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1 chapters · 1,672 sections in this title.
Mich. Comp. Laws § 500.1343 Ordinary shareholder dividends paid by domestic insurers; review by director; determination of reasonableness; factors; limiting or disallowing payment of shareholder dividends; declaration or payment from earned surplus; declaration of shareholder dividend by domestic insurer as member of insurance holding company system; extraordinary dividend or distribution to shareholders; hearing.
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Sec. 1343. (1) Each year the director shall review the ordinary shareholder dividends paid by domestic insurers to determine whether each insurer's surplus following those dividends is reasonable in relation to the insurer's outstanding liabilities and adequate to its needs so th…
Mich. Comp. Laws § 500.1344 Officers and directors; obligation or liability; common management or cooperative or joint use of personnel, property, or services.
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Sec. 1344. (1) Notwithstanding the control of a domestic insurer by any person, the insurer's officers and directors shall not be relieved of any obligation or liability to which they would otherwise be subject by law and the insurer shall be managed so as to assure its separate …
Mich. Comp. Laws § 500.1351 Examination of insurer or affiliates; information; experts; expenses.
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Sec. 1351. (1) Subject to the limitation in this section and in addition to the powers that the director has under chapters 2 and 4 relating to the examination of insurers, the director may order an insurer registered under section 1324 to produce records, books, or other informa…
Mich. Comp. Laws § 500.1355 Examination of insurer or affiliates; privilege and confidentiality of information; use of materials; written consent; disclosure; notice; publication in interest of public; sharing documents; written agreement; responsibility of director; group capital calculation.
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Sec. 1355. (1) Except as otherwise provided in this section, documents, materials, and other information in the possession or control of the department that are obtained by or disclosed to the director or any other person in the course of an examination or investigation made unde…
Mich. Comp. Laws § 500.1357 Participation of director in supervisory college.
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Sec. 1357. (1) The director may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine the insurer's financial condition, business strategy, risk management, risk exposures, govern…
Mich. Comp. Laws § 500.1359 Internationally active insurance group; group-wide supervisor; determination factors; duties.
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Sec. 1359. (1) The director may act as the group-wide supervisor for any internationally active insurance group in accordance with this section. However, the director may otherwise acknowledge another regulatory official as the groupwide supervisor if any of the following apply …
Mich. Comp. Laws § 500.1361 Issuance of rules and orders.
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Sec. 1361. Upon notice and opportunity for all interested persons to be heard, the commissioner may promulgate rules and issue orders as are necessary to carry out the provisions of this chapter.
Mich. Comp. Laws § 500.1365 Injunctions; violation of chapter, rule or order.
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Sec. 1365. When it appears to the commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this chapter or of any rule or order issued by the commissioner, he may apply to the circuit court for the county…
Mich. Comp. Laws § 500.1367 Voting certain securities prohibited; injunction.
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Sec. 1367. A security that is the subject of any agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in contravention of this chapter or of any rule or order issued by the commissioner, shall not be voted at any shareholders' meeting or counted …
Mich. Comp. Laws § 500.1368 Voting securities in violation of chapter; sequestration of securities.
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Sec. 1368. When a person has acquired or is proposing to acquire any voting securities in violation of this chapter or any rule or order issued by the commissioner, the circuit court for Ingham county or the circuit court for the county in which the insurer has its principal plac…
Mich. Comp. Laws § 500.1371 Violation of chapter; action by director; criminal proceeding; penalty; disapproval of dividends or distributions.
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Sec. 1371. (1) An insurer that does not, without just cause, file a registration statement required under this chapter shall, after notice and hearing, pay a civil fine of $1,000.00 for each day's delay, up to a maximum of $50,000.00, to be recovered by the director and paid into…
Mich. Comp. Laws § 500.1375 Violation of chapter; receivership.
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Sec. 1375. If it appears to the commissioner that a person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors…
Mich. Comp. Laws § 500.1377 Liquidation or rehabilitation; recovery of certain distributions or payments.
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Sec. 1377. (1) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer both of the following: (a) From any parent corporation, holding company, or person wh…
Mich. Comp. Laws § 500.1378 Failure by commissioner to act or make determination; petition for writ of superintending control.
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Sec. 1378. A person aggrieved by failure of the commissioner to act or make a determination required by this chapter may petition the Ingham county circuit court for a writ of superintending control.
Mich. Comp. Laws § 500.1379 Violation of chapter; suspension, revocation or refusal to renew license.
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Sec. 1379. When it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner, after giving notice and an opportunity to be hear…
Mich. Comp. Laws § 500.140 Saving clause; existence of domestic insurer continued.
