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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.5517 Shareholder right to dissent and obtain payment in connection with division; application of MCL 450.1762 to shareholder actions.
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Sec. 5517. (1) A shareholder of a dividing insurer is entitled to dissent from, and obtain payment of the fair value of the shareholder's shares in connection with, a division under this chapter in which the dividing insurer does not survive the division, unless the shares are co…
Mich. Comp. Laws § 500.553 Definitions.
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Sec. 553. As used in this chapter: (a) "Authorized individual" means an individual known to and screened by the licensee and determined to be necessary and appropriate to have access to the nonpublic information held by the licensee and its information systems. (b) "Consumer" mea…
Mich. Comp. Laws § 500.555 Comprehensive written information security program; requirements; duties of licensee and board of directors; third-party service provider; incident response plan; certification of compliance.
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Sec. 555. (1) Commensurate with the size and complexity of the licensee, the nature and scope of the licensee's activities, including its use of third-party service providers, and the sensitivity of the nonpublic information used by the licensee or in the licensee's possession, c…
Mich. Comp. Laws § 500.557 Occurrence of cybersecurity event; investigation; maintenance of records.
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Sec. 557. (1) If the licensee learns that a cybersecurity event has or may have occurred, the licensee or an outside vendor or service provider, or both, designated to act on behalf of the licensee, shall conduct a prompt investigation. (2) During the investigation under subsecti…
Mich. Comp. Laws § 500.559 Notification of cybersecurity event involving nonpublic information; duty to update and supplement notifications to director; contents; application to third-party service provider; duties of ceding insurers with direct contractual relationship.
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Sec. 559. (1) Each licensee shall notify the director as promptly as possible but not later than 10 business days after a determination that a cybersecurity event involving nonpublic information that is in the possession of a licensee has occurred when either of the following cri…
Mich. Comp. Laws § 500.561 Notice of cybersecurity event to residents of this state; conditions and requirements; duties of licensee; substitute notice; notification to certain consumer reporting agencies; exception; compliance with health insurance portability and accountability act considered compliance with section; notice with intent to defraud; misdemeanor; penalty; failure to provide notice; civil fine; aggregate liability; applicability of section; definitions.
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Sec. 561. (1) Unless the licensee determines that the cybersecurity event has not or is not likely to cause substantial loss or injury to, or result in identity theft with respect to, 1 or more residents of this state, a licensee that owns or licenses data that are included in a …
Mich. Comp. Laws § 500.563 Confidentiality; use of documents, materials, or other information; duties of director.
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Sec. 563. (1) Any documents, materials, or other information in the control or possession of the department that is furnished by a licensee or an employee or agent of the licensee acting on behalf of the licensee under section 555(9), section 559(2)(b), (c), (d), (e), (h), (i), a…
Mich. Comp. Laws § 500.565 Exemption for certain licensees; timeline for implementation and compliance.
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Sec. 565. (1) A licensee that has fewer than 25 employees, including any independent contractors, is exempt from section 555. (2) A licensee subject to and in compliance with the health insurance portability and accountability act of 1996, Public Law 104–191, and with regulations…
Mich. Comp. Laws § 500.5800 Applicability of chapter.
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Sec. 5800. (1) This chapter applies only to domestic mutual insurers transacting property, casualty, disability, and other insurances, to mutual holding companies resulting from the reorganization of those mutual insurers, and to nonprofit mutual disability insurers. (2) This cha…
Mich. Comp. Laws § 500.5801 Formation of domestic mutual insurer; nonprofit status; powers of nonprofit mutual disability insurer; limitation.
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Sec. 5801. (1) A domestic mutual insurer may be formed with nonprofit status. (2) A nonprofit mutual disability insurer has all powers of a mutual insurer organized under this chapter unless expressly reserved. A nonprofit mutual disability insurer that has merged with a nonprofi…
Mich. Comp. Laws § 500.5803 Mutual holding company resulting from reorganization considered as domestic mutual insurance company.
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Sec. 5803. 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 § 500.5804 Domestic mutual insurers; incorporation.
