™Your Policy Risk Impact Agent
1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.6514 Limited liability pool; rates.
0.2K chars
Sec. 6514. The rates charged by a limited liability pool formed under this chapter shall be filed in accordance with section 2408 and shall be subject to the prior approval of the commissioner.
Mich. Comp. Laws § 500.6516 Limited liability pool; underwriting rules.
0.5K chars
Sec. 6516. (1) A limited liability pool formed under this chapter shall put in writing all underwriting rules used by the insurer and shall file its underwriting rules with the commissioner prior to their use in this state. (2) As used in this section, "underwriting rules" means …
Mich. Comp. Laws § 500.6517 Limited liability pool; reinsurance.
0.4K chars
Sec. 6517. A limited liability pool formed under this chapter may reinsure all or any portion of its potential liability with reinsurers licensed to transact insurance in this state or approved by the commissioner. A limited liability pool shall not directly or indirectly reinsur…
Mich. Comp. Laws § 500.6518 Management of property, business, and affairs of pool by directors; selection and term of directors; first annual meeting; interim authority.
0.7K chars
Sec. 6518. (1) The property, business, and affairs of a pool authorized under this chapter 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 successor…
Mich. Comp. Laws § 500.6522 Insured person as member of pool; voting rights; quorum; inspection of books.
0.5K chars
Sec. 6522. Every person insured in any pool formed under this chapter shall be a member of the pool, 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 the pool. A…
Mich. Comp. Laws § 500.6532 Reserves for unearned premiums.
0.3K chars
Sec. 6532. Every pool transacting insurance under this chapter shall maintain reserves for unearned premiums in accordance with the standards prescribed from time to time by the commissioner, which standards shall conform to those required of other insurers authorized to insure s…
Mich. Comp. Laws § 500.6534 Contingency reserve; deposit with state treasurer; use of deposit.
0.7K chars
Sec. 6534. Every pool subject to this chapter shall maintain a contingency reserve at all times at least equal to 2/7 of the total premium income for the preceding calendar year but not less than $300,000.00 and shall maintain a deposit with the state treasurer of the kind and am…
Mich. Comp. Laws § 500.6540 Assessment of member.
1.2K chars
Sec. 6540. Every policy issued or delivered in this state by any pool 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 the extent needed to pay that member's prop…
Mich. Comp. Laws § 500.6550 Loans.
1.3K chars
Sec. 6550. Any pool organized under this chapter may secure its required funds for the deposit required under section 411, contingency reserve and other reserve purposes, and to defray the reasonable expenses of its organization by means of loans, upon an agreement that has first…
Mich. Comp. Laws § 500.6600 Scope of chapter.
0.1K chars
Sec. 6600. This chapter applies only to domestic stock insurers formed for the purpose of transacting insurance as provided in section 6604.
Mich. Comp. Laws § 500.6604 Railway employees' loss of position; accident or disability; health and life insurance; annuities.
0.5K chars
Sec. 6604. Any number of persons, not less than 13, may associate together and form an incorporated company for the following purposes, to wit: First, To insure railway employees against loss of position resulting from discharge, suspension or retirement; Second, To insure any pe…
Mich. Comp. Laws § 500.6608 Capital stock issuance limitations; par value.
0.2K chars
Sec. 6608. The amount of capital stock of any company organized under the provisions of this chapter shall not be less than $200,000.00, in shares of the par value of $50.00 each.
Mich. Comp. Laws § 500.6612 Applicability of chapter.
0.3K chars
Sec. 6612. Such provisions of this code as are applicable to domestic stock insurers transacting life, disability, or casualty insurances as are not inconsistent with, or in conflict with provisions of this chapter are hereby made applicable to the operation of any insurer organi…
Mich. Comp. Laws § 500.6616 Railway employees' loss of position insurance; limit of liability; application.
