™Your Policy Risk Impact Agent
1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.1262a Certified application counselor; certification; application; funding from exchange prohibited; powers; prohibited conduct; disclosure of potential conflict of interest.
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Sec. 1262a. (1) An individual shall not act as a certified application counselor unless he or she has filed an application under section 1263(2) and is certified with this state as a certified application counselor. (2) Unless certified as a certified application counselor, an in…
Mich. Comp. Laws § 500.1263 Navigator certificate or certified application counselor certificate; application; statement; approval; criteria; training and testing program; business entity acting as navigator or certified application counselor; certificate required; verification of information; document production.
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Sec. 1263. (1) An individual applying for a navigator certificate shall file with the director the uniform application required by the director and shall declare under penalty of refusal, suspension, or revocation of the navigator certificate that the statements made in the appli…
Mich. Comp. Laws § 500.1264 Probation, suspension, revocation, or denial of certificate; refusal to issue; civil fine; examination of books and records.
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Sec. 1264. (1) In addition to any other powers under this act, the director may place on probation, suspend, or revoke a certificate or may levy a civil fine under section 1270 or any combination of actions, and the director shall refuse to issue a certificate under section 1263,…
Mich. Comp. Laws § 500.1265 List of individual certificate holders.
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Sec. 1265. A business entity issued a certificate shall, in a manner prescribed by the director, make available a list of all individual certificate holders that the business entity employs or supervises or with which the business entity is otherwise affiliated.
Mich. Comp. Laws § 500.1266 Termination of relationship with individual certificate holder by business entity; notice to director.
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Sec. 1266. A business entity that terminates the employment, engagement, affiliation, or other relationship with an individual certificate holder shall notify the director using a format prescribed by the director of the termination within 30 days following the effective date of …
Mich. Comp. Laws § 500.1268 Mailing and electronic mail address; mailing of notice or process.
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Sec. 1268. (1) When applying for a certificate, the applicant shall report his or her mailing and electronic mail address to the director. A certificate holder shall notify the director of a change in his or her mailing or electronic mail address within 30 days after the change. …
Mich. Comp. Laws § 500.1269 Refusal of director to grant certificate; notice; hearing; suspension or revocation of certificate; summary suspension; witness and production of documents; subpoenas.
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Sec. 1269. (1) The director shall refuse to grant a certificate to an applicant who fails to meet the requirements of this chapter. Notice of the refusal shall be in writing and shall set forth the basis for the refusal. If the applicant submits a written request within 30 days a…
Mich. Comp. Laws § 500.127 Guaranteed asset protection waiver; certificate of authority or license not required; issuance not construed as insurance; definitions.
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Sec. 127. (1) A guaranteed asset protection waiver that is subject to the guaranteed asset protection waiver act is not insurance or the business of insurance and is not subject to this act. (2) A person is not required to obtain a certificate of authority or license under this a…
Mich. Comp. Laws § 500.1270 Violation of chapter; findings and decision; order; violation of cease and desist order; civil fine; injunction.
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Sec. 1270. (1) If the director finds that a person has violated this chapter, after an opportunity for a hearing under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, the director shall reduce the findings and decision to writing and shall issue and …
Mich. Comp. Laws § 500.1271 Citizen complaints; report.
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Sec. 1271. The director shall develop and implement a process for receipt, investigation, and referral to a federal exchange of citizen complaints regarding navigators and certified application counselors. The director shall submit an annual report that describes this process to …
Mich. Comp. Laws § 500.1272 Construction of chapter.
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Sec. 1272. This chapter does not authorize or shall not be construed to authorize the establishment or operation of an American health benefit exchange in this state under the affordable care act.
Mich. Comp. Laws § 500.128 Additional exceptions.
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Sec. 128. This code shall not apply to: (a) Nonprofit organizations of a purely philanthropic or social character, which may issue protection for the benefit of their members in amounts not to exceed $150.00 death benefit or $6.00 per week sickness or accident benefit upon compli…
Mich. Comp. Laws § 500.1281 Scope of chapter.