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Sec. 5804. (1) Any number of persons, not less than 20, a majority of whom shall be bona fide residents of this state, by complying with the provisions of this chapter, may become together with others who may hereafter be associated with them or their successors, a body corporate…
Mich. Comp. Laws § 500.5805 Merger of nonprofit health care corporation with nonprofit mutual disability insurer.
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Sec. 5805. (1) As set forth in section 220 of the nonprofit health care corporation reform act, 1980 PA 350, MCL 550.1220, a nonprofit health care corporation may merge with a nonprofit mutual disability insurer where the surviving entity is governed by this chapter. A merger des…
Mich. Comp. Laws § 500.5810 Domestic mutual insurers; qualification for certificate of authority.
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Sec. 5810. No such insurer shall issue policies or transact any business of insurance unless it shall hold a certificate of authority from the commissioner authorizing the transaction of such business, which certificate shall not be issued until and unless the insurer shall compl…
Mich. Comp. Laws § 500.5818 Domestic mutual insurers; rights of corporation and other bodies to be members.
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Sec. 5818. Any public or private corporation, board or association in this state or elsewhere may make applications, enter into agreements for and hold policies in any such mutual insurance company. Any officer, stockholder, trustee or local representative of any such corporation…
Mich. Comp. Laws § 500.5824 Voting rights of members; administrative services agreements.
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Sec. 5824. Every member of the company is entitled to 1 vote, or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws. A nonprofit mutual disability insurer may permit entities holdin…
Mich. Comp. Laws § 500.5825 Rights or interests of member of nonprofit mutual disability insurer; dissolution or winding up of nonprofit mutual disability insurer; distribution and administration of residual value; conditions requiring payments to Michigan health endowment fund; determination by independent valuation; "beneficially own" defined.
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Sec. 5825. (1) A member of a nonprofit mutual disability insurer that has merged with a nonprofit health care corporation as provided in section 5805(1) shall have no interest in, or residual rights to, the assets of the nonprofit mutual disability insurer; shall not receive poli…
Mich. Comp. Laws § 500.5826 Offering health care benefits to residents regardless of health status.
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Sec. 5826. Until January 1, 2014, a nonprofit mutual disability insurer that has merged with a nonprofit health care corporation as described in section 5805(1) shall offer health care benefits to all residents of this state regardless of health status.
Mich. Comp. Laws § 500.5828 Domestic mutual insurers; contingent liability of members; nonassessable policies.
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Sec. 5828. (1) The policies shall provide for a premium or premium deposit payable in cash and, except as herein provided, for a contingent premium at least equal to the premium or premium deposit. (2) Such mutual insurer may issue a policy without a contingent premium while it h…
Mich. Comp. Laws § 500.5836 Mutual insurers; borrowed capital.
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Sec. 5836. 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 § 500.5840 Domestic mutual insurers; deficiency in assets; assessment of members.
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Sec. 5840. Such insurer not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each such member in proportion to such…
Mich. Comp. Laws § 500.5901 Definitions.
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Sec. 5901. As used in this chapter: (a) "Converted stock company" means a Michigan domiciled stock insurance company that converted from a Michigan domiciled mutual company or a stock business corporation resulting from conversion of a mutual holding company pursuant to this chap…
Mich. Comp. Laws § 500.5903 Conversion plan; vote to amend or withdraw; submission of documents to commissioner; time period for approval or disapproval; conditions; review by qualified expert; notice of meeting; vote; adoption; filing certain documents; confidentiality.
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Sec. 5903. (1) A mutual company seeking to convert to a stock company shall adopt, by the affirmative vote of not less than 2/3 of its board of directors, a plan of conversion consistent with the requirements of sections 5905 to 5915. At any time before approval of a plan by the …
Mich. Comp. Laws § 500.5904 Plan of conversion; prohibited conduct.
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Sec. 5904. Prior to the completion of a plan of conversion filed by a mutual company with the commissioner, a person shall not knowingly acquire, make an offer for, or make any announcement of an offer for any security issued or to be issued by the converting mutual company in co…
Mich. Comp. Laws § 500.5905 Conversion plan; contents; provisions applicable to subscription rights.
