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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.5264 Expenditures, vouchers, and affidavits.
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Sec. 5264. No domestic life insurer shall make any disbursement of $100.00 or more unless the same be evidenced by a voucher signed by or on behalf of the person receiving the money and correctly describing the consideration for the payment. If the expenditure be for both service…
Mich. Comp. Laws § 500.5266 Dividends to stockholders; general provision.
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Sec. 5266. No dividends shall be declared due and payable to stockholders of any stock insurance company, except out of the surplus earnings of the company unless otherwise provided for in this code.
Mich. Comp. Laws § 500.5267 Dividends to stockholders; domestic fire insurance company.
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Sec. 5267. It shall not be lawful for the directors or managers of any domestic fire insurance company to declare any dividend, except from the surplus profits arising from their business; and in estimating such profits, there shall be reserved from its admitted assets a sum equa…
Mich. Comp. Laws § 500.527 Receipt of notice.
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Sec. 527. (1) A licensee shall provide any notice required under this chapter so that each consumer can reasonably be expected to receive actual notice in writing or, if the consumer agrees, electronically. A licensee may reasonably expect that a consumer will receive actual noti…
Mich. Comp. Laws § 500.5270 Insurer's rights as stockholder in other corporations.
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Sec. 5270. When an insurer shall be a stockholder in any other corporation, as provided for in sections 922 (investment in stocks and bonds), 926 (investment in insurance stocks), and 938 (collateral loans), its president and other officers or any of its directors shall be eligib…
Mich. Comp. Laws § 500.5272 Domestic fire insurance company; deficiency of assets; notice; cessation of business; liability.
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Sec. 5272. (1) Whenever it shall appear to the commissioner, from examination of any domestic fire insurance company that the assets of the company are insufficient to justify the continuance in business of such company, he may direct the officers thereof to require the stockhold…
Mich. Comp. Laws § 500.5274 Domestic fire insurance company; assessment of stockholders.
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Sec. 5274. (1) Any company receiving the requisition from the commissioner provided for in section 5272, shall forthwith call upon its stockholders for such amounts as will make its capital equal to the amount fixed by the articles of incorporation of the company; and in case any…
Mich. Comp. Laws § 500.5276 Domestic fire insurance company; liability of directors under new risks accepted during deficiency.
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Sec. 5276. In the event of any additional losses accruing upon new risks, taken after the expiration of the period limited by the commissioner in the requisition, pursuant to section 5272, for the filling up of the deficiency in the capital and assets of such company, and before …
Mich. Comp. Laws § 500.5280 Domestic mutual insurer; assets; deficiency; liability of director.
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Sec. 5280. (1) If, upon examination, it appears to the commissioner that the assets of any domestic mutual insurer are insufficient to justify the continuance of such insurer in business, it shall be his duty to proceed in relation to such insurer in the same manner as is herein …
Mich. Comp. Laws § 500.5282 Domestic stock insurer; statement of beneficial ownership of equity securities.
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Sec. 5282. Every person who is directly or indirectly the beneficial owner of more than 10% of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of the company, shall file in the office of the commissioner on or before Janu…
Mich. Comp. Laws § 500.5283 Unfair use of information; prevention; actions for recovery of profits; limitations; exempt transactions.
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Sec. 5283. For the purpose of preventing the unfair use of information which may have been obtained by the beneficial owner, director or officer by reason of his relationship to the company, any profit realized by him from any transfer of any equity security of the company within…
Mich. Comp. Laws § 500.5283a Acquisition of stock or stock option; exemption from MCL 500.5283; conditions; definition.
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Sec. 5283a. Any acquisition of shares of stock, other than stock acquired upon the exercise of an option, warrant, or right, pursuant to a stock bonus, profit sharing, retirement, incentive, thrift, savings, or similar plan, or any acquisition of an incentive, qualified, or restr…
Mich. Comp. Laws § 500.5283b Selection of director or officer to whom stock allocated or options granted; exercise of discretion; director or committee member as disinterested person; section inapplicable to certain options or equity securities.
