™Your Policy Risk Impact Agent
1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.1607 Dates on which insurance effective or terminated.
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Sec. 1607. (1) Creditor-placed insurance shall become effective on the latest of the following dates: (a) The date of the credit transaction. (b) The date prior coverage, including prior creditor-placed insurance coverage, lapsed. (c) One year before the date on which the related…
Mich. Comp. Laws § 500.1609 Premiums; calculation; limitation; charges creating balloon payment prohibited.
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Sec. 1609. (1) Premiums for creditor-placed insurance coverage may be calculated based on an amount not exceeding the net debt even though the coverage may limit the insurer's liability to the net debt, actual cash value, or cost of repair, or other premium calculation methods th…
Mich. Comp. Laws § 500.1611 Exclusions.
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Sec. 1611. (1) Creditor-placed insurance coverage does not include any of the following: (a) Coverage for the cost of repossession. (b) Skip, confiscation, and conversion coverage. (c) Coverage for payment of mechanics' or other liens that do not arise from a covered loss occurre…
Mich. Comp. Laws § 500.1613 Evidence of insurance coverage.
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Sec. 1613. Creditor-placed insurance shall be set forth in an individual policy or certificate of insurance. A copy of the individual policy, certificate of insurance coverage, or other evidence of insurance coverage shall be mailed, first-class mail, or delivered in person to th…
Mich. Comp. Laws § 500.1615 Policy forms and certificates of insurance; filing; schedule of premium rates; withdrawal of approval.
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Sec. 1615. (1) All policy forms and certificates of insurance to be delivered or issued for delivery in this state and the schedules of premium rates pertaining to them shall be filed with the commissioner. (2) Within 30 days after the filing of the policy forms and certificates …
Mich. Comp. Laws § 500.1617 Refund of unearned premium or other charges; statement of refund; amount.
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Sec. 1617. (1) Not later than 60 days after the termination of creditor-placed insurance coverage, and in accordance with sections 2833(1)(h) and 3020(1)(c), an insurer shall refund any unearned premium or other identifiable charges. (2) Not later than 60 days after the terminati…
Mich. Comp. Laws § 500.1619 Loss incurred; payment; reduced net debt or actual cash value amounts; subrogation; written statement; towing and storage charges.
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Sec. 1619. (1) If a loss is incurred under a creditor-placed insurance policy, the insurer shall pay, at a minimum, the lesser of the following, determined as of the date of loss: (a) The cost to repair the collateral less any applicable deductible. (b) The actual cash value of t…
Mich. Comp. Laws § 500.1621 Insurance on collateral; conditions.
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Sec. 1621. (1) For a creditor to place insurance on collateral pledged by the debtor and pass the cost of the insurance on to the debtor, all of the following must be met: (a) The creditor must have a security interest in the collateral. (b) The credit agreement must require the …
Mich. Comp. Laws § 500.1623 Rebates or inducements; prohibitions.
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Sec. 1623. (1) The entire amount of the premium due from a creditor shall be remitted to the insurer or its producer in accordance with the insurer's requirements. No commissions may be paid to, or retained by, a person or entity except a licensed and appointed producer. (2) A cr…
Mich. Comp. Laws § 500.1625 Adequate disclosure of requirement to maintain insurance; notice; final notice; noncompliance.
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Sec. 1625. (1) A creditor shall not impose charges, including premium costs and related interest and finance charges, on a debtor for creditor-placed insurance coverage unless adequate disclosure of the requirement to maintain insurance has been made to the debtor. Adequate discl…
Mich. Comp. Laws § 500.1627 Investigations or examinations; enforcement; hearing; consent agreement; injunctive relief.
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Sec. 1627. (1) In addition to other powers under this act, the commissioner may conduct investigations or examinations of insurers and producers to ensure compliance with and enforcement of the provisions of this chapter. (2) Upon finding that an insurer or producer has violated …
Mich. Comp. Laws § 500.1629 Judicial review; court order.