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Sec. 5905. (1) The following provisions shall be included in the plan: (a) The reasons for the proposed conversion. (b) The effect of the conversion on existing policies, including all of the following: (i) A provision that all policies in force on the effective date of conversio…
Mich. Comp. Laws § 500.5907 Conversion plan; provisions applicable to operation as closed block of business.
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Sec. 5907. (1) The plan shall provide that a mutual life insurance company's participating life policies in force on the effective date of the conversion shall be operated by the converted stock company for dividend purposes as a closed block of participating business, except tha…
Mich. Comp. Laws § 500.5909 Acquisition of capital stock of converted stock company or stock of participating corporation; limitations; prohibitions.
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Sec. 5909. (1) The plan shall provide that any person or group of persons acting in concert shall not acquire, through public offering or subscription rights, more than 5% of the capital stock of the converted stock company or the stock of another corporation that is participatin…
Mich. Comp. Laws § 500.5911 Receipt of subscription rights by directors and officers of mutual company.
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Sec. 5911. (1) The plan may provide that the directors and officers of the mutual company shall receive, without payment, subscription rights to purchase capital stock of the converted stock company or the stock of another corporation that is participating in the conversion plan,…
Mich. Comp. Laws § 500.5913 Allocation of subscription rights to employee benefit plan.
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Sec. 5913. The plan may allocate to a tax-qualified employee benefit plan subscription rights to purchase up to 10% of the capital stock of the converted stock company or the stock of another corporation that is participating in the conversion plan, as provided in section 5905(1)…
Mich. Comp. Laws § 500.5915 Adoption of plan not relying on issuance of subscription rights; alternative plan; retaining qualified expert; “eligible member” and “U.S. branch” defined.
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Sec. 5915. (1) The board of directors may adopt a plan of conversion that does not rely in whole or in part upon issuing subscription rights to members to purchase stock of the converted stock company if the commissioner finds that the plan does not prejudice the interests of the…
Mich. Comp. Laws § 500.5917 Effectiveness of plan; conditions.
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Sec. 5917. A plan is effective when the commissioner has approved the plan, the eligible members have approved the plan, and the revised articles of incorporation have been adopted.
Mich. Comp. Laws § 500.5919 Notice of adoption of conversion plan; right of member to rescind or cancel policy.
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Sec. 5919. (1) All members whose policies become effective after the proposed plan has been adopted by the board of directors and before the effective date of the plan shall be given written notice of the plan of conversion on or before the forty-fifth day after the effective dat…
Mich. Comp. Laws § 500.5921 Conversion plan; continuation of corporate existence; transfer of rights, franchises, and interests; assumption of obligations and liabilities; service and election of directors and officers.
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Sec. 5921. (1) Upon converting a mutual company to a converted stock company under this chapter, the corporate existence of the mutual company is continued in the converted stock company. All the rights, franchises, and interests of the mutual company in and to every species of p…
Mich. Comp. Laws § 500.5923 Payment of fee, commission, or consideration to director, officer, agent, or employee; costs and expenses.
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Sec. 5923. (1) A director, officer, agent, or employee of the mutual company or any other person shall not receive any fee, commission, or other valuable consideration, other than his or her usual regular salary or compensation, for aiding, promoting, or assisting in a conversion…
Mich. Comp. Laws § 500.5925 Validity of actions.
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Sec. 5925. (1) If the mutual company complies substantially and in good faith with the notice requirements of this chapter, the mutual company's failure to give a member the required notice does not impair the validity of any action taken under this chapter. (2) Except as otherwi…
Mich. Comp. Laws § 500.5927 Petition to waive notice and approval requirements.
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Sec. 5927. (1) If a mutual insurer becomes insolvent, its board of directors by a majority vote may request in its petition that the commissioner waive the requirements imposing notice to and policyholder approval of the planned conversion. The petition shall specify both of the …
Mich. Comp. Laws § 500.600 Insurance; definitions applicable.
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Sec. 600. The applicable definitions of the kinds of insurance set forth in this chapter shall apply to all insurers.
Mich. Comp. Laws § 500.6001 Definitions.