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Sec. 1281. This chapter applies to travel insurance that covers a resident of this state and is sold, solicited, negotiated, or offered in this state and for which policies and certificates are delivered or issued for delivery in this state. Except as otherwise provided in this c…
Mich. Comp. Laws § 500.1283 Definitions.
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Sec. 1283. As used in this chapter: (a) "Aggregator site" means a website that provides access to information regarding insurance products from more than 1 insurer, including product and insurer information, for use in comparison shopping. (b) "Blanket travel insurance" means a p…
Mich. Comp. Laws § 500.1285 Payment of premium tax on travel insurance premiums; travel insurer duties.
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Sec. 1285. (1) A travel insurer shall pay a premium tax, as provided in section 635 of the income tax act of 1967, 1967 PA 281, MCL 206.635, on travel insurance premiums paid by any of the following: (a) An individual primary policyholder who is a resident of this state. (b) A pr…
Mich. Comp. Laws § 500.1287 Travel protection plans; requirements.
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Sec. 1287. Travel protection plans may be offered for 1 price for the combined features that the travel protection plan offers in this state if both of the following conditions are met: (a) The travel protection plan clearly discloses to the consumer at or before the time of purc…
Mich. Comp. Laws § 500.1289 Offering or selling travel insurance; subject to unfair and prohibited trade practices and frauds; fulfillment materials; cancellation policy.
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Sec. 1289. (1) Except as otherwise provided in this section, a person that offers travel insurance to residents of this state is subject to chapter 20. If there is a conflict between this chapter and other provisions of this act regarding the sale and marketing of travel insuranc…
Mich. Comp. Laws § 500.129 Medical retainer agreement not subject to act.
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Sec. 129. (1) A medical retainer agreement is not insurance and is not subject to this act. Entering into a medical retainer agreement is not the business of insurance and is not subject to this act. (2) A health care provider or agent of a health care provider is not required to…
Mich. Comp. Laws § 500.1291 Classification of travel insurance; inland marine line of insurance; eligibility and underwriting standards.
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Sec. 1291. (1) Notwithstanding any other provision of this act, travel insurance is classified and must be filed for purposes of rates and forms under an inland marine line of insurance. However, travel insurance that provides coverage for sickness, accident, disability, or death…
Mich. Comp. Laws § 500.130 Peer-to-peer car sharing program; shared vehicle; insured interest.
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Sec. 130. (1) A peer-to-peer car sharing program has an insurable interest in a shared vehicle during the car sharing period. (2) A peer–to–peer car sharing program may own and maintain as the named insured 1 or more policies of automobile insurance that provide coverage for any …
Mich. Comp. Laws § 500.1301 Insurance holding companies; definitions.
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Sec. 1301. As used in this chapter: (a) "Enterprise risk" means an activity, circumstance, event, or series of events involving 1 or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect on the financial condition or liquidity o…
Mich. Comp. Laws § 500.1305 Domestic insurers; organization or acquisition of subsidiaries; book of business; value; admitted asset; limitation; amortization; annual test; definition; authority of commissioner.
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Sec. 1305. (1) A domestic insurer, either by itself or in cooperation with 1 or more persons, may organize or acquire 1 or more subsidiaries if consistent with other provisions of this act. These subsidiaries may conduct any kind of business and their authority to do so shall not…
Mich. Comp. Laws § 500.1311 Merging with or acquiring control of domestic insurer; statement; filing confidential notice of proposed divestiture; notice by person proposing to merge or acquire control of domestic insurer; “domestic insurer” explained.
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Sec. 1311. (1) A person other than the issuer shall not make a tender offer for or a request or invitation for tenders of, or enter into an agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, a voting security of a domestic insurer …
Mich. Comp. Laws § 500.1312 Statement filed with director; contents; duties.