1.5K chars
Sec. 6616. (1) All contracts insuring railway employees against loss of position or of wages resulting from discharge, suspension or retirement shall contain a provision, in form approved by the commissioner, limiting the liability under said contract to an amount not greater tha…
Mich. Comp. Laws § 500.6800 Scope of chapter; code applicability to domestic farmers' mutual insurers.
0.3K chars
Sec. 6800. (1) This chapter applies only to domestic farmers' mutual insurers and to the other domestic mutual insurers organized and transacting insurance upon property under this chapter. (2) No provision or provisions of this insurance code not contained in or referred to in t…
Mich. Comp. Laws § 500.6802 Formation of mutual plan insurers.
0.3K chars
Sec. 6802. Companies may be incorporated upon the mutual plan to insure against loss and damage by fire, lightning, cyclones, windstorms, tornadoes, hail, riot, riot attending a strike, aircraft, smoke, vehicles and death of livestock from any cause, by complying with the provisi…
Mich. Comp. Laws § 500.6804 Farmers' mutuals; organization; insuring powers.
1.1K chars
Sec. 6804. Any number of persons not less than 25 may associate together for the purpose of mutual insurance of the property of its members against loss or damage by inherent explosion, fire, lightning, riot, riot attending a strike, aircraft, smoke or vehicles, which property to…
Mich. Comp. Laws § 500.6806 Company organized or operating under MCL 500.6804; limit of risk.
0.2K chars
Sec. 6806. No company organized or operating under section 6804 shall carry an insurance or assume a liability on any single hazard in excess of the amount set forth in section 640.
Mich. Comp. Laws § 500.6807 Farmers' mutuals; coverage of property while off insured premises.
0.5K chars
Sec. 6807. In the absence of any charter provision or bylaw to the contrary, the terms of a policy issued by any company organized or operating under section 6804 shall be construed to cover any loss or damage by fire or lightning to any insured farm vehicle and its contents whil…
Mich. Comp. Laws § 500.6822 Certificate of authority; required to transact business; expiration; renewal; revocation; qualification for certificate of authority or commencing business.
0.9K chars
Sec. 6822. (1) An insurance company organized or operating under this chapter shall not transact any business without a certificate of authority from the commissioner. (2) All such certificates of authority shall expire on the last day of June of each year and shall be renewed an…
Mich. Comp. Laws § 500.6823 Property insurance; territorial limitations.
1.1K chars
Sec. 6823. No company shall hereafter be organized under the provisions of this chapter for the purpose of insuring property other than that mentioned in section 6804. Any mutual insurance company whose business is limited by law or its charter to 1 or more counties, may provide …
Mich. Comp. Laws § 500.6824 Reinsurance; limitations.
0.7K chars
Sec. 6824. Any company organized or operating under this chapter whose business is limited by law or by its charter to 1 or more counties may provide in its charter or by amendment to its charter for assuming reinsurance from other companies on property located anywhere within th…
Mich. Comp. Laws § 500.6826 Records and reports; requirements.
0.2K chars
Sec. 6826. All companies organized or operating under this chapter shall keep such reasonable records and make such reports as the commissioner shall require.
Mich. Comp. Laws § 500.6828 Financial report to members; penalty for violations.
0.8K chars
Sec. 6828. (1) It shall be the duty of the secretary of each mutual insurance company doing business in this state under the authority of this chapter to make out and deliver by mail or otherwise to the last known post office address as shown by the company's records each year to…
Mich. Comp. Laws § 500.6830 Directors and officers; election.
0.3K chars
Sec. 6830. A company hereafter organized under this chapter shall provide in its articles of incorporation that its directors shall be elected by its members and that its officers shall be elected by its board of directors. The secretary or manager of the company may or may not b…
Mich. Comp. Laws § 500.6834 Corporation, board, or association as member.
0.8K chars
Sec. 6834. Whenever any public or private corporation, board or association in this state has entered into an agreement for and holds a policy in any mutual insurance company operating under this chapter, any officer, stockholder, or trustee of any such corporation, board or asso…
Mich. Comp. Laws § 500.6838 Premium notes and assessments; liens.
