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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.4713 Protected cells; creation and use by SPFC; written approval of commissioner; possession of minimum capitalization; fraudulent purpose not inferred.
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Sec. 4713. (1) This section and section 4715 provide a basis for the creation and use of protected cells by an SPFC. If a conflict occurs between a provision of chapter 46 or chapter 48 and either this section or section 4715, this section and section 4715 control. (2) An SPFC ma…
Mich. Comp. Laws § 500.4715 Protected cell; consideration as separate person; purposes; distinct name or designation; subject to orders of court; service of process; contract with third party advisor or manager; recourse by creditors; availability of assets; attachment of security interest to protected cell; identification of protected cell assets and liabilities; provisions in contracts or other documentation; income; crediting to or charging against protected cell; investment or reinvestment of amounts; annual report; notification of insolvency.
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Sec. 4715. (1) The creation of a protected cell does not create, with respect to that protected cell, a legal person separate from the SPFC. (2) Notwithstanding subsection (1), if an order of conservation, rehabilitation, or liquidation is entered for a counterparty, the SPFC and…
Mich. Comp. Laws § 500.4717 Issuance of SPFC securities.
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Sec. 4717. (1) An SPFC may issue securities, including SPFC securities and preferred securities, surplus notes, and other forms of financial instruments, subject to and in accordance with applicable law, the SPFC's approved plan of operation, and its organizational documents. (2)…
Mich. Comp. Laws § 500.4719 Asset management agreements.
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Sec. 4719. An SPFC may enter into swap agreements, or other forms of asset management agreements, including guaranteed investment contracts, or other transactions that have the objective of leveling timing differences in funding of up front or ongoing transaction expenses or mana…
Mich. Comp. Laws § 500.4721 SPFC contracts; agreements with affiliated companies and third parties; contents of contract; withdrawal of assets or income from trust and transfer to SPFC; approval from counterparty.
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Sec. 4721. (1) An SPFC, at any given time, may enter into and effectuate an SPFC contract with a counterparty, provided that the SPFC contract meets all of the following: (a) Complies with the plan of operation submitted to the commissioner. (b) Obligates the SPFC to indemnify th…
Mich. Comp. Laws § 500.4723 Insurance securitization; not considered as insurance producers or brokers.
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Sec. 4723. SPFC securities and preferred securities issued pursuant to an insurance securitization are not, and shall not be considered to be, insurance or reinsurance contracts. An investor in these securities or a holder or issuer of these securities, by sole means of this inve…
Mich. Comp. Laws § 500.4725 SPFC; duty to ensure contracts fulfill certain requirements.
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Sec. 4725. In fulfilling its function, the SPFC shall adhere to the following and, to the extent of its powers, shall ensure that contracts obligating other parties to perform certain functions incident to its operations are substantively and materially consistent with all of the…
Mich. Comp. Laws § 500.4727 Creation of trust to hold assets of SPFC.
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Sec. 4727. (1) Assets of the SPFC held in trust to secure obligations under the SPFC contract shall at all times be held in cash and cash equivalents, securities listed by the securities valuation office of the national association of insurance commissioners, or another form of s…
Mich. Comp. Laws § 500.4729 Declaration and payment of dividends prohibited; exception; limitation; sufficiency of assets; provisions.
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Sec. 4729. (1) An SPFC shall not declare or pay dividends in any form to its owners other than in accordance with the insurance securitization transaction agreements, and in no event shall the dividends decrease the capital of the SPFC below $250,000.00, and, after giving effect …
Mich. Comp. Laws § 500.4731 Plan of operation; changes; filing of audited financial statements; inquiries by commissioner; filing of statement of operations; reports; preservation of books, records, documents, accounts, and vouchers; authority of securities commissioner.
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Sec. 4731. (1) An SPFC may make the following material changes to its plan of operation pursuant to section 4705(6)(b), whether or not through an SPFC protected cell: (a) If included in the initial plan of operation, securities subsequently issued to continue the securitization a…
Mich. Comp. Laws § 500.4732 Activities requiring notice to commissioner.