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Sec. 1312. (1) The statement filed with the director under section 1311(1) shall be made under oath or affirmation and must contain all of the following information: (a) The name and address of each person by whom or on whose behalf the merger or other acquisition of control desc…
Mich. Comp. Laws § 500.1313 Partnership, syndicate or other group; statement filed with commissioner, amendment.
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Sec. 1313. (1) If the person required to file the statement referred to in section 1311 is a partnership, limited partnership, syndicate or other group, the commissioner may require that the information required by section 1312 shall be given with respect to each partner of the p…
Mich. Comp. Laws § 500.1314 Alternative filing materials.
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Sec. 1314. If any offer, request, invitation, agreement or acquisition referred to in section 1311 is proposed to be made by means of a registration statement under the securities act of 1933 or in circumstances requiring the disclosure of similar information under the securities…
Mich. Comp. Laws § 500.1315 Merger or acquisition of control; approval by director; public hearing; determination; contested case hearing.
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Sec. 1315. (1) The director shall approve a merger or other acquisition of control described in section 1311 of a domestic insurer unless the director determines from information furnished to the director on the merger or other acquisition of control 1 or more of the following: (…
Mich. Comp. Laws § 500.1316 Information to shareholders; expense; bond; examination or investigation.
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Sec. 1316. All statements, amendments, or other material filed pursuant to section 1311 or 1312 and all notices of hearings held pursuant to section 1315, shall be mailed by the insurer to its shareholders within 5 business days after the insurer has received them. The expenses o…
Mich. Comp. Laws § 500.1317 Exemptions.
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Sec. 1317. The provisions of sections 1311 to 1319 do not apply to: (a) Any transaction subject to the provisions of chapter 76. (b) Any offer, request, invitation, agreement, or acquisition that the commissioner by order exempts as not having been made or entered into for the pu…
Mich. Comp. Laws § 500.1318 Violations.
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Sec. 1318. The following are violations of sections 1311 to 1319: (a) Failure to file any statement, amendment or other material required to be filed pursuant to sections 1311 or 1312. (b) The effectuation or any attempt to effectuate an acquisition of control of, or merger with,…
Mich. Comp. Laws § 500.1319 Jurisdiction of actions arising out of violations; consent to process.
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Sec. 1319. The courts of this state have jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files or fails to file a statement with the commissioner as required by this chapter and over all actions involving the person arising o…
Mich. Comp. Laws § 500.132 Saving clause; incumbent officers.
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Sec. 132. Continuation by this act of any state department or any office existing under any act repealed herein preserves such department and preserves the tenure of the individual holding such office at the effective date of this act.
Mich. Comp. Laws § 500.1324 Insurers subject to registration; time.
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Sec. 1324. An insurer that is a member of an insurance holding company system and is authorized to do business in this state shall register with the commissioner. A foreign insurer is not required to register if it is subject to disclosure requirements and standards adopted by st…
Mich. Comp. Laws § 500.1325 Registration statement; form; contents; other reports or information required.
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Sec. 1325. (1) An insurer subject to registration under section 1324 shall file a registration statement on a form provided by the director containing the following current information: (a) The capital structure, comprehensive financial condition, ownership, and management of the…
Mich. Comp. Laws § 500.1325a Annual enterprise risk report.
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Sec. 1325a. (1) Except as otherwise provided in subsection (2), the ultimate controlling person of an insurer subject to registration under section 1324 shall file an annual enterprise risk report with the director or a jurisdiction designated by the director. The report must be …
Mich. Comp. Laws § 500.1325b Annual group capital calculation; filing; exemption.
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Sec. 1325b. (1) Except as otherwise provided in this section, the ultimate controlling person of an insurer subject to registration under section 1324 shall concurrently file with the registration an annual group capital calculation as directed by the lead state commissioner. (2)…
Mich. Comp. Laws § 500.1325c Liquidity stress test framework; results; filing; compliance with NAIC.
