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Special Deposit - Mich. Comp. Laws Section 500.416

Legal Research Home > Michigan Laws > Insurance Code Of 1956 > Special Deposit - Mich. Comp. Laws Section 500.416

500.416 Special deposit.

Sec. 416.

As a condition of qualifying for and maintaining authority to transact insurance in this state or for qualifying as an eligible unauthorized insurer, the commissioner may require an insurer to maintain a special deposit with the state treasurer in such amount as the commissioner considers necessary for the protection of Michigan policyholders and claimants. The special deposit is subject to special deposit claims pursuant to section 8141a.

History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Compiler's Notes: Former MCL 500.416, which pertained to deposits required to transact business was repealed by Act 360 of 1972, Imd. Eff. Jan. 9, 1973.
Popular Name: Act 218

Section: Previous 500.410 500.410a 500.411 500.412 500.413 500.414 500.415 500.416 500.418 500.424 500.431 500.431a 500.431b 500.431c 500.432 Next

Last modified: March 17, 2013