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Sec. 140. Any insurer heretofore formed or incorporated under any insurance law of this state, whose act of incorporation or act under which formed was repealed by Act No. 256 of the Public Acts of 1917 or is repealed by this act, shall continue to have a corporate existence (if …
Mich. Comp. Laws § 500.1401 Definitions.
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Sec. 1401. As used in this chapter: (a) "Actuary" means a person who is a member in good standing of the American academy of actuaries. (b) "Managing general agent" or "MGA" means a person who is not listed under section 1403 and meets both of the following: (i) Negotiates and bi…
Mich. Comp. Laws § 500.1403 Persons not considered managing general agents.
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Sec. 1403. For the purposes of the chapter, the following persons are not considered managing general agents: (a) An employee of the insurer. (b) A United States manager of the United States branch of an alien insurer. (c) An underwriting manager who pursuant to contract manages …
Mich. Comp. Laws § 500.1405 Licensing.
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Sec. 1405. (1) A person shall not act in the capacity of a managing general agent with respect to risks located in this state for an insurer authorized in this state unless that person is licensed as an agent in this state. (2) A person shall not act in the capacity of a managing…
Mich. Comp. Laws § 500.1407 Bond; errors and omissions policy.
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Sec. 1407. The commissioner may require a managing general agent to do both of the following: (a) Maintain a bond in an amount acceptable to the commissioner for the protection of the insurer. (b) Maintain an errors and omissions policy.
Mich. Comp. Laws § 500.1409 Contract between managing general agent and insurer; required provisions.
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Sec. 1409. No person acting in the capacity of a managing general agent shall place business with an insurer unless there is a written contract between the parties that sets forth the responsibilities of each party, and if both parties share responsibility for a particular functi…
Mich. Comp. Laws § 500.1411 Insurer; duties.
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Sec. 1411. An insurer shall comply with all of the following: (a) Have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves…
Mich. Comp. Laws § 500.1413 Acts of managing general agent deemed acts of insurer; examination.
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Sec. 1413. The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.
Mich. Comp. Laws § 500.1415 Violation; penalties; judicial review; rights of policyholders, claimants, and auditors.
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Sec. 1415. (1) If the commissioner finds after a hearing conducted in accordance with the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, that any person has violated any provision of th…
Mich. Comp. Laws § 500.1417 Rules and regulations.
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Sec. 1417. The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter.
Mich. Comp. Laws § 500.1419 Effective date of chapter.
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Sec. 1419. This chapter shall take effect on June 1, 1991. An insurer shall not use the services of a managing general agent on and after June 1, 1991, unless such use is in compliance with this chapter.
Mich. Comp. Laws § 500.1451 “Producer” defined.
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Sec. 1451. As used in this chapter, "producer" means an insurance agent or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting,…
Mich. Comp. Laws § 500.1453 Exceptions to provisions of chapter.
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Sec. 1453. The provisions of this chapter do not apply to the following: (a) Risk retention groups as defined in section 1801. (b) Captive insurers owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in …
Mich. Comp. Laws § 500.1455 Applicability of section; contract between controlling producer and insurer required for doing business; minimum provisions; audit committee; reports; applicability of section 60 days after effective date of chapter.
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Sec. 1455. (1) Except as provided in subsection (2), this section applies if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer is equal to or greater than 5% of the admitted assets of the co…
Mich. Comp. Laws § 500.1457 Notice of relationship between producer and controlled insurer; exception; applicability of section to policies written or renewed 60 days after effective date of chapter.
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Sec. 1457. (1) The controlling producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that if the business is placed through a subproducer who…
Mich. Comp. Laws § 500.1459 Noncompliance with chapter, regulation, or order; authority of commissioner; civil action for recovery of damages for benefit of insurer; other penalties; rights of third parties not affected or altered.
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Sec. 1459. (1) If the commissioner believes that the controlling producer or any other person has not materially complied with this chapter or any regulation or order promulgated under this act, the commissioner may, after notice and opportunity to be heard, do either or all of t…
Mich. Comp. Laws § 500.150 Violation of act; hearing; order of director; penalties; court order.
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Sec. 150. (1) Any person who violates any provision of this act for which a specific penalty is not provided under any other provision of this act or of other laws applicable to the violation must be afforded an opportunity for a hearing before the director under the administrati…
Mich. Comp. Laws § 500.1501 Inapplicability of chapter.
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Sec. 1501. This chapter shall not apply with respect to: (a) An insurance company authorized to do business in the state or a subsidiary of an authorized insurer admitted in this state or a corporation under substantially the same management or control as an admitted authorized i…
Mich. Comp. Laws § 500.1501a Financial institutions; application of chapter.
