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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.8186 Standards of valuation for certificates; excess reserves.
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Sec. 8186. (1) Standards of valuation for certificates issued before April 1, 1991 shall be those provided by the laws applicable before April 1, 1990. (2) The minimum standards of valuation for certificates issued on or after April 1, 1991 shall be under valuation methods and st…
Mich. Comp. Laws § 500.8187 Reports; annual statement; valuation of certificates; penalty.
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Sec. 8187. (1) Reports shall be filed in accordance with this section. (2) On or before March 1, each society transacting business in this state shall annually file with the commissioner a true statement of its financial condition, transactions, and affairs for the preceding cale…
Mich. Comp. Laws § 500.8188 Duration of license or authorization to transact business; copy of license as evidence.
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Sec. 8188. A society that is licensed or authorized to transact business in this state may continue the business and the authority of the society until the society's license or authority is suspended or revoked by the commissioner or is terminated at the society's request. A duly…
Mich. Comp. Laws § 500.8189 Examination of society.
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Sec. 8189. (1) The commissioner, or any person he or she may appoint, may examine any domestic, foreign, or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign, or alien insur…
Mich. Comp. Laws § 500.8190 Foreign or alien society; license required; compliance; conditions.
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Sec. 8190. A foreign or alien society shall not transact business in this state without a license issued by the commissioner. A society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to a domestic socie…
Mich. Comp. Laws § 500.8191 Domestic society; deficiencies; notice; request for correction; noncompliance; action to enjoin or action in quo warranto; hearing; order; findings; liquidation; recognition of action; receiver; voluntary determination to discontinue business.
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Sec. 8191. (1) If the commissioner upon investigation finds that a domestic society has exceeded its powers, has failed to comply with any provision of this chapter, is not fulfilling its contracts in good faith, has a membership of less than 400 after an existence of 1 year or m…
Mich. Comp. Laws § 500.8192 Foreign or alien society; deficiencies; notice; request for correction; noncompliance; suspension, revocation, or refusal of license; contracts.
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Sec. 8192. (1) If the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state has exceeded its powers, has failed to comply with any of the provisions of this chapter, is not fulfilling its contracts in good…
Mich. Comp. Laws § 500.8193 Application or petition for injunction; recognition.
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Sec. 8193. An application or petition for injunction against any domestic, foreign, or alien society, or lodge of such a society, shall not be recognized in any court of this state unless commenced by the attorney general upon request of the commissioner.
Mich. Comp. Laws § 500.8194 Agent of society; license required; exceptions.
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Sec. 8194. An agent of a society shall be licensed in accordance with the provisions of chapter 12 regulating the licensing, revocation, suspension, or termination of licenses of resident and nonresident agents except that an examination or license shall not be required of any re…
Mich. Comp. Laws § 500.8195 Society subject to chapter 20.
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Sec. 8195. Each society authorized to do business in this state shall be subject to the provisions of chapter 20 relating to unfair trade practices except that chapter 20 shall not be construed as applying to or affecting the right of a society to determine its eligibility requir…
Mich. Comp. Laws § 500.8196 Service of process.
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Sec. 8196. (1) Each society authorized to do business in this state shall appoint in writing the commissioner and each successor in office to be its true and lawful attorney upon whom all lawful process in any action or proceeding against it shall be served, and shall agree in th…
Mich. Comp. Laws § 500.8197 False or fraudulent statement or representation as misdemeanor or perjury; violation of MCL 500.8177 as felony; soliciting or procuring membership in unlicensed society as misdemeanor; violation of or noncompliance with chapter; penalties.
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Sec. 8197. (1) A person, officer, member, or examining physician of any society authorized to do business under this chapter, who knowingly or willfully makes a false or fraudulent statement or representation in or with reference to an application for membership, or for the purpo…
Mich. Comp. Laws § 500.8198 Decisions and findings of commissioner; judicial review.
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Sec. 8198. All decisions and findings of the commissioner made under the provisions of this chapter shall be subject to review by proper proceedings in a court of competent jurisdiction in this state.
