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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.5106 Provisions applicable to acquiring insurer.
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Sec. 5106. On and after the effective date of the transfer, any acquiring insurer shall be subject to the following: (a) The acquiring insurer shall assume, indemnify, and hold the state of Michigan and any of its subdivisions harmless from and against all existing liabilities of…
Mich. Comp. Laws § 500.5108 Acquiring insurer as party in place of state accident fund.
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Sec. 5108. Within 90 days after the effective date of the transfer, the acquiring insurer shall apply to the court or administrative agency in this state in which an action or proceeding is pending in which the state accident fund was a party pursuant to section 731 of the worker…
Mich. Comp. Laws § 500.511 Initial notice; conditions; delivery.
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Sec. 511. (1) A licensee may provide the initial notice within a reasonable time after the licensee establishes a customer relationship if establishing the customer relationship is not at the customer's election or providing notice not later than when the licensee establishes a c…
Mich. Comp. Laws § 500.5110 Determining violation of MCL 500.5106.
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Sec. 5110. Upon probable cause the commissioner may examine and investigate into the affairs of an acquiring insurer to determine whether the insurer has been or is engaged in any practice in violation of section 5106.
Mich. Comp. Laws § 500.5112 Notice of violation of MCL 500.5106; hearing; findings and conclusions; order to cease and desist; additional orders.
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Sec. 5112. (1) Upon probable cause to believe that an acquiring insurer has been or is engaged in any practice in violation of section 5106, the commissioner shall give notice, pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being se…
Mich. Comp. Laws § 500.5114 Insurance agents.
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Sec. 5114. (1) All agents licensed by the state of Michigan to sell property and casualty insurance shall be authorized to sell workers' compensation and employers' liability insurance issued by, and to place such business with, the acquiring insurer for a period of 3 years comme…
Mich. Comp. Laws § 500.513 Annual notice required; “annually” defined; exception.
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Sec. 513. (1) Except as otherwise provided in subsection (2), a licensee shall provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices not less than annually during the continuation of the customer relationship. As used in t…
Mich. Comp. Laws § 500.515 Initial, annual, and revised notices; information required; disclosure of nonpublic personal financial information.
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Sec. 515. (1) The initial, annual, and revised notices shall include each of the following items of information, in addition to any other information the licensee wishes to provide, that apply to the licensee and to the consumers to whom the licensee sends its privacy notice: (a)…
Mich. Comp. Laws § 500.517 Initial notice requirements for consumer not a customer; short-form initial notice; delivery.
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Sec. 517. (1) A licensee may satisfy the initial notice requirements in sections 507 and 519(3) for a consumer who is not a customer by providing a short-form initial notice at the same time as the licensee delivers an opt out notice as required in section 519. (2) A short-form i…
Mich. Comp. Laws § 500.519 Opt out notice; requirements.
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Sec. 519. (1) If a licensee is required to provide an opt out notice under section 529, it shall provide a clear and conspicuous notice to each of its consumers that accurately explains the right to opt out under that section. The notice shall state all of the following: (a) That…
Mich. Comp. Laws § 500.5200 Applicability of chapter.
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Sec. 5200. (1) This chapter applies only to domestic stock, mutual, and cooperative plan insurers, including limited liability pools; except, that sections 5242 and 5252 apply also to foreign insurers, and section 5222 applies also to fraternal benefit societies. (2) For addition…
Mich. Comp. Laws § 500.5202 Life, accident or sickness insurers; reorganization under code.
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Sec. 5202. Any company organized to transact the business of life insurance or insurance against accident or sickness under any laws of this state in force prior to August 10, 1917, may reorganize under this code, and have the benefit of all its provisions, by a vote of the stock…
Mich. Comp. Laws § 500.5204 Companies deemed bodies corporate and politic; corporation law applicable.
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Sec. 5204. All companies formed under the insurance laws of this state shall be deemed bodies corporate and politic, in fact and in name, and shall be subject to all of the provisions of law in relation to corporations as far as they are applicable.
Mich. Comp. Laws § 500.5205 Proof of corporate existence and authority to insure.
