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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.7301 Definitions.
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Sec. 7301. As used in this chapter: (a) "Title insurance" means the insuring, guaranteeing, or indemnifying of designated owners of real estate or any interest in real estate against loss or damage that may result because the title is vested in a manner otherwise than as stated i…
Mich. Comp. Laws § 500.7302 Corporations authorized to transact title insurance.
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Sec. 7302. Only a domestic, foreign or alien corporation organized on the stock plan and authorized by the commissioner pursuant to section 7303 shall transact or attempt to transact a title insurance business in this state or issue title insurance with respect to real estate loc…
Mich. Comp. Laws § 500.7303 Prerequisites to issuance of certificate of authority.
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Sec. 7303. No corporation shall issue title insurance policies, contracts or commitments with respect to real estate located in this state or otherwise transact any business of title insurance in this state unless it holds a certificate of authority from the commissioner, pursuan…
Mich. Comp. Laws § 500.7304 Title insurers; powers.
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Sec. 7304. Every title insurer authorized to do business pursuant to this code may issue title insurance; make, execute and perfect such contracts, agreements, policies and other instruments as may be required therefor; examine titles to real estate in connection with any transac…
Mich. Comp. Laws § 500.7305 Unearned premium reserves.
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Sec. 7305. (1) Every title insurer authorized to transact title insurance in this state shall establish and maintain, except as provided in subsection (4), an unearned premium reserve on business done in this state which at all times and for all purposes shall be deemed and const…
Mich. Comp. Laws § 500.7306 Claim reserves; requirements.
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Sec. 7306. (1) Every title insurer shall establish and maintain, in addition to other reserves, a reserve against unpaid claims and claim expense, herein known as the claim reserve. The reserve shall be in an amount estimated in the aggregate as being sufficient to provide for pa…
Mich. Comp. Laws § 500.7308 Reinsurance; authorization.
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Sec. 7308. (1) Any title insurer may reinsure a part of its liability under 1 or more of its title insurance policies, reinsurance or coinsurance agreements by ceding a part of the liability to any company authorized to engage in the title insurance business in this state or in a…
Mich. Comp. Laws § 500.731 Disability benefits for group health insurance certificates; minimum morbidity standards.
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Sec. 731. The following minimum morbidity standards for disability benefits for group health insurance certificates shall be used: (a) For contract reserves for policies and certificates issued on or after the effective date of this chapter, the 1987 commissioners group disabilit…
Mich. Comp. Laws § 500.7310 Rating organizations; formation; operation.
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Sec. 7310. Rating organizations for title insurance may be formed and may operate pursuant to the applicable provisions of chapter 24.
Mich. Comp. Laws § 500.7312 Rates; filing.
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Sec. 7312. The rates of every title insurer shall be filed pursuant to the applicable provisions of chapter 24.
Mich. Comp. Laws § 500.7313 Filing of basic forms of policies; policy commitments and other contracts or agreements.
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Sec. 7313. The basic form of title policies, title policy commitments and other contracts or agreements of title insurance shall be subject to the filing and other provisions of section 2236.
Mich. Comp. Laws § 500.7315 Investments; interests in realty.
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Sec. 7315. In addition to the classes of investments authorized by chapter 9, any title insurer may invest in and hold interests in real estate acquired in the process of settling claims asserted under its title policies subject to the provisions of subsection (4) of section 948.
Mich. Comp. Laws § 500.7316 Property title information report.
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Sec. 7316. A title agency or insurer may provide a property title information report. A property title information report shall be provided without payment or consideration of any kind and without any promise to obtain from the title insurer a title insurance policy for the prope…
Mich. Comp. Laws § 500.7317 Licensing of agents or solicitors.
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Sec. 7317. Persons acting as agents or solicitors for a title insurer shall be licensed in such capacities and subject to the applicable provisions of chapter 12.
Mich. Comp. Laws § 500.7318 Effect of act on prior act; liabilities; penalties.