Mich. Comp. Laws § 500.8199 Exemptions.
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Sec. 8199. (1) This chapter shall not be construed to affect or apply to any of the following described organizations which were in existence and issuing benefits on July 1, 1945: (a) Grand or subordinate lodges of masons, odd fellows or knights of Pythias, exclusive of the insur…
Mich. Comp. Laws § 500.8199a Additional chapters and provisions applicable to fraternal benefit society.
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Sec. 8199a. A fraternal benefit society transacting business in this state and not exempt from the provisions of this chapter under section 8199 is also subject to the following additional chapters and provisions of this act, as applicable: (a) Chapter 1. (b) Chapter 2. However, …
Mich. Comp. Laws § 500.8204 Fraternal benefit society; reorganization into legal reserve premium company; amendment of articles.
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Sec. 8204. Any existing fraternal benefit society may amend its articles of incorporation and bylaws in such a way as to transform itself into a legal reserve level premium company doing business as a mutual company, but only after complying with the provisions of this chapter.
Mich. Comp. Laws § 500.8206 Reorganization; proposed articles and bylaws; filing with insurance commissioner.
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Sec. 8206. Whenever any such society shall propose to transform itself into a legal reserve level premium company as herein provided, it shall file with the commissioner, its proposed articles and bylaws, its plan of transformation, setting forth in detail the terms and condition…
Mich. Comp. Laws § 500.8208 Reorganization; hearing on petition.
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Sec. 8208. The commissioner may proceed to hear and determine such petition without notice, or, if he deems it necessary that such notice should be given in order to conserve the interests of the membership, he shall require the society to first notify, by mail, all of the member…
Mich. Comp. Laws § 500.8210 Reorganization; member's right to appear.
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Sec. 8210. When notice shall have been given, as above provided, any member of such society shall have the right to appear before the commissioner and be heard with reference to the petition.
Mich. Comp. Laws § 500.8212 Reorganization; examination; witnesses.
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Sec. 8212. The commissioner may also make such examination into the affairs and conditions of the society as he deems proper, and shall have power to summon and compel the attendance and testimony of witnesses, and the production of books and papers, and may administer oaths.
Mich. Comp. Laws § 500.8214 Reorganization; authorization by insurance commissioner; modification.
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Sec. 8214. If satisfied that the interests of the membership of said society are properly protected and that no reasonable objection to said petition exists, the commissioner may authorize in writing, such transformation, or may first require such modification thereof as may seem…
Mich. Comp. Laws § 500.8216 Reorganization; order; disposition of assets.
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Sec. 8216. The commissioner shall make such order and disposition of the assets of any such society as in his judgment may be just and equitable.
Mich. Comp. Laws § 500.8218 Reorganization; submission of plan to governing body of society; meeting.
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Sec. 8218. The commissioner shall require the plan of transformation to be submitted to the supreme governing body of such society, to be voted upon. When submitted, it shall be either at a regular meeting of the supreme governing body or at a special meeting of same called for t…
Mich. Comp. Laws § 500.8220 Reorganization; special meeting; notice; approval; required vote; proxies.
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Sec. 8220. A notice of said special meeting, in the form approved by the commissioner, shall be given in accordance with the requirement of the bylaws of such society. When so submitted, a majority vote of the supreme governing body present and voting, as authorized by its articl…
Mich. Comp. Laws § 500.8224 Reorganization; members; referendum.
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Sec. 8224. If the supreme governing body approves the plan of transformation, the board of directors or other managing body of such society shall submit the plan to a referendum vote of the members of such society, and if the result of such vote shall show that the majority of th…
Mich. Comp. Laws § 500.8228 Reorganization; plan; approval by insurance commissioner; vote; results.
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Sec. 8228. Any such plan of transformation submitted to the supreme governing body as herein contemplated, must first have been approved by the commissioner; and the result of said vote must be filed with such commissioner and be by him determined before any transformation shall …
Mich. Comp. Laws § 500.8232 Reorganization; plan; adoption requirements.