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Sec. 5283b. (1) If the selection of any director or officer of the insurer to whom stock may be allocated or to whom incentive, qualified, restricted, or employee stock purchase plan stock options may be granted pursuant to the plan, or the determination of the number or maximum …
Mich. Comp. Laws § 500.5283c Stock purchase plan; limitations.
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Sec. 5283c. As to each participant or as to all participants the stock purchase plan shall effectively limit the aggregate dollar amount or the aggregate number of shares of stock which may be allocated or which may be subject to incentive, qualified, restricted, or employee stoc…
Mich. Comp. Laws § 500.5284 Securities not owned; sale; failure to deliver to transferee; exception.
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Sec. 5284. It is unlawful for any beneficial owner, director or officer, directly or indirectly, to sell any equity security of the company if he does not own the security sold, or if owning the security, does not deliver the security to the transferee within 20 days after the sa…
Mich. Comp. Laws § 500.5285 Nonapplication of sections to certain transactions.
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Sec. 5285. The provisions of section 5283 shall not apply to any transaction, and the provisions of section 5284 shall not apply to any sale of an equity security of a domestic stock insurance company not then or previously held by the transferor in an investment account, by a de…
Mich. Comp. Laws § 500.5286 Foreign or domestic arbitrage transactions; exemptions.
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Sec. 5286. The provisions of sections 5282, 5283 and 5284 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner may adopt in order to carry out the purposes of this act.
Mich. Comp. Laws § 500.5287 Equity security; definition.
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Sec. 5287. The term "equity security" means any stock or similar security; or any security convertible, with or without consideration into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other sec…
Mich. Comp. Laws § 500.5288 Registered equity securities; exemptions; conditions.
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Sec. 5288. The provisions of sections 5282, 5283 and 5284 shall not apply to equity securities of a domestic stock insurance company if the securities shall be registered, or shall be required to be registered, pursuant to section 12 of the securities exchange act of 1934, as ame…
Mich. Comp. Laws § 500.5289 Insurance commissioner; regulatory powers; effect of good faith.
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Sec. 5289. The commissioner may make such rules and regulations as may be necessary for the execution of the functions vested in him by sections 5282 to 5288, and for such purpose may classify domestic stock insurance companies, securities, and other persons or matters within his…
Mich. Comp. Laws § 500.529 Disclosure of nonprofit personal financial information to nonaffiliated third party; reasonable opportunity; opt out notice.
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Sec. 529. (1) Except as otherwise provided in this chapter, a licensee shall not, directly or through any affiliate, disclose any nonpublic personal financial information about a consumer to a nonaffiliated third party unless all of the following are met: (a) The licensee has pro…
Mich. Comp. Laws § 500.5290 Unlawful solicitation; use of name to solicit proxies or consents.
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Sec. 5290. It is unlawful for any person, in contravention of such rules and regulations as the commissioner may prescribe as necessary or appropriate in the public interest or for the protection of investors, to solicit or to permit the use of his name to solicit any proxy or co…
Mich. Comp. Laws § 500.531 Receipt of nonpublic personal financial information from nonaffiliated financial institution; limitation on disclosure.
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Sec. 531. (1) If a licensee receives nonpublic personal financial information from a nonaffiliated financial institution under an exception in section 537 or 539, the licensee's disclosure and use of that information is limited as follows: (a) The licensee may disclose the inform…
Mich. Comp. Laws § 500.533 Disclosure of policy or account number.
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Sec. 533. (1) A licensee shall not, directly or through an affiliate, disclose, other than to a consumer reporting agency, a policy or account number or other access number or access code for a consumer's policy, credit card account, deposit account, or transaction account to any…
Mich. Comp. Laws § 500.535 Applicability of opt out requirements in MCL 500.519 and 500.529; “joint agreement” defined.
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Sec. 535. (1) The opt out requirements in sections 519 and 529 do not apply when a licensee provides nonpublic personal financial information to a nonaffiliated third party to perform services for the licensee or functions on the licensee's behalf, if the licensee does both of th…
Mich. Comp. Laws § 500.537 Applicability of MCL 500.507(1)(c), 500.519, 500.529, and 500.535; “necessary to effect, administer, or enforce a transaction” defined.