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Sec. 5205. If it is necessary, in any legal proceedings, to prove the corporate existence of a domestic insurer, a copy of the articles of incorporation, with a certificate by the commissioner attached, that the copy is a duplicate of the copy on file in the insurance bureau and …
Mich. Comp. Laws § 500.5206 Corporate powers; enumeration; exercise by board of directors.
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Sec. 5206. (1) Every corporation, unless otherwise provided, or inconsistent with the act under which a particular corporation is or shall have been formed shall have power: (a) To have succession, by its corporate name, for the term stated in its articles; (b) To sue and be sued…
Mich. Comp. Laws § 500.5208 Corporate powers; limitations; applicability of prohibition; services performed in connection with noninsured benefit plan; provisions; interference with rights and obligations under collective bargaining agreement prohibited; report; liability of employee covered under noninsured benefit plan; “noninsured benefit plan” or “plan” defined.
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Sec. 5208. (1) The corporate powers of an insurer incorporated in this state is limited to the issuance of policies insuring persons or property or other hazards in the state of domicile and in other states from which it has received authority to transact insurance business from …
Mich. Comp. Laws § 500.5208a Definitions; prohibited conduct; probable cause of violation; notice of hearing; opportunity to confer and discuss complaint and proceedings; action for damages; hearing; findings and decision; cease and desist order; processing claims for benefits; interest; claim form; service contract provisions; violation of section; penalties; severability.
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Sec. 5208a. (1) As used in this section: (a) "Noninsured benefit plan" means a benefit plan without insurance or the noninsured portion of a benefit plan which has specific or aggregate excess loss insurance. (b) "Process a claim" means the services performed in connection with a…
Mich. Comp. Laws § 500.5209 Insurer's name; restrictions.
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Sec. 5209. Except as otherwise provided in this section, an insurer shall transact its business under its own name and shall not adopt any assumed name. An insurer, by amending its articles of incorporation, may change its name or take a new name. A nonprofit mutual disability in…
Mich. Comp. Laws § 500.521 Opt out notice to joint consumers.
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Sec. 521. (1) If 2 or more consumers jointly obtain an insurance product or service from a licensee, the licensee may provide a single opt out notice. The licensee's opt out notice shall explain how the licensee will treat an opt out direction by a joint consumer and may either t…
Mich. Comp. Laws § 500.5210 Dealing in commodities prohibited; exception.
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Sec. 5210. No domestic property or marine or inland navigation and transportation, or automobile (limited) insurer shall, directly or indirectly, deal or trade in buying or selling any goods, wares, merchandise or other commodities whatever, excepting such articles as may have be…
Mich. Comp. Laws § 500.5214 Articles of incorporation; amendment.
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Sec. 5214. (1) An insurer may amend its articles of incorporation at any annual meeting of the stockholders or members or at any special meeting called by the directors for that purpose. (2) Notice of any annual or special meeting and of the purpose for which it is called shall b…
Mich. Comp. Laws § 500.5215 Articles of domestic stock insurer; amendment as to increase, decrease, or reclassification of capital stock.
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Sec. 5215. (1) A domestic stock insurer may increase or decrease its authorized capital stock or reclassify the same by changing the number, par value, designations, preferences or relative participating, optional or other special rights of the shares, or the qualifications, limi…
Mich. Comp. Laws § 500.5216 Articles; amendment as to reduction of capital; condition; methods of effecting reduction.
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Sec. 5216. (1) Any such stock life, disability, casualty, title or fidelity and surety insurer may by provision in its articles of incorporation or by amendment thereto made as in section 5215 provided authorized the reduction of its capital at any time and it may reduce its capi…
Mich. Comp. Laws § 500.5218 Increase or decrease of capital stock; authorization by commissioner; approval by stockholders; vote; final approval; par value of stock; issuance of new stock.
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Sec. 5218. (1) A domestic stock property, marine, inland navigation and transportation, or automobile (limited) insurer may increase or decrease its capital stock in the manner herein provided. When any such insurer proposes to increase or decrease its capital stock it shall firs…
Mich. Comp. Laws § 500.5220 Blank forms for amending articles.
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Sec. 5220. The commissioner shall prepare and keep on hand blank forms covering the procedure for amending articles of incorporation of domestic insurers, which forms may be had on application, and shall be used by all insurers hereafter amending their articles of incorporation.
Mich. Comp. Laws § 500.5222 Corporate life; extension.