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Sec. 8232. No such transformation shall take place until after its plan has been approved by the commissioner, either with or without a hearing as herein provided, and until such approved plan has been adopted by a majority vote of the board of directors or board of trustees of s…
Mich. Comp. Laws § 500.8240 Applicability of MCL 500.8204 to 500.8232.
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Sec. 8240. Nothing in sections 8204 through 8232 shall be construed to apply to any association exempt from the provisions of chapter 81a in accordance with the provisions of section 8199.
Mich. Comp. Laws § 500.8242 Reorganization; effect; continuation of original corporation; powers; officers.
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Sec. 8242. Any such society so transformed, shall incur the obligations and enjoy the benefits thereof the same as though originally thus incorporated, and such corporation, under its charter as thus amended, shall be a continuation of such original corporation, and the officers …
Mich. Comp. Laws § 500.8246 Amendment or reincorporation; saving clause.
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Sec. 8246. Such amendment or reincorporation shall not affect existing suits, claims, or contracts.
Mich. Comp. Laws § 500.8250 Liens upon certificates; notices to members; application of section.
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Sec. 8250. If any fraternal benefit society, reorganizing under the provisions of this chapter shall have certificates in force, against the equity of which certificates a lien or other form of indebtedness has been placed, the society shall notify each member individually of the…
Mich. Comp. Laws § 500.8254 Certificates of membership; valuation; reserve; annual statement.
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Sec. 8254. The existing certificates of membership of any fraternal benefit society which shall have transformed itself into a legal reserve level premium life insurance company, in conformity with the provisions of this chapter, shall be valued as follows: (1) Certificates on wh…
Mich. Comp. Laws § 500.830 Life insurance policies and annuity and pure endowment contracts; life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts; annual valuation of reserves; limitation; valuation fee; adopting lower standard of valuation; valuation of business of foreign cooperative or assessment insurer; definitions.
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Sec. 830. (1) The director shall annually value the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer doing business in this state issued before the operative date of the va…
Mich. Comp. Laws § 500.8300 Repeals.
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Sec. 8300. Act No. 256 of the Public Acts of 1917, as amended, being sections 501.1 to 548.107, inclusive, of the Compiled Laws of 1948, Act No. 151 of the Public Acts of 1893, being sections 550.151 and 550.152 of the Compiled Laws of 1948, and Act No. 158 of the Public Acts of …
Mich. Comp. Laws § 500.8301 Saving clause.
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Sec. 8301. This act 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 this act takes effect, but the same may be enjoyed, asserted, enforced, prosecuted or…
Mich. Comp. Laws § 500.8302 Effective date of act.
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Sec. 8302. This act shall become effective on January 1, 1957.
Mich. Comp. Laws § 500.830a Life insurance; actuarial opinion; form; submission to director; liability of actuary; “qualified actuary” defined; limitation; public hearing; company with outstanding life insurance contracts, accident and health insurance contracts, or deposit-type contracts; actuarial opinion; requirements; definitions.
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Sec. 830a. (1) A life insurance company doing business in this state shall annually submit to the director the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the director by rule are…
Mich. Comp. Laws § 500.831 Domestic insurer's business in foreign country; variance of mortality standard.
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Sec. 831. In case of insurance issued by a domestic insurer authorized to do business in a foreign country upon the lives of residents of that country, the commissioner may vary the mortality standard to a standard applicable to that country.
Mich. Comp. Laws § 500.832 Valuation of life insurance policies and contracts issued before operative date of standard nonforfeiture law.
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Sec. 832. (1) This section shall apply to only life insurance policies and contracts issued before the operative date of section 4060, the standard nonforfeiture law. (2) Except as otherwise provided in section 835 for group annuity and pure endowment contracts issued before the …
Mich. Comp. Laws § 500.834 Valuation of life insurance policies and contracts issued on and after operative date of standard nonforfeiture law; minimum standard; reserves; definitions.
