Prohibited Conduct by Insurer - Mich. Comp. Laws Section 500.8108a
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Michigan Laws > Insurance Code Of 1956 > Prohibited Conduct by Insurer - Mich. Comp. Laws Section 500.8108a
500.8108a Prohibited conduct by insurer.
Sec. 8108a.
Until all payments of or on account of the insurer's contractual obligations by all guaranty associations and all expenses and interest on the payments and expenses are repaid to the guaranty associations or a plan of repayment by the insurer is approved by the guaranty associations, an insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall not:
(a) Be released from the proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding.
(b) Be permitted to solicit or accept new business or request or accept the restoration of a suspended or revoked license or certificate of authority.
(c) Be returned to the control of its shareholders or private management.
(d) Have its assets returned to the control of its shareholders or private management.
History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990
Popular Name: Act 218
Section: 500.8101 500.8102 500.8103 500.8104 500.8105 500.8106 500.8107 500.8108a 500.8109 500.8110 500.8111 500.8112 500.8113 500.8114 500.8115
Last modified: March 17, 2013
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