Michigan Compiled Laws § 500.815a Establishment Of Contingency Reserve By Mortgage Guaranty Insurer.

500.815a Establishment of contingency reserve by mortgage guaranty insurer.

Sec. 815a.

In addition to the capital, surplus and reserves specified in sections 410, 810 and 815, a mortgage guaranty insurer shall establish a contingency reserve, which shall be reported as a liability in the insurer's financial statements. The amount of the reserve shall be computed in accordance with rules prescribed by the commissioner.

History: Add. 1972, Act 345, Imd. Eff. Jan. 9, 1973
Popular Name: Act 218
Admin Rule: R 500.1231 et seq. of the Michigan Administrative Code.

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Last modified: October 10, 2016