Michigan Compiled Laws § 500.5276 Domestic Fire Insurance Company; Liability Of Directors Under New Risks Accepted During Deficiency.

500.5276 Domestic fire insurance company; liability of directors under new risks accepted during deficiency.

Sec. 5276.

In the event of any additional losses accruing upon new risks, taken after the expiration of the period limited by the commissioner in the requisition, pursuant to section 5272, for the filling up of the deficiency in the capital and assets of such company, and before said deficiency shall have been made up, the directors shall be individually liable to the extent thereof.

History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218

Section: Previous  500.5260  500.5264  500.5266  500.5267  500.5270  500.5272  500.5274  500.5276  500.5280  500.5282  500.5283  500.5283a  500.5283b  500.5283c  500.5284  Next

Last modified: October 10, 2016