Michigan Compiled Laws § 500.5801 Formation Of Domestic Mutual Insurer; Nonprofit Status; Powers Of Nonprofit Mutual Disability Insurer; Limitation.

500.5801 Formation of domestic mutual insurer; nonprofit status; powers of nonprofit mutual disability insurer; limitation.

Sec. 5801.

(1) A domestic mutual insurer may be formed with nonprofit status.

(2) A nonprofit mutual disability insurer has all powers of a mutual insurer organized under this chapter unless expressly reserved. A nonprofit mutual disability insurer that has merged with a nonprofit health care corporation as provided in section 5805(1) shall not convert its status to a stock insurer under chapter 59 or reorganize under chapter 60.

History: Add. 2013, Act 5, Imd. Eff. Mar. 18, 2013
Popular Name: Act 218

Section: 500.5800  500.5801  500.5803  500.5804  500.5805  500.5810  500.5814  500.5818  500.5824  500.5825  500.5826  500.5828  500.5836  500.5840    Next

Last modified: October 10, 2016