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Sec. 1629. (1) A person aggrieved by a final order, decision, finding, ruling, action, or inaction provided for under this chapter may seek judicial review as provided in section 244. (2) To the extent that the order or final determination of the commissioner is affirmed, the cou…
Mich. Comp. Laws § 500.1631 Violation of order of commission; penalty.
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Sec. 1631. An insurer that violates an order of the commissioner under this chapter shall be afforded a hearing before the commissioner under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. If the commissioner finds a violation has occurred, the comm…
Mich. Comp. Laws § 500.1701 Definitions.
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Sec. 1701. As used in this chapter: (a) "Insurance group" means, for the purpose of conducting an ORSA, insurers and affiliates included within an insurance holding company system. (b) "Insurer" means that term as defined in section 106. Insurer also includes a fraternal benefit …
Mich. Comp. Laws § 500.1703 Risk management framework.
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Sec. 1703. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member ma…
Mich. Comp. Laws § 500.1705 ORSA; conduct.
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Sec. 1705. Subject to section 1709, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA shall be conducted no less than annually but also at any time when t…
Mich. Comp. Laws § 500.1707 ORSA summary report.
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Sec. 1707. (1) An insurer shall annually submit to the director an ORSA summary report, or any combination of reports that together contain the information as described in the ORSA guidance manual, applicable to the insurer, the insurance group of which it is a member, or both. W…
Mich. Comp. Laws § 500.1709 Exemptions; waiver; requirement to maintain risk management framework, conduct ORSA, and file ORSA summary report; compliance by insurer no longer qualifying for exemption.
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Sec. 1709. (1) Except as otherwise provided in subsection (5), an insurer is exempt from the requirements of this chapter, if both of the following apply: (a) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premiu…
Mich. Comp. Laws § 500.1711 ORSA summary report; preparation; maintenance and availability; review by director.
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Sec. 1711. (1) Subject to subsection (2), an insurer shall prepare an ORSA summary report under section 1707 consistent with the ORSA guidance manual prescribed by the director. The insurer shall maintain and make available to the director documentation and supporting information…
Mich. Comp. Laws § 500.1713 Documents, materials, or other information; confidentiality; sharing and use of information; written agreement with NAIC or third-party consultant; administration, execution, and enforcement of chapter by director; inadmissibility as evidence.
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Sec. 1713. (1) Documents, materials, or other information, including the ORSA summary report, in the possession or control of the director that are obtained by, created by, or disclosed to the director or any other person under this chapter are considered proprietary and to conta…
Mich. Comp. Laws § 500.1715 Failure to file timely ORSA summary report; penalty.
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Sec. 1715. An insurer that does not, without just cause, timely file an ORSA summary report as required in this chapter shall pay a civil fine of $1,000.00 for each day's delay, to be recovered by the director and paid into the general fund. The maximum civil fine under this sect…
Mich. Comp. Laws § 500.1751 Limitation of chapter in accordance with other applicable state laws; exception.
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Sec. 1751. This chapter does not prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law. However, this chapter does not limit the director's authority, or the rights or obligations of third par…
Mich. Comp. Laws § 500.1753 Applicability of chapter.
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Sec. 1753. This chapter applies to all insurers domiciled in this state.
Mich. Comp. Laws § 500.1755 Definitions.
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Sec. 1755. As used in this chapter: (a) "Corporate governance annual disclosure" or "CGAD" means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this chapter. (b) "Insurance group" means insurers and affiliates included wi…
Mich. Comp. Laws § 500.1757 Corporate governance annual disclosure; requirements; reporting at separate levels; exception for substantially similar documents.
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Sec. 1757. (1) An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1, 2020 and each June 1 after that date, submit to the director a corporate governance annual disclosure as prescribed by the director. Notwithstanding any request from t…
Mich. Comp. Laws § 500.1759 Corporate governance policies; information made available to director.