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Sec. 5222. An insurance corporation whose term is about to expire by limitation may, at any time within 2 years before the expiration of the term, by a vote of a majority of its capital stock or its members present and voting, or if a fraternal benefit society by a majority vote …
Mich. Comp. Laws § 500.5224 Corporate life; expiration, liquidation.
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Sec. 5224. In case the stockholders or members thereof shall not, before the expiration of the corporate existence of a domestic insurer organize a new corporation for the same purposes, on the basis of receiving the assets of the old corporation, and assuming the performance of …
Mich. Comp. Laws § 500.5228 Bylaws; adoption; filing.
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Sec. 5228. (1) The stockholders or members of a corporation may adopt bylaws that they consider advisable. Bylaws adopted under this subsection may provide 1 or both of the following: (a) One or more directors may participate in a regular or special meeting of the board, or a com…
Mich. Comp. Laws § 500.523 Consumer's opt out direction; compliance requirements.
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Sec. 523. (1) A licensee shall comply with a consumer's opt out direction as soon as reasonably practicable after the licensee receives it. (2) A consumer may exercise the right to opt out at any time. A consumer's direction to opt out under this subsection is effective until the…
Mich. Comp. Laws § 500.5230 Special meetings of stockholders or members; notice of meetings.
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Sec. 5230. (1) A special meeting of the stockholders or members of a domestic stock or mutual insurer may be called for purposes other than amending articles of incorporation under section 5214 and extending its corporate existence under section 5222, by the directors at any time…
Mich. Comp. Laws § 500.5232 Voting rights; stockholders, members, proxies, fiduciaries, pledgees.
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Sec. 5232. Each stockholder or member of a domestic stock or mutual insurer shall at every meeting of the stockholders or members thereof be entitled to vote in person or by proxy in writing signed by such stockholder or member: Provided, That for insurers having only members and…
Mich. Comp. Laws § 500.5234 Stockholders and members; voting rights, quorum.
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Sec. 5234. A majority of the shares entitled to vote on a particular subject matter at any meeting of the stockholders shall constitute a quorum for such vote unless otherwise provided by law or in the articles or in any bylaw adopted by the stockholders. A minimum of 10 members …
Mich. Comp. Laws § 500.5236 Voting rights; inspectors of election.
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Sec. 5236. Whenever any stockholder or member present at a meeting of stockholders or members of an insurer shall request the appointment of inspectors, the chairman of the meeting shall appoint inspectors who need not be stockholders or members. If the right of any person to vot…
Mich. Comp. Laws § 500.5238 Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.
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Sec. 5238. (1) In all insurers organized under the laws of Michigan, at least 1 of the trustees or directors shall be a resident of the state of Michigan. The articles of incorporation or bylaws of an insurer other than a stock insurer may provide that a director shall be a polic…
Mich. Comp. Laws § 500.5240 Discharging duties of director or officer; commencement of action for failure to perform duties.
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Sec. 5240. (1) A director or an officer shall discharge the duties of that position in good faith and with that degree of diligence, care, and skill which an ordinarily prudent person would exercise under similar circumstances in a like position. In discharging his or her duties,…
Mich. Comp. Laws § 500.5241 Indemnification against expenses of action, suit, or proceeding generally.
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Sec. 5241. A corporation has the power to indemnify a person who was or is a party or is threatened to be made a party to a threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative and whether formal or informal, oth…
Mich. Comp. Laws § 500.5242 Indemnification against expenses of action, suit, or proceeding; additional provisions.
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Sec. 5242. A corporation has the power to indemnify a person who was or is a party to or is threatened to be made a party to a threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he o…
Mich. Comp. Laws § 500.5242a Indemnification against expenses of action, suit, or proceeding; mandatory; standard of conduct; determination.
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Sec. 5242a. (1) To the extent that a director, officer, employee, or agent of a corporation has been successful on the merits or otherwise in defense of an action, suit, or proceeding referred to in section 5241 or 5242, or in defense of a claim, issue, or matter in the action, s…
Mich. Comp. Laws § 500.5242b Payment of expenses in advance of final disposition of action, suit, or proceeding; undertaking.