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Sec. 834. (1) Except as otherwise provided in sections 835, 835a, 836, and 837, the minimum standard for the valuation of policies and contracts described in subsection (8) is the commissioner's reserve valuation methods defined in subsections (2), (3), and (6), 5% interest for g…
Mich. Comp. Laws § 500.835 Valuation of individual annuity and pure endowment contracts; minimum standard; notice of election to invoke section; failure to make election; definitions.
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Sec. 835. (1) Except as provided in sections 835a and 836, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after the operative date of this section, as described in subsection (2), and for all annuities and pure endowment…
Mich. Comp. Laws § 500.835a Individual annuity and pure endowment contracts purchased after December 31, 2014; annuities and pure endowments purchased after December 31, 2014 under group annuity and pure endowment contracts; valuation; tables and interest rates; definitions.
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Sec. 835a. (1) Except as otherwise provided in section 836, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued after December 31, 2014 and for all annuities and pure endowments purchased after December 31, 2014 under group annuity…
Mich. Comp. Laws § 500.836 Calendar year statutory valuation interest rates; use; determination; weighting factors; “reference interest rate” defined; alternative method for determination of reference interest rate; changes to policy or contract forms; computing reference interest rate for calendar year 1986.
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Sec. 836. (1) The calendar year statutory valuation interest rates as defined in this section are the interest rates used in determining the minimum standard for the valuation of the following: (a) All life insurance policies issued in a particular calendar year on or after the o…
Mich. Comp. Laws § 500.836a Valuation of disability plans and contracts issued before date of valuation manual; regulations; accidental and health insurance contracts; definitions.
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Sec. 836a. (1) The director shall promulgate regulations containing the minimum standards applicable to the valuation of disability plans and contracts issued before the date of the valuation manual. For accident and health insurance contracts issued on or after the operative dat…
Mich. Comp. Laws § 500.836b Valuation manual; establishment of reserves using principle-based valuation; duties of company; confidential information; definitions.
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Sec. 836b. (1) All of the following apply to the valuation manual: (a) The operative date of the valuation manual is January 1 of the first calendar year following the first July 1 as of which all of the following have occurred: (i) The NAIC has adopted the valuation manual by a …
Mich. Comp. Laws § 500.837 Definitions; valuation requirements for universal life insurance policies.
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Sec. 837. (1) As used in this section: (a) "A" means the present value of all future guaranteed benefits at the date of valuation. (b) "B" means the quantity PVFBax+t. ax (c) "C" is the quantity ((g) - (h)) (a x+t) (r) ax where (g) and (h) are the same as (g) and (h) as defined i…
Mich. Comp. Laws § 500.838 Definitions; use of NAIC accounting practices and procedures manual; mortality table; separate rates for smokers and nonsmokers; determining minimum reserve liabilities, minimum cash surrender values, and amounts of paid-up nonforfeiture benefits; actuarial opinion; application of accounting practices and procedural manual; rates and charges based on gender; blended tables; basis as sex-distinct and sex-neutral.
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Sec. 838. (1) As used in this section: (a) "2001 CSO mortality table" means that mortality table, consisting of separate rates of mortality for male and female lives, developed by the American academy of actuaries CSO task force from the valuation basic mortality table developed …
Mich. Comp. Laws § 500.838a Definitions; 2001 CSO preferred class structure mortality table.
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Sec. 838a. (1) As used in this section: (a) "2001 CSO mortality table" means that term as defined in section 838. (b) "2001 CSO preferred class structure mortality table" means mortality tables with separate rates of mortality for super preferred nonsmokers, preferred nonsmokers,…
Mich. Comp. Laws § 500.839 Capital notes.
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Sec. 839. (1) A domestic insurer may issue capital notes under this section. (2) A capital note issued by a domestic insurer may provide for interest payments at fixed or adjustable rates, for sinking fund payments, and for payments and redemptions of principal under the terms of…
Mich. Comp. Laws § 500.841 Valuation of certain bonds or other evidences of debt.
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Sec. 841. (1) Subject to subsection (2), all bonds or other evidences of debt having a fixed term and rate of interest held by an insurer, if amply secured and not in default as to principal or interest, may be valued as follows: (a) If purchased at par, at the par value. (b) If …