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Sec. 6001. As used in this chapter: (a) "Converted company" means a Michigan domiciled stock insurance company that results from the reorganization of a mutual company under this chapter. (b) "Eligible member" means a member whose policy is in force on the date the mutual company…
Mich. Comp. Laws § 500.6003 Reorganization of mutual company; formation.
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Sec. 6003. (1) Upon approval of the commissioner, a mutual company may reorganize by forming simultaneously a mutual holding company and converting the mutual company into a direct or indirect stock subsidiary of the mutual holding company. Unless otherwise specifically requested…
Mich. Comp. Laws § 500.6005 Reorganization plan; adoption; amendment; withdrawal.
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Sec. 6005. (1) A mutual company seeking to reorganize to a mutual holding company structure shall adopt, by the affirmative vote of not less than 2/3 of its board of directors, a plan of reorganization under this chapter. (2) At any time before approval of a plan of reorganizatio…
Mich. Comp. Laws § 500.6007 Reorganization plan; contents.
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Sec. 6007. A plan of reorganization shall include all of the following: (a) The reasons for the proposed reorganization. (b) The effect of the reorganization on existing policies including all of the following: (i) A provision that all policies in force on the effective date of t…
Mich. Comp. Laws § 500.6009 Reorganization plan; operation and support of closed block of business.
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Sec. 6009. (1) A plan of reorganization shall provide that a mutual life insurance company's participating life policies in force on the effective date of the conversion shall be operated by the converted company for dividend purposes as a closed block of participating business e…
Mich. Comp. Laws § 500.6011 Reorganization plan; filing of documents; hearing; approval or disapproval of plan by commissioner; conditions for approval; retention and assistance of qualified expert.
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Sec. 6011. (1) After adoption by the mutual company's board of directors and prior to the members' approval of the plan of reorganization, a mutual company shall file all of the following documents with the commissioner for review and approval: (a) The plan of reorganization. (b)…
Mich. Comp. Laws § 500.6013 Reorganization plan; membership meeting; notice; quorum; vote; proxy; voter eligibility.
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Sec. 6013. (1) All eligible members shall be given notice of the members' meeting to vote upon the plan of reorganization. The notice shall briefly but fairly describe the proposed plan, including identifying in reasonable detail the benefits and risks, and shall inform the membe…
Mich. Comp. Laws § 500.6015 Documents to be filed after plan approval.
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Sec. 6015. After the eligible members have approved a plan of reorganization, the converted company shall file all of the following documents with the commissioner: (a) The minutes of the members' meeting at which the plan of reorganization was voted upon. (b) The articles and by…
Mich. Comp. Laws § 500.6017 Mutual holding company; articles of incorporation.
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Sec. 6017. (1) Adoption of articles of incorporation for the mutual holding company, each intermediate holding company, if any, and revised articles of incorporation for the converted company is necessary to implement the plan of reorganization. Procedures for adoption or revisio…
Mich. Comp. Laws § 500.6019 Reorganization plan; conditions for plan to take effect.
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Sec. 6019. (1) A plan becomes effective when the commissioner has approved the plan, the members have approved the plan, and the articles of incorporation of the mutual holding company, each intermediate holding company, if any, and the revised articles of incorporation of the co…
Mich. Comp. Laws § 500.602 “Life” insurance, “transaction of life insurance,” and “life insurance companies” defined.
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Sec. 602. (1) "Life" insurance is insurance upon the lives and health of persons and every insurance pertaining thereto, and to grant, purchase, or dispose of annuities. Notwithstanding any other provision of law, life insurance includes insurance upon the lives of persons which …
Mich. Comp. Laws § 500.6023 Membership interest in mutual holding company.
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Sec. 6023. (1) No member of a mutual holding company may transfer membership in the mutual holding company. (2) A member of a mutual holding company is not personally liable for the acts, debts, liabilities, or obligations of the mutual holding company solely because of his or he…
Mich. Comp. Laws § 500.6025 Mutual holding company; powers and duties.
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Sec. 6025. (1) A mutual holding company has the same powers granted to domestic mutual insurance companies and is subject to the same requirements of this act applicable to mutual companies that are not inconsistent with the provisions of this chapter except that a mutual holding…