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Contested Case Brought by Third Party; Suspension, Revocation, or Modification of Limited Certificate of Authority - Mich. Comp. Laws Section 500.4745

Legal Research Home > Michigan Laws > Insurance Code Of 1956 > Contested Case Brought by Third Party; Suspension, Revocation, or Modification of Limited Certificate of Authority - Mich. Comp. Laws Section 500.4745

500.4745 Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.

Sec. 4745.

(1) A contested case brought by a third party based on a decision of the commissioner pursuant to this chapter is governed by applicable law of this state except that the third party shall do all of the following:

(a) Prove its case in accordance with the applicable rules of evidence.

(b) Demonstrate irreparable harm to the SPFC or its counterparty, or both.

(c) Show that there is no other adequate remedy at law.

(d) Post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders so long as it is not less than 15% of the total amount of the securitized transaction.

(2) The commissioner may suspend, revoke, or modify a limited certificate of authority issued to an SPFC or an order made in connection with a limited certificate of authority issued to an SPFC in compliance with the standards and criteria provided in subsection (1) or in conformance with section 4735(2).


History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008
Popular Name: Act 218

Section:  Previous  500.4729  500.4731  500.4732  500.4733  500.4734  500.4735  500.4741  500.4745  500.4801  500.4803  500.4805  500.4807  500.4809  500.4811  500.4813  Next

Last modified: March 17, 2013


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