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Sec. 1759. (1) The insurer or insurance group has discretion over the responses to the CGAD inquiries if the CGAD contains the material information necessary to permit the director to gain an understanding of the insurer's or group's corporate governance structure, policies, and …
Mich. Comp. Laws § 500.1761 Proprietary information; confidentiality; disclosure; exemption from freedom of information act; testimony in civil action; duties of director.
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Sec. 1761. (1) Documents, materials, or other information, including the CGAD, in the possession or control of the director that are obtained by, created by, or disclosed to the director or any other person under this chapter are considered proprietary and to contain trade secret…
Mich. Comp. Laws § 500.1763 Third-party consultants and National Association of Insurance Commissioners (NAIC); confidentiality; written agreement.
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Sec. 1763. (1) The director may retain, at the insurer's or insurance group's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff as may be reasonably necessary to assist the director in rev…
Mich. Comp. Laws § 500.1765 Failure to file corporate governance annual disclosure; civil fine; waiver.
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Sec. 1765. (1) An insurer or insurance group that does not, without just cause, timely file the CGAD as required in this chapter, after written notice and hearing, shall pay a civil fine of $1,000.00 for each day's delay, to be recovered by the director and paid into the general …
Mich. Comp. Laws § 500.1767 Severability.
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Sec. 1767. If in a final decision a court holds section 1761 of this chapter to be invalid, that section is not severable, and the entire chapter is void as of the date of the court decision.
Mich. Comp. Laws § 500.1801 Definitions.
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Sec. 1801. As used in this chapter: (a) "Chartered" means a risk retention group licensed and authorized to engage in business as a liability insurance company in a state. (b) "Hazardous financial condition" means that, based on its present or reasonably anticipated financial con…
Mich. Comp. Laws § 500.1803 Risk retention group chartered in state; certificate of authority; license; compliance.
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Sec. 1803. (1) To be chartered in this state, a risk retention group shall obtain a certificate of authority from the commissioner and be licensed as a domestic stock or mutual casualty insurer. (2) Except as otherwise provided in this chapter, a risk retention group chartered in…
Mich. Comp. Laws § 500.1805 Risk retention group chartered in state; summary form of required information.
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Sec. 1805. To be chartered in this state, a risk retention group shall provide to the commissioner in summary form, at the time of its application for a certificate of authority, all of the following: (a) The identity of the initial members of the risk retention group. (b) The id…
Mich. Comp. Laws § 500.1807 Risk retention group chartered in state; plan of operation or feasibility study.
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Sec. 1807. Before it may offer insurance in this state, a risk retention group chartered in this state shall submit to the commissioner for approval a plan of operation or feasibility study and, within 10 days of a change, shall submit an appropriate revision if a subsequent mate…
Mich. Comp. Laws § 500.1809 Risk retention group chartered in state; name.
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Sec. 1809. The name under which a risk retention group chartered in this state may be authorized as a domestic casualty insurer shall be a brief description of the risk retention group's membership followed by the phrase "risk retention group".
Mich. Comp. Laws § 500.1811 Risk retention group not chartered in state; submission of information to commissioner.
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Sec. 1811. A risk retention group not chartered in this state shall submit to the commissioner all of the following: (a) Before offering insurance in this state, a statement identifying any state in which the risk retention group is chartered as a liability insurance company, the…
Mich. Comp. Laws § 500.1813 Risk retention group without certificate of authority issued by commissioner; tax; regulatory fee; report.
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Sec. 1813. A risk retention group that does not have a certificate of authority issued by the commissioner shall be liable for the payment of a tax of 2% on direct business for a risk resident or located within this state and, instead of the costs and expenses that may be imposed…
Mich. Comp. Laws § 500.1815 Risk retention group not chartered in state and doing business in state; compliance required; examination of financial condition.