0.8K chars
Sec. 6838. The articles of incorporation and bylaws of any such company organized under or subject to the provisions of this chapter, may provide for the receiving of applications or agreements from its members for insurance, with or without taking from the insured any premium no…
Mich. Comp. Laws § 500.6840 Levy of assessment; deficit; farmers' mutuals; advance premiums; surplus; membership fees; nonassignable policies.
2.5K chars
Sec. 6840. (1) It shall be the duty of the president and secretary or other executive officer or officers having power to levy assessments, of each and every mutual insurance company doing business in this state under authority of this chapter to levy an assessment on the members…
Mich. Comp. Laws § 500.6842 Failure to make assessment; penalty.
0.6K chars
Sec. 6842. Any person being a resident of this state, acting as president, secretary or other officer of any such mutual insurance company, doing business in this state under authority of this chapter, who shall wilfully refuse, or neglect to make assessments as provided in secti…
Mich. Comp. Laws § 500.6844 Surplus fund; accumulation.
0.3K chars
Sec. 6844. Any company organized or operating under this chapter may provide in its charter or by amendment to its charter for the collection of assessments and/or premiums in excess of the amount required to cover current losses and expenses, for the purpose of accumulating a su…
Mich. Comp. Laws § 500.6846 Board of directors; borrowing power.
0.2K chars
Sec. 6846. The board of directors of any company organized or operating under this chapter may borrow money for the purpose of paying losses and expenses.
Mich. Comp. Laws § 500.6848 Unearned premium reserve; refund.
0.4K chars
Sec. 6848. Any company organized or operating under this chapter upon the advance premium plan, shall maintain and set aside as a liability an unearned premium reserve upon the same basis as that required of domestic stock insurance companies transacting the same kind of business…
Mich. Comp. Laws § 500.6850 Investments; real estate; agricultural credit corporation membership.
3.0K chars
Sec. 6850. No company organized or operating under this chapter shall invest any of its assets until it has cash in state or national banks of Michigan of $20,000.00 in excess of the estimated amount of all unpaid losses of which the company has received notice. Should any compan…
Mich. Comp. Laws § 500.6854 Insurance in excess of fair value prohibited.
0.1K chars
Sec. 6854. No company organized or operating under this chapter shall issue a policy for an amount in excess of a fair value of the property insured.
Mich. Comp. Laws § 500.6856 Maximum amount recoverable on face of policy; premium, assessments.
0.3K chars
Sec. 6856. No company organized or operating under this chapter shall issue any policy which provides that the maximum amount recoverable is less than the amount stated on the face of the policy, and no assessment shall be levied or premium collected on any amount larger than tha…
Mich. Comp. Laws § 500.6858 Adjustment or arbitration of losses; subpoenas to witnesses; notice.
1.2K chars
Sec. 6858. That any district or municipal court of a judicial district or municipality of this state is authorized and required to issue subpoenas, and compel the attendance of witnesses before the president, vice-president, secretary, board of directors, or either of the directo…
Mich. Comp. Laws § 500.6859 Adjustment or arbitration of losses; service of subpoenas; fees.
0.3K chars
Sec. 6859. Any subpoena may be served by a sheriff, constable or any other person, and it shall be served by delivering a copy of the subpoena, and by paying or tendering to him or her the same fees for traveling and 1 day's attendance as are allowed by law.
Mich. Comp. Laws § 500.6860 Adjustment or arbitration of losses; compelling attendance of witness; costs.
0.8K chars
Sec. 6860. Whenever it shall appear to the satisfaction of the judge, by affidavit of a party interested in said adjustment or arbitration, or by other competent testimony, that any person duly subpoenaed to appear as required by subpoena, shall have refused or neglected without …
Mich. Comp. Laws § 500.6862 Adjustment or arbitration of losses; administration of oath to witness; perjury.
