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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.814 Certification of loss reserves.
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Sec. 814. The commissioner may require an insurer writing liability insurance, other than homeowners, farmowners, and commercial multiperil, to certify the loss reserves of the insurer by an actuary approved by the commissioner.
Mich. Comp. Laws § 500.8140 Subrogation to rights of creditor; distribution; excess received by creditor.
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Sec. 8140. If a creditor, whose claim against an insurer is secured in whole or in part by the undertaking of another person, fails to prove and file that claim, the other person may do so in the creditor's name and shall be subrogated to the rights of the creditor, whether the c…
Mich. Comp. Laws § 500.8141 Value of security; determination; supervision and control; crediting amount determined; deficiency treated as unsecured claim; surrender of security to liquidator.
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Sec. 8141. (1) The value of security held by a secured creditor shall be determined in 1 of the following ways, as the court may direct: (a) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditors. (b…
Mich. Comp. Laws § 500.8141a Payment of special deposit claims; priority; transfer of special deposits.
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Sec. 8141a. (1) Special deposit claims shall be paid pursuant to the following order of priority: (a) To the receiver for the costs and expenses of the receivership. (b) To the guaranty association for the costs and expenses of administration with respect to the payment of claims…
Mich. Comp. Laws § 500.8142 Priority of distribution of claims from insurer's estate; class of claims; subclasses prohibited; order of distribution; assets in separate account; definitions.
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Sec. 8142. (1) Except as provided in subsection (2), the priority of distribution of claims from the insurer's estate shall be in accordance with the order in which each class of claims is set forth in this section. Every claim in each class shall be paid in full or adequate fund…
Mich. Comp. Laws § 500.8143 Review of claims by liquidator; investigation; negotiation; unresolved disputes; report on claims by liquidator; approval, disapproval, or modification; limitation.
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Sec. 8143. (1) The liquidator shall review all claims duly filed in the liquidation and shall further investigate as he or she considers necessary. The liquidator may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the cou…
Mich. Comp. Laws § 500.8144 Distributions; manner of payment; distribution of assets in kind.
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Sec. 8144. Under the court's direction, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined clai…
Mich. Comp. Laws § 500.8145 Disposition of unclaimed or withheld funds.
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Sec. 8145. (1) All unclaimed funds subject to distribution remaining in the liquidator's hands when he or she is ready to apply to the court for discharge, including the amount distributable to a creditor, shareholder, member, or other person who is unknown or cannot be found, sh…
Mich. Comp. Laws § 500.8146 Application for discharge.
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Sec. 8146. (1) If all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to tra…
Mich. Comp. Laws § 500.8147 Petition to reopen proceedings.
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Sec. 8147. After the liquidation proceeding has been terminated and the liquidator discharged, the commissioner or other interested party may petition the circuit court at any time to reopen the proceedings for good cause, including the discovery of additional assets. If the cour…
Mich. Comp. Laws § 500.8148 Retention or destruction of records.
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Sec. 8148. If it appears to the commissioner that the records of an insurer in process of liquidation or completely liquidated are no longer useful, the commissioner may recommend to the court and the court shall direct what records should be retained for future reference and wha…
Mich. Comp. Laws § 500.8149 Audits.
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Sec. 8149. The circuit court may cause audits, as it considers desirable, to be made of the books of the commissioner relating to any receivership established under this chapter and a report of each audit shall be filed with the commissioner and with the court. The books, records…
Mich. Comp. Laws § 500.814a Statement of actuarial opinion; filing requirements; confidentiality; Michigan automobile insurance placement facility not property and casualty insurer.
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Sec. 814a. (1) Every property and casualty insurer doing business in this state, unless exempted by the commissioner, shall annually file with the commissioner the opinion of an appointed actuary which shall be entitled statement of actuarial opinion. This statement shall be file…
Mich. Comp. Laws § 500.815 Computation of unearned premium reserve on mortgage guaranty insurance.
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Sec. 815. The unearned premium reserve on mortgage guaranty insurance shall be computed in accordance with section 808, except that on policies covering a risk period of more than 1 year the unearned premium reserve shall be computed in accordance with rules promulgated by the co…
Mich. Comp. Laws § 500.8150 Conservator.
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Sec. 8150. (1) If a domiciliary liquidator has not been appointed, the commissioner may apply to the circuit court by verified petition for an order directing him or her to act as conservator to conserve the property of an alien insurer not domiciled in this state or a foreign in…
Mich. Comp. Laws § 500.8151 Petition for order directing commissioner to liquidate assets; grounds; notice; order; liquidator as ancillary receiver; commissioner as receiver; paying claims of residents.
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Sec. 8151. (1) If a domiciliary receiver has not been appointed, the commissioner may apply to the circuit court by verified petition for an order directing him or her to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state…
Mich. Comp. Laws § 500.8152 Vesting of title in domiciliary liquidator or commissioner; filing claims.