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Sec. 7318. (1) This chapter shall not impair or affect any act done, offense committed or right accruing, accrued or acquired or liability, penalty, forfeiture or punishment incurred prior to the time it takes effect, but the same may be enjoyed, asserted, enforced, prosecuted or…
Mich. Comp. Laws § 500.733 Maximum interest rates.
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Sec. 733. (1) The maximum interest rate for contract reserves is the calendar year statutory valuation interest rate for life insurance specified in section 836 as of the date of issuance of the health insurance policy or certificate. (2) The maximum interest rate for claim reser…
Mich. Comp. Laws § 500.735 Mortality basis; use of other mortality tables; request for approval.
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Sec. 735. (1) The mortality basis used shall be that specified in section 834 as of the date of issuance of the health insurance policy or certificate. (2) Other mortality tables adopted by the national association of insurance commissioners and promulgated by the commissioner ma…
Mich. Comp. Laws § 500.737 Rules.
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Sec. 737. The commissioner may promulgate rules pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, that he or she considers appropriate for the implementation of this chapte…
Mich. Comp. Laws § 500.7604 Procedure for consolidation, merger, or reinsurance of risks; waiver for domestic stock insurers; dissolution of corporation; cessation of liability; reinsurance of individual risks; fraternal benefit societies; acquisition of general abstract business; notice of merger of farmers mutual insurer with other mutual insurer.
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Sec. 7604. (1) An insurer organized under the laws of this state and transacting business under this act may consolidate or merge with or reinsure all or any part of its outstanding risks for the purpose of effecting a merger or consolidating with an insurer of generally like cha…
Mich. Comp. Laws § 500.7606 Insurers; retention of names.
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Sec. 7606. When an insurer is consolidated or merged under the provisions of this chapter, the name of the insurer may be retained for a period of 5 years after the effective date of the consolidation or merger for the use of the resulting insurer and no other domestic or foreign…
Mich. Comp. Laws § 500.7701 Short title of chapter.
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Sec. 7701. This chapter shall be known and may be cited as the "Michigan life and health insurance guaranty association act".
Mich. Comp. Laws § 500.7702 Purpose and construction of chapter.
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Sec. 7702. (1) The purpose of this chapter is to protect, subject to certain limitations, persons specified in section 7704(1) against failure in the performance of contractual obligations under insurance policies and annuity contracts specified in section 7704(2) because of the …
Mich. Comp. Laws § 500.7704 Coverages; liability of association; limitations.
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Sec. 7704. (1) This chapter shall provide coverage for the policies and contracts specified in subsection (2) to the following persons: (a) To a person, other than nonresident certificate holders under group policies or contracts, who, regardless of where he or she resides, is th…
Mich. Comp. Laws § 500.7705 Definitions.
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Sec. 7705. As used in this chapter: (a) "Account" means either of the 2 accounts created under section 7706. (b) "Association" means the Michigan life and health insurance guaranty association created under section 7706. (c) "Authorized assessment" or "authorized" when used in th…
Mich. Comp. Laws § 500.7706 Michigan life and health insurance guaranty association; creation; membership requirement; performance of functions; exercise of powers; accounts; supervision of commissioner; applicability of insurance laws; meetings.
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Sec. 7706. (1) There is created a nonprofit legal entity to be known as the Michigan life and health insurance guaranty association. A member insurer shall be and remain a member of the association as a condition of authority to transact insurance in this state. The association s…
Mich. Comp. Laws § 500.7707 Board of directors; appointment and election of members; vacancy; notice of organizational meeting; voting rights; approval of election or appointment; fair representation required; reimbursement for expenses.
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Sec. 7707. (1) The board of directors of the association shall consist of not less than 5 nor more than 9 member insurers and 2 persons representing the general public serving terms as established in the plan of operation. The 2 members of the board representing the general publi…
Mich. Comp. Laws § 500.7708 Powers and duties of association as to impaired or insolvent insurers; proceeding under subsection (3)(b) or (5)(b); paying or crediting rate of interest; nonpayment of premiums; premiums due and liability for unearned premiums; applicability of protection; additional powers of association; transfer of amount to association; failure of association to act; rendering assistance and advice to commissioner; standing; appearance; intervention; assignment of rights and causes of action; subrogation; reduced amounts; additional powers of association; reinsurance agreement; substitute coverage.