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Sec. 4732. An SPFC shall not enter into any of the following transactions or engage in any of the following activities unless the SPFC has notified the commissioner in writing of its intention to enter into the transaction or activity at least 30 days, or a shorter period as the …
Mich. Comp. Laws § 500.4733 Captive insurance company examination; expenses and charges; payment; fee.
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Sec. 4733. (1) The expenses and charges of a captive insurance company examination shall be paid to the state by the captive insurance company or companies examined, and the office shall issue warrants for the proper charges incurred in all examinations. The payments received by …
Mich. Comp. Laws § 500.4734 Confidentiality requirements; exception.
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Sec. 4734. (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 § 500.4735 Cessation of business; suspension or revocation of limited certificate of authority; violations; penalties; notice.
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Sec. 4735. (1) At the cessation of business of an SPFC following termination or cancellation of an SPFC contract and the redemption of any related SPFC securities issued in connection with it, the authority granted by the commissioner expires or, for retiring and surviving protec…
Mich. Comp. Laws § 500.4741 Administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers.
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Sec. 4741. (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 SPFCs or each of the SPFC's protected cells, i…
Mich. Comp. Laws § 500.4745 Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.
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Sec. 4745. (1) A contested case brought by a third party based on a decision of the commissioner pursuant to this chapter is governed by applicable law of this state except that the third party shall do all of the following: (a) Prove its case in accordance with the applicable ru…
Mich. Comp. Laws § 500.4747 Issuance of regulations; employment of legal counsel.
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Sec. 4747. (1) The commissioner may issue regulations necessary to effectuate the purposes of this chapter. Regulations issued pursuant to this section do not affect an SPFC insurance securitization in effect at the time of the issuance of the regulation. (2) Notwithstanding any …
Mich. Comp. Laws § 500.476a Alien or foreign insurers; deposit of securities or making certain payments; computation; revocation of certificate of authority; purpose of section; domestic insurer owned or controlled by alien or foreign insurer; domestic insurer as alien or foreign insurer; compliance; taxes subject to MCL 208.1243 and 206.643; administration of tax; disclosure of tax return; housing opportunity tax credit.
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Sec. 476a. (1) Beginning August 3, 1987, whenever, by a law in force outside of this state or country, a domestic insurer or agent of a domestic insurer is required to make a deposit of securities for the protection of policyholders or otherwise, or to make payment for taxes, fin…
Mich. Comp. Laws § 500.476b Taxes to which authorized insurer subject.
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Sec. 476b. Authorized insurers are subject to the tax as provided in section 476a if applicable or the Michigan business tax act, 2007 PA 36, MCL 208.1101 to 208.1519, or part 2 of the income tax act of 1967, 1967 PA 281, MCL 206.601 to 206.699, whichever is greater.
Mich. Comp. Laws § 500.478 NAIC report of activities.
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Sec. 478. (1) On or before October 1 of each year, the NAIC shall file a report of its activities with the commissioner and the senate and house of representatives standing committees on insurance issues. The report shall include all of the following: (a) A summary of the activit…
Mich. Comp. Laws § 500.479 Imposition of fee by NAIC.
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Sec. 479. (1) An insurer domiciled in this state and authorized to transact insurance in this state is not required and cannot be compelled to pay any fee imposed by the NAIC, unless the fee is authorized by an order of the commissioner pursuant to the administrative procedures a…
Mich. Comp. Laws § 500.480 Definitions.
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Sec. 480. As used in sections 478 and 479: (a) "Fee" means financial data base fees, annual statement filing fees, securities valuation fees, user fees, and any other financial assessment or charge of any kind imposed directly or indirectly by the NAIC. (b) "NAIC" means the natio…
Mich. Comp. Laws § 500.4801 Definitions.
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Sec. 4801. As used in this chapter: (a) "Domestic insurer" means an insurer domiciled in this state. (b) "Fair value" means the following: (i) For cash, the amount of the cash. (ii) For assets other than cash, the amount at which that asset could be bought or sold in the current …
Mich. Comp. Laws § 500.4803 Protected cells; establishment; written approval of commissioner; name or designation; attribution of assets and liabilities; attachment of security interest; contracting with third party; identification of protected cell assets and protected cell liabilities.