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Sec. 1815. (1) A risk retention group, not chartered in this state and doing business in this state, and the risk retention group's agents and representatives, shall comply with chapter 20. (2) A risk retention group not chartered in this state and doing business in this state sh…
Mich. Comp. Laws § 500.1817 Risk retention group not chartered in state and doing business in state; voluntary dissolution or delinquency proceeding.
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Sec. 1817. A risk retention group not chartered in this state and doing business in this state shall comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by the commissioner if there has been a finding of financial impai…
Mich. Comp. Laws § 500.1819 Notice required on application form and front and declaration pages of policy.
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Sec. 1819. An application form for insurance from a risk retention group chartered or doing business in this state, as well as the front and declaration pages of a policy issued by a risk retention group, shall contain in 10-point type the following notice: "NOTICE This policy is…
Mich. Comp. Laws § 500.1821 Risk retention group chartered or doing business in state; prohibited conduct.
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Sec. 1821. A risk retention group chartered or doing business in this state shall not do any of the following: (a) Solicit or sell insurance to a person who is not eligible for membership in the group. (b) Solicit or sell insurance if the risk retention group is in a hazardous fi…
Mich. Comp. Laws § 500.1823 Violation; fines and penalties; compliance.
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Sec. 1823. A risk retention group that violates a provision of this chapter shall be subject to fines and penalties applicable to licensed insurers, including revocation of the right to do business in this state. A risk retention group operating in this state prior to January 1, …
Mich. Comp. Laws § 500.1825 Purchasing group; information required before doing business in state.
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Sec. 1825. (1) Before doing business in this state, a purchasing group shall provide the commissioner with all of the following: (a) The identity of the name of the purchasing group through which it is purchasing liability insurance. (b) The identity of the state in which the pur…
Mich. Comp. Laws § 500.1827 Purchasing group and insurer thereof; registration fee; statement of registration; applicability of subsection (1); information to be furnished.
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Sec. 1827. (1) The purchasing group and any insurer of the purchasing group which has not submitted a registration fee shall submit a $25.00 registration fee and, on a form prescribed by the commissioner, a statement of registration which designates the commissioner as its agent …
Mich. Comp. Laws § 500.1829 Purchase of insurance by purchasing group; written information to members; deductible or self-insured retention.
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Sec. 1829. (1) A purchasing group doing business in this state may purchase insurance for risks resident or located in this state only from a risk retention group chartered in a state, from an insurer authorized in this state, or from an eligible unauthorized insurer pursuant to …
Mich. Comp. Laws § 500.1831 Premium taxes and other taxes.
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Sec. 1831. Premium taxes and other taxes paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing group shall be imposed at the same rate and subject to the same interest, fines, and penalties as that applicable to premiu…
Mich. Comp. Laws § 500.1833 Prohibitions regarding property and casualty guaranty association or similar association; risks covered by property and casualty guaranty association; participating member in Michigan automobile insurance placement facility; submission of information by risk retention group; apportioning proportionate share of losses and expenses.
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Sec. 1833. (1) A risk retention group chartered or doing business in this state shall not join or contribute financially to the property and casualty guaranty association created under chapter 79 or other similar association or mechanism in this state. A risk retention group, its…
Mich. Comp. Laws § 500.1835 Licensing as condition to soliciting, negotiating, or procuring liability insurance; residency requirement for agent or broker; licensure of nonresident.
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Sec. 1835. (1) A person, firm, association, or corporation shall not act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a risk retention group unless the person, firm, association, or corporation is licensed under chapter 12 o…
Mich. Comp. Laws § 500.1837 Enforcement.
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Sec. 1837. The commissioner may use any of the powers established under this act to enforce the laws of this state so long as those powers have not been specifically preempted by the liability risk retention act of 1986. For risk retention groups, the commissioner's injunctive au…
Mich. Comp. Laws § 500.1839 Financial responsibility.
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Sec. 1839. If a law of this state or any political subdivision of this state requires a demonstration of financial responsibility as a condition for obtaining a license or permit to undertake specified activities, and the requirement may not be satisfied by obtaining insurance co…