Michigan Compiled Laws § 500.6434 Contingency Reserve; Deposit.

500.6434 Contingency reserve; deposit.

Sec. 6434.

Every domestic insurer subject to this chapter shall maintain a contingency reserve at all times at least equal to 1/10 of the total premium income for the preceding calendar year but not less than $5,000.00 for each kind of insurance enumerated in section 6406 which the insurer undertakes to issue and shall maintain a deposit with the state treasurer, of the kind and amount and for the purposes specified in section 411.

History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1972, Act 360, Imd. Eff. Jan. 9, 1973
Popular Name: Act 218

Section: Previous  500.6410  500.6412  500.6414  500.6418  500.6422  500.6428  500.6432  500.6434  500.6436  500.6440  500.6446  500.6450  500.6456  500.6460    Next

Last modified: October 10, 2016