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Sec. 4803. (1) A protected cell company may establish 1 or more protected cells with the prior written approval of the commissioner of a plan of operation or amendments submitted by the protected cell company with respect to each protected cell in connection with an insurance sec…
Mich. Comp. Laws § 500.4805 Income credited to or charged against protected cell; insurance securitization; language to be contained in documentation; cessation of business of protected cell.
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Sec. 4805. (1) The protected cell assets of a protected cell shall not be charged with liabilities arising out of any other business the protected cell company may conduct. All contracts or other documentation reflecting protected cell liabilities shall clearly indicate that only…
Mich. Comp. Laws § 500.4807 Creditors; recourse; activities, assets, and obligations not subject to chapters 77 and 79; establishment of protected cell not considered fraudulent conveyance.
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Sec. 4807. (1) Protected cell assets are only available to the creditors of the protected cell company that are creditors for that protected cell and are entitled, in conformity with this chapter, to have recourse to the protected cell assets attributable to that protected cell. …
Mich. Comp. Laws § 500.4809 Receiver to deal with protected cell company's assets and liabilities; effect of order of conservation, rehabilitation, or liquidation.
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Sec. 4809. (1) Notwithstanding any other provision of law, rule, or regulation, upon an order of conservation, rehabilitation, or liquidation of a protected cell company, the receiver shall deal with the protected cell company's assets and liabilities, including protected cell as…
Mich. Comp. Laws § 500.4811 Insurance securitization not considered insurance or reinsurance contract; investor not considered as conducting insurance business in state.
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Sec. 4811. A protected cell company insurance securitization is not, and shall not be considered to be, an insurance or reinsurance contract. An investor in a protected cell company insurance securitization, by sole means of this investment, is not, and shall not be considered to…
Mich. Comp. Laws § 500.4813 Rules, regulations, or orders.
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Sec. 4813. The commissioner may issue rules, regulations, or orders necessary to effectuate the purposes of this chapter.
Mich. Comp. Laws § 500.5000 Scope of chapter.
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Sec. 5000. This chapter covers incorporation and procedures for organization of new domestic stock, mutual, and cooperative plan insurers; except, that this chapter shall apply to domestic general mutual insurers only as stated in section 5804.
Mich. Comp. Laws § 500.5001 Compliance with chapter required.
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Sec. 5001. No stock or mutual insurer or other form of corporate body, shall hereafter be incorporated in this state for the purpose of transacting any form of insurance or surety bonding business, without complying with the procedure prescribed in this chapter.
Mich. Comp. Laws § 500.5002 Organization of insurers; definitions.
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Sec. 5002. Definitions, as used in this code: (1) Except as otherwise indicated "corporation" means a corporation formed or existing under the laws of this state. (2) "Articles" means articles of incorporation, and all amendments thereto, and includes what has heretofore been ref…
Mich. Comp. Laws § 500.5006 Stock insurers; formation, number of incorporators required.
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Sec. 5006. (1) Any number of persons, not less than 7, may associate together and form a stock insurer to transact any or all of the following kinds of insurance: Property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter …
Mich. Comp. Laws § 500.5008 Articles of incorporation; blank forms; subscribing in duplicate; contents; permissible provisions; liability of director; certificate of acknowledgment.
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Sec. 5008. (1) The commissioner shall prepare and keep on hand blank forms of articles of incorporation for insurers desiring to incorporate under this act, which forms may be had on application. (2) The incorporators shall subscribe articles of incorporation in duplicate, which …
Mich. Comp. Laws § 500.501 Scope of chapter.
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Sec. 501. (1) This chapter applies to the treatment of nonpublic personal financial information about individuals who obtain or are claimants or beneficiaries of products or services primarily for personal, family, or household purposes from licensees whether through an individua…
Mich. Comp. Laws § 500.5010 Duration of corporate existence.
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Sec. 5010. The corporate existence of any company incorporated under or subject to this code shall not exceed 30 years, unless a longer term is provided in the articles of incorporation. Any company hereafter incorporated under this code may incorporate for a period of any specif…
Mich. Comp. Laws § 500.5012 Corporate name; restrictions.
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Sec. 5012. No insurer formed under this code shall assume any name which is the same as or closely resembles the name of any other corporation doing business in this state.