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Sec. 537. (1) Sections 507(1)(c), 519, 529, and 535 do not apply if the licensee discloses nonpublic personal financial information as necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes, or in connection with any of the following: (a)…
Mich. Comp. Laws § 500.539 Applicability of MCL 500.507(1)(c), 500.519, 500.529, and 500.535.
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Sec. 539. Sections 507(1)(c), 519, 529, and 535 do not apply when a licensee discloses nonpublic personal financial information as follows: (a) With the consent or at the direction of the consumer, provided that the consumer has not revoked the consent or direction. (b) To protec…
Mich. Comp. Laws § 500.540 Use or disclosure of nonpublic personal financial information by certain associations or facilities.
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Sec. 540. The Michigan life and health guaranty association, the property and casualty guaranty association, the Michigan automobile insurance placement facility, the Michigan worker's compensation placement facility, and the assigned claims facility created under section 3171 sh…
Mich. Comp. Laws § 500.5400 Scope of chapter.
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Sec. 5400. This chapter applies only to domestic mutual life and disability insurers other than cooperative insurers as identified in chapter 64 and to mutual holding companies resulting from the reorganization of those mutual insurers.
Mich. Comp. Laws § 500.5402 Domestic mutual insurers; formation; reorganization.
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Sec. 5402. A domestic mutual insurer for the transaction of life insurance, or for the transaction of life and disability insurance, may be formed pursuant to chapter 50 and may be reorganized pursuant to chapters 59 and 60.
Mich. Comp. Laws § 500.5403 Mutual holding company as domestic mutual insurance company.
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Sec. 5403. A mutual holding company resulting from a reorganization under chapter 60 shall be considered a domestic mutual insurance company under this act except that the mutual holding company shall not be issued a certificate of authority to issue policies or transact the busi…
Mich. Comp. Laws § 500.5408 Prerequisites to granting certificate of authority.
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Sec. 5408. No certificate of authority shall be granted such insurer to issue policies until all of the following conditions have been met: (a) At least 500 persons have subscribed in the aggregate for at least $1,000,000.00 of insurance if organized for the purpose of transactin…
Mich. Comp. Laws § 500.541 Operation of fair credit reporting act; construction of chapter.
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Sec. 541. Nothing in this chapter shall be construed to modify, limit, or supersede the operation of the fair credit reporting act, title VI of the consumer credit protection act, Public Law 90-321, 15 U.S.C. 1681 to 1681u, and no inference shall be drawn on the basis of the prov…
Mich. Comp. Laws § 500.5412 Deficiency in insurance or membership; procedure.
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Sec. 5412. If at any time it appears from an examination of the insurer or from any statement filed by the insurer that the number of risks insured, the number of policies in force, or the number of members or the amount of premiums on insurance in force are below the number and …
Mich. Comp. Laws § 500.5416 Mutual life insurer; extension of powers; procedure.
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Sec. 5416. A mutual life insurer may extend its corporate powers to transact disability insurance by amending its articles of incorporation and bylaws in accordance with the provisions of section 5202: Provided, Such amendment is first approved by a vote of 2/3 of its members in …
Mich. Comp. Laws § 500.5420 Mutual life and disability insurers; amendment, adoption, and approval of bylaws.
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Sec. 5420. Bylaws not inconsistent with the articles of association may be adopted or amended at any meeting of the directors or members of the insurer held after the receipt from the commissioner of a certified copy of the certificate of incorporation. The bylaws or amendments s…
Mich. Comp. Laws § 500.5424 Directors and officers; number; election.
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Sec. 5424. The management of the business and affairs of such an insurer shall be vested in a board of directors. Every such insurer shall have not less than 5 nor more than 17 directors, and such officers as shall be provided for in the articles of incorporation or in the bylaws…
Mich. Comp. Laws § 500.543 Consumer opting out from disclosure; discrimination prohibited.
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Sec. 543. A licensee shall not unfairly discriminate against any consumer because that consumer has opted out or intends to opt out from the disclosure of his or her nonpublic personal financial information pursuant to the provisions of this chapter.