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Sec. 8152. (1) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall be vested by operation of law, except as to special deposits and security on secured claims under section 8153(3), with the title to all of the assets, property, contracts and rights of …
Mich. Comp. Laws § 500.8153 Petition requesting appointment of ancillary receiver; order; notice; powers and duties of ancillary receiver.
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Sec. 8153. (1) If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the commissioner may file a petition with the circuit court requesting appointment as ancillary receiver in this state in either of the following cases: (a) If he or she find…
Mich. Comp. Laws § 500.8154 Institution of proceedings under MCL 500.8109 to 500.8111.
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Sec. 8154. The commissioner in his or her sole discretion may institute proceedings under sections 8109 to 8111 at the request of the commissioner or other appropriate insurance official of the domiciliary state of any foreign or alien insurer having property located in this stat…
Mich. Comp. Laws § 500.8155 Filing of claims; proof; conclusiveness of final allowance of claims.
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Sec. 8155. (1) In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in states not reciprocal states shall file claims in this state, and claimants residing in reciprocal states may file claims eithe…
Mich. Comp. Laws § 500.8156 Filing of claims; proof; recommendation; hearing; notice; appearance or representation; conclusiveness of final allowance of claim.
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Sec. 8156. (1) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, in this state or with the domiciliary liquidator. Cl…
Mich. Comp. Laws § 500.8157 Prohibited action or proceeding.
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Sec. 8157. during the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, an action or proceeding in the nature of an attachment, garnishment, or levy of execution shall not be commenced or maintained in this state against the deli…
Mich. Comp. Laws § 500.8158 Controlling order of distribution; equal priority of payment; priority against special deposits; deficiency; deferred sharing; surrender of security and filing claim as general creditor; discharge of claim.
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Sec. 8158. (1) In a liquidation proceeding in this state involving 1 or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be give…
Mich. Comp. Laws § 500.8159 Failure to transfer assets.
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Sec. 8159. If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his or her control other than special deposits, diminished only by the expenses of the anci…
Mich. Comp. Laws § 500.815a Establishment of contingency reserve by mortgage guaranty insurer.
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Sec. 815a. In addition to the capital, surplus and reserves specified in sections 410, 810 and 815, a mortgage guaranty insurer shall establish a contingency reserve, which shall be reported as a liability in the insurer's financial statements. The amount of the reserve shall be …
Mich. Comp. Laws § 500.8161 Definitions.
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Sec. 8161. As used in this chapter: (a) "Benefit contract" means the agreement for provision of benefits authorized by section 8179, as that agreement is described in section 8182(1). (b) "Benefit member" means an adult member designated by the laws or rules of the society to be …
Mich. Comp. Laws § 500.8162 Society governed by chapter; exemption.
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Sec. 8162. Except as otherwise provided in this chapter, a society shall be governed by this chapter and shall be exempt from all other provisions of the insurance laws of this state unless the society is expressly designated in another law or is specifically made applicable by t…
Mich. Comp. Laws § 500.8163 Society as charitable and benevolent institution; tax exemption.
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Sec. 8163. Each society organized or licensed under this chapter is hereby declared to be a charitable and benevolent institution, and all of the society's funds shall be exempt from all state, county, district, municipal, and school taxes, other than taxes on real estate and off…
Mich. Comp. Laws § 500.8164 Definition of fraternal benefit society.
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Sec. 8164. An incorporated society, order, or supreme lodge, without capital stock, including 1 exempted under the provisions of section 8199(1)(b) whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on…
Mich. Comp. Laws § 500.8165 Society operating on lodge system; requirements; lodges for children.
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Sec. 8165. (1) A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated, or admitted in accordance with its laws, rules, and ritual. Subordinate lodges shall be required by the laws of the socie…
Mich. Comp. Laws § 500.8166 Representative form of government; requirements; postponement of society meetings.
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Sec. 8166. (1) A society has a representative form of government if: (a) It has a supreme governing body constituted in 1 of the following ways: (i) The supreme governing body is an assembly composed of delegates elected directly by the members or elected at intermediate assembli…
Mich. Comp. Laws § 500.8167 Society operating for benefit of members and their beneficiaries; requirements; subsidiary corporations or affiliated organizations; laws and rules; additional powers.
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Sec. 8167. (1) A society shall operate for the benefit of members and their beneficiaries by doing both of the following: (a) Providing benefits as specified in section 8179. (b) Operating for 1 or more social, intellectual, educational, charitable, benevolent, moral, fraternal, …
Mich. Comp. Laws § 500.8168 Specification of eligibility standards, admission process, and rights and privileges; social members; rights personal and not assignable.
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Sec. 8168. (1) A society shall specify all of the following in its laws or rules: (a) Eligibility standards for each and every class of membership. However, if benefits are provided on the lives of children, the minimum age for adult membership shall be set at not less than age 1…
Mich. Comp. Laws § 500.8169 Principal office of domestic society; meetings of supreme governing body; validity of business transacted; minutes; official publication; report, notice, or statement; mailing or publication of synopsis of annual statement; grievance or complaint procedures.