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Sec. 7708. (1) In addition to the powers and duties enumerated in other sections of this chapter, the association has the powers and duties provided in this section. (2) If a member insurer is an impaired insurer, the association, subject to conditions imposed by the association …
Mich. Comp. Laws § 500.7709 Assessments.
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Sec. 7709. (1) Except as otherwise provided in this section, for the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such time and for such amo…
Mich. Comp. Laws § 500.7710 Plan of operation and amendments; submission to commissioner; effective date; failure to submit suitable plan or amendments; rules; compliance by member insurers; contents of plan; providing for delegation of powers and duties of association to other organization.
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Sec. 7710. (1) The association shall submit to the commissioner a plan of operation and amendments to the plan necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and amendments to the plan shall become effe…
Mich. Comp. Laws § 500.7711 Additional duties of commissioner; suspension or revocation of certificate of authority; forfeiture; appeal; judicial review; notice by liquidator, rehabilitator, or conservator.
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Sec. 7711. (1) In addition to the duties enumerated elsewhere in this chapter, the commissioner shall: (a) Upon request of the board of directors, provide the association with a statement of the premiums in the appropriate states for each member insurer. (b) When an impairment is…
Mich. Comp. Laws § 500.7712 Detection and prevention of insurer insolvencies or impairments; powers and duties of commissioner and board of directors; reports and recommendations.
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Sec. 7712. (1) To aid in the detection and prevention of insurer insolvencies or impairments, the commissioner shall do the following: (a) Notify the commissioners of all the other states, territories of the United States, and the District of Columbia when he or she takes any of …
Mich. Comp. Laws § 500.7714 Liability for unpaid assessments of insureds on impaired or insolvent insurer operating under plan with assessment liability; records of negotiations and meetings; report; association as creditor of impaired or insolvent insurer; “assets attributable to covered policies” defined; disbursement of assets.
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Sec. 7714. (1) This chapter shall not be construed to reduce the liability for unpaid assessments of the insureds on an impaired insurer or insolvent insurer operating under a plan with assessment liability. (2) Records shall be kept of all meetings of the board of directors to d…
Mich. Comp. Laws § 500.7715 Examination and regulation of association by commissioner; financial report; report of activities.
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Sec. 7715. The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the commissioner and…
Mich. Comp. Laws § 500.7716 Association exempt from fees and taxes; exception.
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Sec. 7716. The association shall be exempt from payment of fees and taxes levied by this state or its political subdivisions, except taxes levied on real property.
Mich. Comp. Laws § 500.7717 Nonliability of member insurer, association, board of directors, or commissioner in performance of powers and duties.
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Sec. 7717. There is no liability on the part of and a cause of action does not arise against a member insurer or an insurer's agents or employees, the association or the association's agents or employees, members of the board of directors, or the commissioner or his or her repres…
Mich. Comp. Laws § 500.7718 Stay of proceedings in which insolvent insurer party; setting aside default judgment; defense.
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Sec. 7718. All proceedings in which an insolvent insurer is a party in a court in this state shall be stayed 60 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on a matter germane to the associa…
Mich. Comp. Laws § 500.7780 Applicability of chapter to delinquent insurer.
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Sec. 7780. This chapter applies to a delinquent insurer for which delinquency proceedings have been commenced on or after May 1, 1982.
Mich. Comp. Laws § 500.7901 Property and casualty guaranty association act; short title.
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Sec. 7901. This chapter constitutes, and may be cited as the "property and casualty guaranty association act".
Mich. Comp. Laws § 500.7911 Property and casualty guaranty association; membership; exception; laws to which association subject.
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Sec. 7911. (1) To implement this chapter, there shall be maintained within this state, by all insurers authorized to transact in this state insurance other than life or disability insurance, except the Michigan basic property insurance association created pursuant to section 2920…
Mich. Comp. Laws § 500.7911a Life or disability insurer not to be member of association.