Mich. Comp. Laws § 500.5430 Capital funds; borrowing; repayment.
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Sec. 5430. A mutual insurer organized under this chapter may borrow or assume liability for the repayment of a sum of money sufficient to defray the reasonable expenses of its organization or to provide the securities to be deposited with the state treasurer as required under thi…
Mich. Comp. Laws § 500.545 Contract of licensee with nonaffiliated third party; effect of agreement entered before or on July 1, 2000.
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Sec. 545. Until July 1, 2002, a contract that a licensee has entered into with a nonaffiliated third party to perform services for the licensee or functions on the licensee's behalf satisfies the provisions of section 535(1)(b), even if the contract does not include a requirement…
Mich. Comp. Laws § 500.547 Protection of customer records and information; adoption of guidelines for administrative, technical, and physical safeguards.
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Sec. 547. (1) The commissioner shall adopt guidelines for administrative, technical, and physical safeguards that protect the security, confidentiality, and integrity of customer information, pursuant to sections 501, 505(b), and 507 of the Gramm-Leach-Bliley act, Public Law 106-…
Mich. Comp. Laws § 500.550 Private cause of action not created; exclusive standards.
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Sec. 550. This chapter does not create or imply a private cause of action for violation of its provisions and does not curtail a private cause of action that would otherwise exist in the absence of this chapter. Notwithstanding any other provision of law, this chapter establishes…
Mich. Comp. Laws § 500.5500 Definitions.
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Sec. 5500. As used in this chapter: (a) "Assets" means property, whether real, personal, mixed, tangible, or intangible, and any right or interest in the property, including all rights under contracts and other agreements. (b) "Capital" means the capital stock component of statut…
Mich. Comp. Laws § 500.5503 Domestic stock insurer; division into 2 or more insurers; plan of division; requirements; amendment procedures; abandonment of plan.
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Sec. 5503. (1) A domestic stock insurer may, in accordance with the requirements of this chapter, divide into 2 or more resulting insurers pursuant to a plan of division. (2) Each plan of division must include all of the following: (a) The name of the domestic stock insurer seeki…
Mich. Comp. Laws § 500.5505 Filing plan of division with the department; approval by board of directors and shareholders; effectiveness of certain provisions; reasonable notice.
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Sec. 5505. (1) A domestic stock insurer shall not file a plan of division with the director of the department unless the plan of division has been approved in accordance with all provisions of its articles of incorporation and bylaws and by the board of directors and shareholders…
Mich. Comp. Laws § 500.5507 Notice and hearing of plan required; approval and filing with department; conditions of approval; confidentiality of certain financial information; payment of department expenses; order.
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Sec. 5507. (1) A division does not become effective until it is approved by the director of the department after reasonable notice and a public hearing. A hearing conducted under this section must be conducted as a contested case subject to the administrative procedures act of 19…
Mich. Comp. Laws § 500.5509 Certificate of division; contents; effective date.
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Sec. 5509. (1) After a plan of division has been adopted and approved under sections 5503 to 5507, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division. The certificate of division is a public document. (2) The certificate of d…
Mich. Comp. Laws § 500.5511 Division effectiveness; allocation and distribution of assets and liabilities.
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Sec. 5511. (1) When a division becomes effective under section 5509(4), all of the following apply: (a) If the dividing insurer has survived the division: (i) It continues to exist. (ii) Its articles of incorporation must be amended, if at all, as provided in the plan of division…
Mich. Comp. Laws § 500.5513 Responsibilities, liabilities, and obligations of resulting insurer.
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Sec. 5513. (1) Except as otherwise expressly provided in this section, when a division becomes effective, each resulting insurer is responsible, automatically, by operation of law, for all of the following: (a) Individually, the liabilities, including policy liabilities, that the…
Mich. Comp. Laws § 500.5515 Record shareholder of non-surviving insurer right to dissent and obtain payment.
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Sec. 5515. If the dividing insurer does not survive the division, a record shareholder of a dividing insurer is entitled to dissent from and obtain payment of the fair value of that shareholder's shares, in the same manner and to the extent provided for under sections 1762 to 177…