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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.6027 Transfer, assignment, or diversion of business from converted business.
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Sec. 6027. Without the commissioner's prior approval, neither the converted company nor any other person affiliated with or controlling the converted company shall transfer, assign, or divert business from the converted company to any other insurance company or affiliate if the p…
Mich. Comp. Laws § 500.6029 Receipt of fee, commission, or other consideration; payment of costs and expenses.
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Sec. 6029. (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 salary and compensation, for aiding, promoting, or assisting in a reorganization un…
Mich. Comp. Laws § 500.603 Definitions; accelerated benefits; acknowledgment; disclosures; waiver of premium; qualifying event; powers of insurer; pro rata reduction in cash value; actuarial memorandum; policy reserves.
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Sec. 603. (1) As used in this section: (a) "Accelerated benefits" means benefits payable under a life insurance contract to a policyowner or certificateholder, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or cat…
Mich. Comp. Laws § 500.6031 Substantial compliance with notice requirements; commencement of action challenging validity of certain acts or commissioner's decision.
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Sec. 6031. (1) If a mutual company complies substantially and in good faith with the notice requirements of this chapter, the mutual company's failure to give a member any required notice does not impair the validity of any action taken under this chapter. The commissioner may co…
Mich. Comp. Laws § 500.606 Disability insurance; definition.
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Sec. 606. (1) "Disability" insurance is insurance against bodily injury or death by accident, or against disability on account of sickness or accident. Unless specifically excluded in chapter 34, disability insurance includes health insurance issued to an individual, family, or g…
Mich. Comp. Laws § 500.607 Group disability insurance; definition.
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Sec. 607. (1) As used in this act, "group disability insurance" means voluntary disability insurance that covers 2 or more employees or members, with or without their eligible dependents, written under a master policy issued to a governmental corporation, unit, agency, or departm…
Mich. Comp. Laws § 500.608 "Health insurance" and "health insurance policy" defined.
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Sec. 608. As used in this act: (a) "Health insurance" means insurance provided under a health insurance policy. (b) "Health insurance policy" means an expense-incurred hospital, medical, or surgical policy, certificate, or contract. Health insurance policy does not include a poli…
Mich. Comp. Laws § 500.610 Property insurance; definition.
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Sec. 610. "Property" insurance is insurance on dwelling houses, stores, and all kinds of buildings, and upon household furniture, goods, wares and merchandise, and any other property, against loss or damage by fire, earthquake, lightning, wind and water; and also against bombardm…
Mich. Comp. Laws § 500.6101 Definitions.
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Sec. 6101. As used in this chapter: (a) "Authority" means the automobile theft prevention authority. (b) "Board" means the board of directors of the automobile theft prevention authority. (c) "Economic automobile theft" means automobile theft perpetrated for financial gain.
Mich. Comp. Laws § 500.6103 Automobile theft prevention authority; creation; board of directors; appointment, qualifications, and terms of members; compensation and expenses; quorum; meetings; exercising powers, duties, and functions.
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Sec. 6103. (1) There is hereby created a public body corporate and politic to be known as the automobile theft prevention authority. (2) The purposes, powers, and duties of the authority shall be vested in and exercised by a board of directors. (3) The board of directors shall co…
Mich. Comp. Laws § 500.6105 Authority; powers.
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Sec. 6105. The authority shall have the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter and the purposes of the authority and the powers delegated by other laws, including, but not limited to, the power to: (a) Sue and be sue…
Mich. Comp. Laws § 500.6107 Automobile theft prevention fund; payment of assessment by certain insurers; administration of fund; priority of expenditures; use and distribution of fund; fund not considered state money; "written car year" defined.
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Sec. 6107. (1) Before April 1 of each year, each insurer engaged in writing insurance coverages that provide the security required by section 3101(1) in this state, as a condition of its authority to transact insurance in this state, shall pay to the authority an assessment equal…
Mich. Comp. Laws § 500.6110 Authority; plan of operation; report.