Mich. Comp. Laws § 500.5014 Par value of stock; limitations.
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Sec. 5014. Capital stock of domestic stock insurers incorporated under this chapter shall have value as follows: (1) If organized to transact property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6, each share of auth…
Mich. Comp. Laws § 500.5020 Examination of articles by attorney general; fee.
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Sec. 5020. (1) Before such articles of incorporation shall be effective for any purpose the same shall be submitted to the attorney general for his examination, and if found by him to be in compliance with this code he shall so certify to the commissioner. (2) Each and every insu…
Mich. Comp. Laws § 500.5024 Securing subscribers, stockholders, or members of insurance company; sale of capital stock; required acts of incorporators; authority of commissioner.
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Sec. 5024. (1) Before securing subscribers, stockholders, or members of an insurance company, or taking subscriptions for, or negotiating for, the sale of any of the capital stock of the company or subscriptions for membership in the company, the incorporators shall do all of the…
Mich. Comp. Laws § 500.5028 Completion of organization; issuance of stock certificates; mutual corporation.
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Sec. 5028. (1) The incorporators shall, after the filing and approval of the required articles, proceed to the completion of organization of the proposed insurer. (2) A stock corporation shall at once open its books of subscription to the capital stock, and a certificate of autho…
Mich. Comp. Laws § 500.503 Definitions.
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Sec. 503. As used in this chapter: (a) "Affiliate" means any company that controls, is controlled by, or is under common control with another company. (b) "Annual notice" means the privacy notice required in section 513. (c) "Clear and conspicuous" means that a notice is reasonab…
Mich. Comp. Laws § 500.5036 Liability of directors for debts during organization.
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Sec. 5036. The directors and incorporators of any stock company organized under this chapter, to transact property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6, shall be jointly and severally liable for all debts or…
Mich. Comp. Laws § 500.5040 Examination; certificate of authority.
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Sec. 5040. Upon the petition of the incorporators of such company, the commissioner shall cause an examination to be made in respect to the capital stock and shall see that the requirements as to the same have been fully complied with; and if the company is organized to do busine…
Mich. Comp. Laws § 500.505 Notice and opt out requirements.
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Sec. 505. (1) A licensee is not required to provide the notice and opt out requirements for nonpublic personal financial information under this chapter if the licensee is an employee, agent, or other representative of a principal and all of the following are met: (a) The principa…
Mich. Comp. Laws § 500.507 Privacy policies and practices; notice.
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Sec. 507. (1) Beginning July 1, 2001, a licensee shall provide a clear and conspicuous notice that accurately reflects its privacy policies and practices to all of the following: (a) An individual who on or after July 1, 2001 becomes the licensee's customer, not later than when t…
Mich. Comp. Laws § 500.509 Customer relationship; time of establishment; continuing relationship; revised privacy notice for new insurance product or service.
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Sec. 509. (1) A licensee establishes a customer relationship at the time the licensee and the consumer enter into a continuing relationship. A continuing relationship includes, but is not limited to, all of the following: (a) For an insurer, when the consumer receives the deliver…
Mich. Comp. Laws § 500.5100 Definitions.
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Sec. 5100. As used in this chapter: (a) "Acquiring insurer" means a domestic stock insurer, domestic mutual insurer, or reciprocal or inter-insurance exchange organized pursuant to this chapter. (b) "Effective date of the transfer" means the date upon which a transfer occurs. (c)…
Mich. Comp. Laws § 500.5102 State accident fund; acquisition of assets; effect of proposed transfer.
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Sec. 5102. No person other than an acquiring insurer shall acquire all or substantially all of the assets of the state accident fund. A proposed transfer shall constitute a proposed change of control of a domestic insurer within the meaning of this act and shall be subject to all…
Mich. Comp. Laws § 500.5104 Organizing stock insurer or mutual insurer; purpose; domestic stock insurer owned by nonprofit health care corporation as acquiring insurer; limitation on transaction.
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Sec. 5104. (1) Subject to the requirements of this act applicable to domestic stock insurers, domestic mutual insurers, reciprocals, or inter-insurance exchanges, and the further requirements of this chapter, 13 or more persons may organize a stock insurer or 20 or more persons m…