Michigan Compiled Laws § 500.6848 Unearned Premium Reserve; Refund.

500.6848 Unearned premium reserve; refund.

Sec. 6848.

Any company organized or operating under this chapter upon the advance premium plan, shall maintain and set aside as a liability an unearned premium reserve upon the same basis as that required of domestic stock insurance companies transacting the same kind of business. Such companies shall provide in their policy for the refund of the unearned premium in case of cancellation for any cause.

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

Section: Previous  500.6830  500.6834  500.6838  500.6840  500.6842  500.6844  500.6846  500.6848  500.6850  500.6854  500.6856  500.6858  500.6859  500.6860  500.6862  Next

Last modified: October 10, 2016