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Sec. 1501a. Nothing in this chapter shall limit or interfere with any bank, company or association described in subsection (b) of section 1501 as to any business which it is otherwise authorized to conduct, including the financing of insurance premiums. Nothing in this chapter sh…
Mich. Comp. Laws § 500.1502 Insurance premium finance companies; definitions.
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Sec. 1502. As used in this chapter: (a) "Insurance premium finance agreement" means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agen…
Mich. Comp. Laws § 500.1503 License requirements; violation, penalty; fees, renewal, application.
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Sec. 1503. (1) No person, except those excluded by section 1501, shall engage in the business of financing insurance premiums in this state without first having obtained a license as a premium finance company from the commissioner. Any person who shall engage in the business of f…
Mich. Comp. Laws § 500.1504 License investigation of applicant; issuance, grounds, hearing, bond.
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Sec. 1504. (1) Upon the filing of an application and the payment of the license fee the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this chapter. If the commissioner does not so find, he sha…
Mich. Comp. Laws § 500.1505 Premium finance company; license; revocation or suspension; grounds; hearing; penalty; appeal; remuneration; applicability of subsection (4).
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Sec. 1505. (1) The commissioner may revoke or suspend the license of a premium finance company if after investigation it appears to the commissioner that any of the following has occurred: (a) Any license issued to the company was obtained by fraud. (b) There was any misrepresent…
Mich. Comp. Laws § 500.1506 Premium finance transaction records; examination; preservation.
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Sec. 1506. (1) A licensee shall maintain records of its premium finance transactions and the records shall be open to examination and investigation by the commissioner. The commissioner may at any time require a licensee to bring records as the commissioner may direct to the comm…
Mich. Comp. Laws § 500.1507 Insurance commissioner; regulatory powers.
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Sec. 1507. The commissioner may make and enforce such reasonable rules and regulations as may be necessary in making effective the provisions of this chapter, but such rules and regulations shall not be contrary to nor inconsistent with the provisions of this chapter. The rules s…
Mich. Comp. Laws § 500.1508 Premium finance agreement; requirements; specifications; items; subsidiary companies.
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Sec. 1508. (1) A premium finance agreement shall: (a) Be dated, signed by or on behalf of the insured, and the printed portion thereof shall be in at least 8-point type. (b) Contain the name and place of business of the insurance agent negotiating the related insurance contract, …
Mich. Comp. Laws § 500.1509 Premium finance company; authorized charges; service charge; amending original contract where balance of premium due changed.
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Sec. 1509. (1) A premium finance company shall not charge, contract for, receive, or collect any charge other than as permitted by this chapter. (2) The service charge shall be computed on the balance of the premiums due, after subracting the down payment made by the insured in a…
Mich. Comp. Laws § 500.1510 Insurance premium finance agreement; delinquency charge; cancellation charge.
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Sec. 1510. (1) An insurance premium finance agreement may provide for the payment by the insured of a delinquency charge of $1.00 to a maximum of 5% of the amount of the delinquent installment payment on any installment payment that is in default for a period of 10 days or more. …
Mich. Comp. Laws § 500.1511 Premium finance agreement; cancellation of insurance, procedure, notice, refund.
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Sec. 1511. (1) When a premium finance agreement empowers the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be canceled by the premium finance company unless such cancellation is effectu…
Mich. Comp. Laws § 500.1512 Premium finance agreement; filing not required.
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Sec. 1512. No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrances, successors or assigns.
Mich. Comp. Laws § 500.1513 Existing companies; license, fee.
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Sec. 1513. Any person who has been engaged in the business as a premium finance company in this state which premium finance company has paid-up capital and surplus of at least $20,000.00 and whose fiscal solvency, general operation and financial condition has been investigated or…
Mich. Comp. Laws § 500.1514 Insurance commissioner and employees; statement of expenses and charges, payment; employment of expert personnel.
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Sec. 1514. (1) All actual and necessary expenses incurred by the commissioner, his deputies, assistants, and employees, or the commissioner himself, in connection with the regulation, examination, or investigation of any licensed premium finance company pursuant to this code shal…
Mich. Comp. Laws § 500.1601 Insurer or producer transacting creditor-placed insurance; scope.
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Sec. 1601. (1) This chapter applies to an insurer or producer transacting creditor-placed insurance as defined in this chapter. (2) All creditor-placed insurance written in connection with credit transactions for personal, family, or household purposes is subject to the provision…
Mich. Comp. Laws § 500.1603 Private cause of action not created.
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Sec. 1603. This chapter does not create or imply a private cause of action for violation of this chapter and does not extinguish any debtor rights available under common law or other state statute.
Mich. Comp. Laws § 500.1605 Definitions.
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Sec. 1605. As used in this chapter: (a) "Actual cash value" means the cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. (b) "Blanket insurance" means insurance that provides coverage on collateral as defined in a po…