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Sec. 6110. (1) The authority shall develop and implement a plan of operation. (2) The plan of operation shall include an assessment of the scope of the problem of automobile theft, including particular areas of the state where the problem is greatest; an analysis of various metho…
Mich. Comp. Laws § 500.6111 Automobile theft prevention authority; report.
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Sec. 6111. By July 1 of every odd numbered year, the automobile theft prevention authority shall prepare a report that details the theft of automobiles occurring in this state for the previous 2 years, assesses the impact of the thefts on rates charged for automobile insurance, s…
Mich. Comp. Laws § 500.614 Marine insurance; definition.
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Sec. 614. "Marine" insurance is insurance against any and all kinds of loss of or damage to: (1) Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, preciou…
Mich. Comp. Laws § 500.616 Inland navigation and transportation insurance; definition.
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Sec. 616. "Inland navigation and transportation" insurance is insurance upon vessels, freights, goods, wares, merchandise and other property, against the risks of inland navigation and transportation.
Mich. Comp. Laws § 500.618 “Legal expense insurance” defined.
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Sec. 618. "Legal expense insurance" is insurance which involves the assumption of a contractual obligation to reimburse the beneficiary against or pay on behalf of the beneficiary, all or a portion of his or her fees, costs, or expenses related to or arising out of services perfo…
Mich. Comp. Laws § 500.620 Automobile insurance (limited); definition.
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Sec. 620. "Automobile insurance (limited)" is insurance upon automobiles, whether stationary or being operated under their own power, which shall include all or any of the hazards of fire, explosion, transportation, collision, loss by legal liability for damage to property result…
Mich. Comp. Laws § 500.624 “Casualty” defined; combination with property insurance.
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Sec. 624. (1) "Casualty" insurance includes insurances as follows: (a) Steam boiler and flywheel. Insurance against loss or damage to property of the insured, and loss or damage to the life, person or property of another for which the insured is liable, caused by the explosion of…
Mich. Comp. Laws § 500.625 Automobile passenger and liability coverage; expense or disability coverage included.
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Sec. 625. Any insurer authorized to write automobile bodily injury liability insurance policies may, by an endorsement attached to or as a part of such a policy, insure any person or in behalf of any person for expense or disability including death growing out of any accidental i…
Mich. Comp. Laws § 500.628 Surety and fidelity insurance; definition.
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Sec. 628. "Surety and fidelity" insurance is to guarantee the fidelity of persons in positions of trust, private or public, and to act as surety on official bonds and for the performance of other obligations, and to indemnify banks, bankers, brokers, financial or moneyed associat…
Mich. Comp. Laws § 500.6301 Establishment of anti-fraud unit; powers and duties.
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Sec. 6301. (1) An anti-fraud unit is established as a criminal justice agency in the department, dedicated to prevention and investigation of criminal and fraudulent activities in the insurance market. (2) The anti-fraud unit is a criminal justice agency with full access to crimi…
Mich. Comp. Laws § 500.6302 Anti-fraud unit; records and information; exempt from freedom of information act; duties of director; disclosure; waiver.
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Sec. 6302. (1) A document, material, or information related to an investigation of the anti-fraud unit is confidential by law and privileged, is not subject to the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246, is not subject to subpoena, and is not subject to dis…
Mich. Comp. Laws § 500.6303 Annual report to legislature.
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Sec. 6303. (1) Beginning July 1 of the year after the effective date of the amendatory act that added this section, the anti-fraud unit shall prepare and publish an annual report to the legislature on the anti-fraud unit's efforts to prevent automobile insurance fraud. (2) The an…
Mich. Comp. Laws § 500.6304 Effect of chapter; limitation of power.
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Sec. 6304. This chapter does not limit the power of the anti-fraud unit to conduct activities under Executive Order No. 2018-9 with respect to the financial services industry or markets.
Mich. Comp. Laws § 500.632 Insurers; nonprofit dental care corporation; reinsurance; authorization.