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Sec. 8169. (1) The principal office of a domestic society shall be located in this state. The meetings of its supreme governing body may be held in any state, district, province, or territory where the society has a subordinate lodge, or in another location as determined by the s…
Mich. Comp. Laws § 500.8170 Personal liability; indemnification and reimbursement; purchase of insurance.
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Sec. 8170. (1) The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. (2) A person may be indemnified and reimbursed by a society for expenses reasonably incurred by, and l…
Mich. Comp. Laws § 500.8171 Waiver of society's laws.
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Sec. 8171. A society's laws may provide that a subordinate body and its subordinate officers or members shall not have the power or authority to waive any of the provisions of the society's laws and shall be binding on the society and every member and beneficiary of a member.
Mich. Comp. Laws § 500.8172 Formation of domestic fraternal society; requirements; filing documents; bond; certifying, retaining, and filing articles of incorporation; preliminary certificate of authority; solicitation of members; collection of premium; receipt; liability; issuance of certificate; paying or allowing benefit; examination; information; evidence of compliance; issuance of certificate of authority; certificate as evidence; record.
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Sec. 8172. (1) To form a domestic fraternal society on or after April 1, 1990, 7 or more citizens of the United States, a majority of whom are citizens of this state, shall make, sign, and acknowledge before an officer competent to take acknowledgment of deeds, articles of incorp…
Mich. Comp. Laws § 500.8173 Reincorporation not required.
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Sec. 8173. An incorporated society authorized to transact business in this state on April 1, 1990 is not required to reincorporate under this chapter.
Mich. Comp. Laws § 500.8174 Amendment to laws.
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Sec. 8174. (1) A domestic society may amend its laws, as its laws provide, by action of its supreme governing body at any regular or special meeting or, if its laws so provide, by referendum. A referendum may be held in accordance with the provisions of the society's laws by the …
Mich. Comp. Laws § 500.8175 Not for profit institution; purposes; reporting real or personal property.
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Sec. 8175. A society may create, maintain, and operate, or may establish organizations to operate, a not for profit institution to further the purposes permitted by section 8167(1)(b). A not for profit institution may furnish services free or at a reasonable charge. Any real or p…
Mich. Comp. Laws § 500.8176 Reinsurance agreement.
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Sec. 8176. (1) A domestic society, by a reinsurance agreement, may cede any individual risk in whole or in part to an insurer, other than another fraternal benefit society, having the power to make reinsurance and authorized to do business in this state or approved by the commiss…
Mich. Comp. Laws § 500.8177 Consolidation or merger; compliance; filings; approval of contract; issuance of certificate; effective date; vesting of rights, franchises, and interest; affidavit as evidence of mailing notice or documents; payment of expenses and compensation; itemized statement of expenses; consolidation or merger subject to MCL 500.7604.
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Sec. 8177. (1) A domestic society may consolidate or merge with another society by complying with the provisions of this section and filing with the commissioner all of the following: (a) A certified copy of the written contract containing in full the terms and conditions of the …
Mich. Comp. Laws § 500.8178 Domestic fraternal benefit society as mutual life insurance company.
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Sec. 8178. A domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of chapter 82.
Mich. Comp. Laws § 500.8179 Contractual benefits; specifying persons covered in rules.
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Sec. 8179. (1) A society may provide in any form the following contractual benefits: (a) Death benefits. (b) Endowment benefits. (c) Annuity benefits. (d) Temporary or permanent disability benefits. (e) Hospital, medical, or nursing benefits. (f) Monument or tombstone benefits to…
Mich. Comp. Laws § 500.8180 Changing beneficiary; limiting scope of beneficiary designations; vested interest of revocable beneficiary; payment of funeral benefits; payment of benefit to personal representative or owner of certificate.
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Sec. 8180. (1) The owner of a benefit contract may change the beneficiary in accordance with the society's laws or rules unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society, through its laws or rules,…
Mich. Comp. Laws § 500.8181 Attachment, garnishment, or other process.
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Sec. 8181. No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by a society, shall be liable to attachment, garnishment, or other process, or seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any …
Mich. Comp. Laws § 500.8182 Benefit contracts.
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Sec. 8182. (1) Each society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided. The certificate, together with any attached riders or endorsements, the laws of the society, the applicati…
Mich. Comp. Laws § 500.8183 Value of paid-up nonforfeiture benefit; amount of cash surrender value, loan, or other option granted.
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Sec. 8183. (1) For certificates issued before April 1, 1991, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall comply with the law applicable before April 1, 1990. (2) For certificates issued on or aft…
Mich. Comp. Laws § 500.8184 Investments generally.
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Sec. 8184. A society shall invest its funds only in those investments authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations of those laws. Any foreign or alien society permitted or seeking to do business in this state wh…
Mich. Comp. Laws § 500.8185 Assets; special fund; accounts; issuance of contracts on variable basis; special procedures; special voting and other rights.
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Sec. 8185. (1) All assets shall be held, invested, and disbursed for the use and benefit of the society. A society member or beneficiary shall not have or acquire individual rights in a society's assets or become entitled to any apportionment on the surrender of any part of a soc…