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Sec. 7911a. Notwithstanding section 7911, a life or disability insurer shall not be a member of the association.
Mich. Comp. Laws § 500.7912 Property and casualty guaranty association; board of governors; appointment, terms, and qualifications of members; vacancy.
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Sec. 7912. (1) The association shall be managed by a board of governors, composed of 5 member insurers and 2 persons representing the general public, each of whom shall be appointed by the commissioner to serve for terms of 3 years and until their successors are appointed and qua…
Mich. Comp. Laws § 500.7914 Property and casualty guaranty association; plan of operation, adoption, amendment, approval; failure to adopt operation plan.
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Sec. 7914. (1) The association shall adopt a plan of operation and any amendments thereof, not inconsistent with the provisions of this chapter, necessary to assure the fair, reasonable and equitable manner of administering the association, and to provide for such other matters a…
Mich. Comp. Laws § 500.7916 Property and casualty guaranty association; servicing facilities; designation; reimbursement; authority; approval.
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Sec. 7916. In accordance with its plan of operation the association may designate 1 or more of its members as servicing facilities but a member may decline such designation. Each servicing facility shall be reimbursed by the association for any expenses it incurs and for any paym…
Mich. Comp. Laws § 500.7918 Property and casualty guaranty association; powers generally.
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Sec. 7918. (1) The association may borrow funds when necessary to implement this act. (2) The association, either in its own name or through a servicing facility, may sue or be sued, and may use the courts to assert or defend any rights the association may have under this chapter…
Mich. Comp. Laws § 500.7921 “Insolvent insurer” and “member insurer” defined.
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Sec. 7921. As used in this chapter: (a) "Insolvent insurer" means an insurer which has been a member insurer and against whom a final order of liquidation has been entered with a finding of insolvency by a court of competent jurisdiction in the insurer's state of domicile. The da…
Mich. Comp. Laws § 500.7925 “Covered claims” defined; definitions.
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Sec. 7925. (1) "Covered claims" means obligations of an insolvent insurer that meet all of the following requirements: (a) Arise out of the insurance policy contracts of the insolvent insurer issued to residents of this state or are payable to residents of this state on behalf of…
Mich. Comp. Laws § 500.7931 Payment and discharge of covered claims; association as party in interest; rights of association; cause of action against insureds; recoverable damages or benefits as credit against covered claim; action to recover excess payment; claims made under worker's disability compensation act; continuation and duration of coverage for covered claims; cancellation of insurance policies; notice; definitions.
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Sec. 7931. (1) The association may pay or discharge covered claims directly, through a servicing facility, or through a contract for reinsurance or transfer of liabilities with a member insurer, in accordance with the plan of operation. (2) The association shall be a party in int…
Mich. Comp. Laws § 500.7933 Financial condition of member insurer; reports and recommendations; advice to commissioner; exemption from public disclosure.
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Sec. 7933. (1) The association may submit reports and make recommendations to the commissioner regarding the financial condition of any member insurer. The reports and recommendations shall not be considered public documents. (2) After the commissioner has entered an order restri…
Mich. Comp. Laws § 500.7935 Cooperation of insured with association; assignment of rights; indemnification from catastrophic claims association; options.
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Sec. 7935. (1) Each insured entitled to the protection of this chapter shall cooperate with the association in accordance with the insured's policy in the same manner as the insured would have been required to cooperate with his or her insurer if it were not in receivership. Each…
Mich. Comp. Laws § 500.7941 Assessments on member insurers; purpose; allocation of claim payments and costs to categories; separate assessments for each category; use, amount, and rate of assessment; remittance and administration of assessments; notice; limitation; exemption or deferment; recognition of assessments in rate-making procedures; refunds; revocation of certificate of authority.
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Sec. 7941. (1) To the extent necessary to secure funds for the association for payment of covered claims and for payment of reasonable costs of administering the association, including the cost of indemnifying members of the board of governors, other member insurers, officers, em…