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Sec. 1325c. (1) Except as otherwise provided in this section, the ultimate controlling person of every insurer that is subject to registration under section 1324 and that is scoped into the NAIC liquidity stress test framework for the specified data year shall file with the lead …
Mich. Comp. Laws § 500.1326 Registration statement; nonmaterial information not disclosed.
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Sec. 1326. (1) Information does not need to be disclosed on a registration statement filed under section 1325 if the information is not material for the purposes of sections 1324 to 1325a and 1327 to 1343. (2) Unless the director by rule or order provides otherwise, a sale, purch…
Mich. Comp. Laws § 500.1327 Registration statement; reporting material changes or additions and distributions to shareholders.
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Sec. 1327. Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions within 15 days after the end of the month in which it learns of each change or addition. Subject to section …
Mich. Comp. Laws § 500.1328 Registration; termination.
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Sec. 1328. The commissioner shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.
Mich. Comp. Laws § 500.1329 Consolidated registration statements.
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Sec. 1329. The commissioner may require or allow 2 or more affiliated insurers subject to registration to file a consolidated registration statement or consolidated reports amending their consolidated registration statement or their individual registration statements.
Mich. Comp. Laws § 500.1330 Registration on behalf of affiliated insurer.
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Sec. 1330. The commissioner may allow an insurer authorized to do business in this state which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under section 1324 and to file all information and material …
Mich. Comp. Laws § 500.1331 Exemptions.
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Sec. 1331. The provisions of sections 1324 to 1333 shall not apply to any insurer, information or transaction if and to the extent that the commissioner by rule or order exempts the insurer.
Mich. Comp. Laws § 500.1332 Petition for disclaimer of affiliation; filing; contents; effect; disallowance.
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Sec. 1332. Any person may file with the commissioner a petition for disclaimer of affiliation with an authorized insurer or an insurer or any member of an insurance holding company system may file such a petition for disclaimer. The petition for disclaimer shall fully disclose al…
Mich. Comp. Laws § 500.1333 Registration statement; failure to file.
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Sec. 1333. The failure to file a registration statement, an amendment to or summary of the registration statement, or an enterprise risk report required by sections 1324 to 1332 within the time specified for the filing is a violation of this chapter.
Mich. Comp. Laws § 500.1334 Person subject to registration; providing information to insurer.
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Sec. 1334. A person within an insurance holding company system subject to registration is required to provide complete and accurate information to an insurer if the information is reasonably necessary to enable the insurer to comply with the provisions of this chapter.
Mich. Comp. Laws § 500.134 Validity of certificate of authority or license in force prior to January 1, 1957; validity of plan of operation and premium or assessment; association or facility not state agency and money thereof not state money; records exempt from disclosure; premium or assessment not burden under MCL 500.476a; “association or facility” defined.
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Sec. 134. (1) Every certificate of authority or license in force immediately prior to January 1, 1957 and existing under any act repealed by this act is valid until its original expiration date, unless earlier terminated in accordance with this act. (2) Any plan of operation adop…
Mich. Comp. Laws § 500.1341 Transactions within holding company system; certain insurers as party; standards; prior approval; transactions entered into by domestic insurers; notification; separate transactions; review by director; total investment exceeding 10% of corporation's voting securities.
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Sec. 1341. (1) Transactions within a holding company system to which an insurer domiciled in this state or a foreign insurer whose written insurance premium in this state for each of the most recent 3 years exceeds the premiums written in its state of domicile and whose written p…
Mich. Comp. Laws § 500.1341a Domestic insurer investments; limitations.
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Sec. 1341a. (1) In addition to investments in common stock, preferred stock, debt obligations, and other securities permitted under this chapter, and except as otherwise provided in this section, a domestic insurer may invest in common stock, preferred stock, debt obligations, an…
Mich. Comp. Laws § 500.1342 Application of MCL 500.436a.
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Sec. 1342. In determining whether an insurer remains safe, reliable, and entitled to public confidence for the purposes of sections 1324 to 1343, the commissioner shall apply the standards of section 436a.