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Sec. 5242b. Expenses incurred in defending a civil or criminal action, suit, or proceeding described in section 5241 or 5242 may be paid by the corporation in advance of the final disposition of the action, suit, or proceeding upon receipt of an undertaking by or on behalf of the…
Mich. Comp. Laws § 500.5242c Indemnification or advancement of expenses not exclusive of other rights; indemnification inuring to benefit of heirs, executors, and administrators.
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Sec. 5242c. (1) The indemnification or advancement of expenses provided under sections 5241 to 5242b is not exclusive of other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation, bylaws, or a contractual…
Mich. Comp. Laws § 500.5242d “Corporation” defined for purposes of MCL 500.5241 to 500.5242c.
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Sec. 5242d. For purposes of sections 5241 to 5242c, "corporation" includes all constituent corporations absorbed in a consolidation or merger and the resulting or surviving corporation, so that a person who is or was a director, officer, employee, or agent of the constituent corp…
Mich. Comp. Laws § 500.5244 Liability for payment under invalid law or ordinance.
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Sec. 5244. No personal liability shall arise against any director, trustee, officer, or agent of any insurer by reason of any payment made by or on behalf of such insurer on account of any taxes, licenses, or fees paid pursuant to any statute, law, or ordinance, even though the s…
Mich. Comp. Laws § 500.5245 Board of directors; quorum; special meetings; consent to action taken without meeting.
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Sec. 5245. (1) A majority of the board of directors constitutes a quorum for the transaction of business, and the acts of a majority of the directors present at a meeting at which a quorum is present are the acts of the board of directors. (2) On written notice of the time and pl…
Mich. Comp. Laws § 500.5246 Officers and agents; appointment, removal, bond.
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Sec. 5246. The board of directors of a domestic insurer shall select a president, a secretary, and a treasurer, or such equivalent officers as may be designated in its articles or bylaws, and may select 1 or more vice-presidents, assistant secretaries and assistant treasurers. An…
Mich. Comp. Laws § 500.5248 Directors, officers, and employees of domestic insurer; compensation.
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Sec. 5248. (1) No domestic insurer shall pay any salary, compensation, or emolument to any officer or director of the domestic insurer unless the payment is first authorized by a vote of the board of directors of the insurer. (2) A director, officer, or employee of a domestic ins…
Mich. Comp. Laws § 500.525 Disclosure of nonpublic personal financial information to nonaffiliated third party.
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Sec. 525. Except as otherwise authorized in this chapter, a licensee shall not, directly or through any affiliate, disclose any nonpublic personal financial information about a consumer to a nonaffiliated third party other than as described in the initial notice unless all of the…
Mich. Comp. Laws § 500.5252 Director or officer of insurance corporation; receiving money or valuables for, or having pecuniary interest in, purchase, sale, or loan prohibited; certain transactions not prohibited; issuing certificate of exemption; hearing; refusal to issue certificate; order; judicial review; violation as felony; penalty.
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Sec. 5252. (1) A director or officer of an insurance corporation doing business in this state shall not knowingly and intentionally, directly or indirectly, receive any money or valuable thing for negotiating, procuring, recommending, or aiding in any purchase by or sale to such …
Mich. Comp. Laws § 500.5256 Records relating to insurer's business or affairs; locations; production; safekeeping of securities, notes, mortgages, or other evidences of indebtedness; exceptions; holding certificates in name of nominee; indorsement; control or possession of certificate; reproduction of records; removal of records; hearing; findings, decision, and order; violation of section; liability; failure to comply with order; transfer of domicile.
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Sec. 5256. (1) Each domestic insurer shall keep under its control all records relating to the insurer's business or affairs at 1 or more of the following locations: (a) The principal place of doing business in this state. (b) One or more locations outside the state approved for t…
Mich. Comp. Laws § 500.5258 Acknowledgments.
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Sec. 5258. A corporation may acknowledge any instrument required by law to be acknowledged, by any 1 of its officers or by its attorney appointed by instrument in writing.
Mich. Comp. Laws § 500.5260 Stock certificates; substitutions.
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Sec. 5260. (1) In case a certificate for shares of a corporation is lost, stolen or destroyed, a new certificate may be secured as provided for lost or destroyed certificates in section 17 of Act No. 106 of the Public Acts of 1913, which is known as the uniform stock transfer act…