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Sec. 632. (1) An insurer may reinsure any risk authorized to be undertaken by it and grant reinsurance on any similar risk undertaken by any other insurer. A nonprofit dental care corporation operating under 1963 PA 125, MCL 550.351 to 550.373, may reinsure any risk authorized to…
Mich. Comp. Laws § 500.640 Insurers; limitation of risk; exceptions; "title insurance" and "title insurer" defined.
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Sec. 640. (1) Except as otherwise provided in subsections (2) to (5), an insurer transacting business in this state shall not expose itself to any loss on any 1 risk or hazard in an amount exceeding 10% of its paid-up capital and surplus. However, no portion of a risk or hazard t…
Mich. Comp. Laws § 500.6400 Scope of chapter.
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Sec. 6400. (1) This chapter applies only to domestic insurers transacting life, disability, or loss of position insurances, as defined in section 6406, on the cooperative or assessment plan. (2) Corporations heretofore organized and/or doing business under the provisions of Act N…
Mich. Comp. Laws § 500.6402 Domestic cooperative plan insurers; organization.
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Sec. 6402. Subject to the requirements of chapter 50 (organization of domestic insurers) and 52 (corporate powers, procedures of domestic insurers), any number of persons, not less than 7, residents of this state, may incorporate for the purpose of carrying on upon the assessment…
Mich. Comp. Laws § 500.6406 Domestic cooperative plan insurers; authorized kinds of insurance.
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Sec. 6406. The kinds of insurance which may be carried on by insurers incorporated under this chapter shall be as follows: (1) To insure persons against bodily injury or death by accident or against disability on account of sickness or accident and also to grant specific hospital…
Mich. Comp. Laws § 500.6410 Domestic cooperative plan insurers; qualifications for certificate of authority; issuance of policies.
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Sec. 6410. No insurer shall commence business under this chapter until it shall have procured bona fide applications for insurance therein together with the first premium in cash from at least 300 eligible persons for each class of risk as defined in section 6406 which the insure…
Mich. Comp. Laws § 500.6412 Domestic cooperative plan insurers; life insurer; qualifications to write annuity contracts.
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Sec. 6412. No insurer subject to subdivision (3) of section 6406 (transaction of life insurance) shall write in Michigan any contract of annuity, or retain by virtue of supplemental agreement any proceeds of any policy or contract of insurance upon deposit with such insurer at in…
Mich. Comp. Laws § 500.6414 Domestic cooperative plan insurers; qualifications to write group insurance.
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Sec. 6414. No such insurer shall do a business of group insurance in Michigan until it shall have accrued a contingency reserve deposit as defined and described in section 6434 in the amount of $100,000.00, and shall have obtained from the commissioner a certificate of authority …
Mich. Comp. Laws § 500.6418 Domestic cooperative plan insurers; directors; selection at annual meetings; first annual meeting.
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Sec. 6418. (1) The property, business and affairs of such insurer, shall be managed by not less than 5 nor more than 20 directors to be chosen by the members at the annual meeting of members, to serve until the next annual meeting and until their successors be qualified. The dire…
Mich. Comp. Laws § 500.6422 Domestic cooperative plan insurers; members; voting; quorum; inspection of books.
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Sec. 6422. Every person insured in any insurer organized under this chapter shall be a member of such insurer, and shall be entitled to 1 vote at all meetings of the members, and may vote in person or by proxy under such rules and regulations as may be provided in the bylaws of s…
Mich. Comp. Laws § 500.6428 Insurer transacting business under MCL 500.6406 subject to certain provisions.
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Sec. 6428. (1) An insurer transacting business under section 6406(1) is subject to section 2260 and chapter 34. (2) An insurer transacting business under section 6406(2) is subject to section 6616, and all policies must grant the nonforfeiture values under annuity contracts that …
Mich. Comp. Laws § 500.6432 Domestic cooperative plan insurers; reserves; standards applicable.
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Sec. 6432. (1) Every insurer transacting the kind or kinds of insurance described in subdivisions (1) and (2) of section 6406 (disability and loss of position insurances) shall maintain reserves for unearned premiums in accordance with the standards prescribed from time to time b…
Mich. Comp. Laws § 500.6434 Contingency reserve; deposit.
