
0.3K chars
Sec. 4651. The commissioner may promulgate pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, rules, and may issue regulations and orders relating to captive insurance companies as are necessary to enable the commissioner to carry out the pr…
Mich. Comp. Laws § 500.4655 Applicability of terms and conditions in chapter 81 pertaining to administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers; payment of expenses or claims from assets of protected cell or from capital and surplus of sponsored captive insurance company.
0.8K chars
Sec. 4655. (1) Except as otherwise provided in this section, the terms and conditions under chapter 81 pertaining to administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers apply in full to captive insurers authorized under this chapter…
Mich. Comp. Laws § 500.4659 Exercise of control of risk management function by parent or affiliated company; standards.
0.4K chars
Sec. 4659. The commissioner by rule, regulation, or order may establish standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company.…
Mich. Comp. Laws § 500.4663 Sponsored captive insurance company; formation; establishment and maintenance of protected cell to insure risks; conditions.
2.7K chars
Sec. 4663. (1) One or more sponsors may form a sponsored captive insurance company under this chapter. (2) A sponsored captive insurance company authorized under this chapter may establish and maintain 1 or more protected cells to insure risks of 1 or more participants, subject t…
Mich. Comp. Laws § 500.4665 Sponsor of sponsored captive insurance company; authorized insurer; risk retention group as sponsor or participant prohibited; business written by sponsored captive insurance company with respect to protected cell; requirements.
1.9K chars
Sec. 4665. A sponsor of a sponsored captive insurance company shall be an insurer authorized pursuant to the laws of a state or the District of Columbia, an insurance holding company that controls an insurer authorized pursuant to the laws of a state or the District of Columbia a…
Mich. Comp. Laws § 500.4667 Sponsored captive insurance companies; business entities as participants.
0.6K chars
Sec. 4667. (1) An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a sponsored captive insurance company authorized pursuant to this chapter. (2) A sponsor may be a participant in a sponsored captive…
Mich. Comp. Laws § 500.4669 Sponsored captive insurance companies; applicability of terms and conditions in chapter 48 pertaining to protected cell insurance company.
0.8K chars
Sec. 4669. (1) Except as otherwise provided in this chapter, the terms and conditions provided in chapter 48 relating to a protected cell insurance company apply in full to a sponsored captive insurance company. (2) Except as otherwise provided, all of the following apply to a sp…
Mich. Comp. Laws § 500.4673 Captive insurance regulatory and supervision fund; creation; deposit of certain money, assets, fees, and assessments; money remaining in fund at close of fiscal year; commissioner as administrator for auditing purposes.
1.7K chars
Sec. 4673. (1) The captive insurance regulatory and supervision fund is created within the state treasury. (2) The state treasurer may receive money or other assets from any source for deposit into the captive insurance regulatory and supervision fund. All fees and assessments re…
Mich. Comp. Laws § 500.4701 Definitions.
7.4K chars
Sec. 4701. As used in this chapter: (a) "Affiliated company" means a company in the same corporate system as a parent, by virtue of common ownership, control, operation, or management. (b) "Captive LLC" means a limited liability company established under the Michigan limited liab…
Mich. Comp. Laws § 500.4703 Conflict between provision of act and provision of chapter; chapter as controlling; sections applicable to SPFCs; exemption.
0.6K chars
Sec. 4703. (1) No provisions of this act, other than those specifically referenced in this chapter, apply to an SPFC, and those provisions apply only as modified by this chapter. If a conflict occurs between a provision of this act and a provision of this chapter, this chapter co…
Mich. Comp. Laws § 500.4705 Limited certificate of authority to transact insurance or reinsurance; transaction of business by SPFC; limitation; requirements; submission of documents to commissioner; contents; liability of director; submission of documents to office of attorney general; evidence and documents required, considered, and reviewed by commissioner; additional filings; confidentiality; transaction of business; fees; limited certificate of authority granted after certain findings; renewal; foreign captive as SPFC.
12.4K chars
Sec. 4705. (1) A captive insurance company, a captive LLC, or a company otherwise qualified as an authorized insurer may apply to the commissioner for a limited certificate of authority to transact insurance or reinsurance business as authorized by this chapter. An SPFC only may …
Mich. Comp. Laws § 500.4707 SPFC; establishment; form of organization; documents; limitation; adoption of name; applicability of certain provisions in carrying out transactions; state residency; privileges and provisions applicable to limited liability company; corporate powers.
1.7K chars
Sec. 4707. (1) An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the commissioner. (2) The SPFC's organizational documents shall limit the SPFC's authority to transact the business of insur…
Mich. Comp. Laws § 500.4709 Minimum initial capitalization; additional capitalization; maintenance of deposits.
1.0K chars
Sec. 4709. (1) An SPFC initially shall possess and after that maintain minimum capitalization of not less than $250,000.00. All of the minimum initial capitalization shall be in cash. All other funds of the SPFC in excess of its minimum initial capitalization shall be in the form…
Mich. Comp. Laws § 500.4711 SPFC; insuring or reinsuring risks insured or reinsured by counterparty; contract for assumption of risk or indemnification of loss; related and incidental contracts; submission of actuarial opinion.
1.8K chars
Sec. 4711. (1) An SPFC may insure or reinsure only the risks insured or reinsured by a counterparty. (2) An SPFC shall not issue a contract for assumption of risk or indemnification of loss other than an SPFC contract. However, the SPFC may cede risks assumed through an SPFC cont…