0.4K chars
Sec. 6862. Any 1 of said officers or directors of such insurance companies shall have the power, and they are hereby authorized to administer an oath to said witnesses or parties so testifying before them in the adjustment or arbitration of such losses, and said witnesses shall b…
Mich. Comp. Laws § 500.6864 Limitation of actions.
0.3K chars
Sec. 6864. No suit or action at law for the recovery of any claim for loss or damage under a policy issued by any company organized or operating under this chapter shall be sustainable in any court of law or equity unless commenced within 12 months next after the liability shall …
Mich. Comp. Laws § 500.6866 Uniform farm mutual fire policy.
0.2K chars
Sec. 6866. On and after January 1, 1946, no company organized or operating under the provisions of this chapter shall issue fire insurance policies on farm property in this state other than those of the standard form as set forth in section 6868.
Mich. Comp. Laws § 500.6868 Uniform farm mutual fire policy; required form.
13.0K chars
Sec. 6868. Uniform Farm Mutual Fire Insurance Policy No. $ (Name of company) Organized Charter expires In consideration of the provisions and stipulations herein or added hereto and of the warranties contained in the application (if any) for insurance, and subject to the tenor, t…
Mich. Comp. Laws § 500.6869 Uniform farm mutual fire policy; conflicting bylaws, riders.
0.2K chars
Sec. 6869. No bylaw of any company authorized under the provisions of this chapter or any rider attached to a "uniform farm mutual fire insurance policy" shall restrict or nullify paragraphs number 12, 13, 16 or 17 of such policy.
Mich. Comp. Laws § 500.6870 Uniform farm mutual fire policy; optional provisions.
0.4K chars
Sec. 6870. A company may print on or in its policies its name, location, date of organization and date of expiration of its charter, articles of incorporation and/or bylaws, the names of its officers and agents, the number and date of the policy and, if it is issued through an ag…
Mich. Comp. Laws § 500.6872 Uniform farm mutual fire policy; rate, premium, assessment, expiration.
0.2K chars
Sec. 6872. If a company issues its policies for a specified term and/or charges an advance premium or assessment, the form set forth for the face of the policy may be altered to show rate, premium or assessment and expiration date of policy.
Mich. Comp. Laws § 500.6874 Uniform farm mutual fire policy; printed descriptions and specifications of property.
0.1K chars
Sec. 6874. A company may print or use in its policies printed forms of description and specifications of the property insured.
Mich. Comp. Laws § 500.6886 Additional provisions of code applicable to domestic mutual insurers.
0.4K chars
Sec. 6886. Domestic mutual insurers transacting insurance under this chapter are also subject to the following additional chapters and provisions of this act as applicable: (a) Chapter 1. (b) Chapter 2. (c) Sections 403, 454, 460, and 476a. (d) Chapter 9. (e) Chapter 12. (f) Chap…
Mich. Comp. Laws § 500.7001 Definitions.
1.9K chars
Sec. 7001. As used in this chapter: (a) "Board" means the board of trustees of the multiple employer welfare arrangement security fund. (b) "Cash reserves" means federally guaranteed obligations that have a fixed recoverable principal amount or an irrevocable and unconditional le…
Mich. Comp. Laws § 500.7004 Employee welfare benefit plan as multiple employer welfare arrangement; certificate of authority required; applicability of chapter.
0.3K chars
Sec. 7004. A person shall not establish or maintain an employee welfare benefit plan which is a multiple employer welfare arrangement in this state unless the MEWA obtains and maintains a certificate of authority pursuant to this chapter. This chapter shall not apply to an employ…
Mich. Comp. Laws § 500.7006 Benefits to which authorized MEWA limited.
0.3K chars
Sec. 7006. A MEWA authorized under this chapter shall be limited to providing the following benefits: (a) Medical, dental, optical, surgical, or hospital care benefits. (b) Benefits in event of sickness, accident, disability, or death. (c) Prepaid legal services.