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Sec. 6434. Every domestic insurer subject to this chapter shall maintain a contingency reserve at all times at least equal to 1/10 of the total premium income for the preceding calendar year but not less than $5,000.00 for each kind of insurance enumerated in section 6406 which t…
Mich. Comp. Laws § 500.6436 Domestic cooperative plan insurers; unlawful use of reserve funds; penalty.
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Sec. 6436. (1) It shall be unlawful for any officer or agent of a cooperative mutual life insurance company doing business in this state to appropriate or use any portion of the reserve or mortality funds of such company for any other purpose than such as the articles of incorpor…
Mich. Comp. Laws § 500.644 Life, disability, and loss of position insurers; limit of risk.
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Sec. 644. For provisions as to limit of risk applicable to life, disability, and loss of position insurers operating on the cooperative or assessment plan see section 6446.
Mich. Comp. Laws § 500.6440 Domestic cooperative plan insurers; assessment of members; nonassessable policies.
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Sec. 6440. On and after January 1, 1948, every policy issued or delivered in this state by any domestic insurer subject to this chapter, shall set forth on the first page thereof, in addition to the regular specified premiums, the fact that the member is liable to be assessed to …
Mich. Comp. Laws § 500.6446 Domestic cooperative plan insurers; limits of risk; increased reserve; reinsurance.
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Sec. 6446. No such insurer shall expose itself to loss from all causes, on any 1 risk, in a total principal sum exceeding 10% of its contingency reserve deposit as defined in section 6434: Provided, That insurers may establish, make and maintain a larger contingency reserve depos…
Mich. Comp. Laws § 500.6450 Guaranty fund; agreement; terms; repayment; other borrowed money.
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Sec. 6450. Any insurer may secure its required funds for reserve purposes by means of contributions or loans, but subject to the limitations set forth in this section. Any fund so secured is hereinafter described as a guaranty fund. The agreement upon which a guaranty fund is sec…
Mich. Comp. Laws § 500.6456 Domestic cooperative plan insurers; conversion into mutual insurer; procedure.
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Sec. 6456. (1) Any insurer transacting business under subdivisions (1) (disability) or (3) (life) of section 6406, or under both such subdivisions, may, at its option, convert itself without reincorporation into a mutual insurance company transacting the corresponding kind or kin…
Mich. Comp. Laws § 500.6460 New insurers organized after December 31, 1993.
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Sec. 6460. No new insurer shall be organized under this chapter after December 31, 1993.
Mich. Comp. Laws § 500.6500 Applicability of chapter.
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Sec. 6500. This chapter applies only to pools formed to transact liability insurance as defined in section 6506, on the cooperative or assessment plan.
Mich. Comp. Laws § 500.6502 Formation of limited liability pool; purpose.
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Sec. 6502. Subject to the requirements of chapters 50 and 52, any number of persons, not less than 7, who are residents of this state, may form a limited liability pool for the purpose of carrying on upon the assessment or cooperative plan, liability insurance as provided in sect…
Mich. Comp. Laws § 500.6506 Powers of limited liability pool; limitation.
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Sec. 6506. The powers of a limited liability pool formed pursuant to this chapter shall be limited to the issuance of liability insurance policies for commercial, or other industrial, professional, or business liabilities as designated by the commissioner pursuant to this section…
Mich. Comp. Laws § 500.6510 Commencement of business; pool not subject to MCL 500.410.
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Sec. 6510. (1) A limited liability pool shall not commence business under this chapter until all of the following are met: (a) The pool has procured bona fide applications for insurance together with the first premium in cash from at least 50 eligible persons for the business or …
Mich. Comp. Laws § 500.6512 Limited liability pool; formation; purpose.
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Sec. 6512. The commissioner shall require a limited liability pool formed under this chapter to certify annually the loss reserves of the pool by an actuary approved by the commissioner.