Michigan Compiled Laws Act 315 Of 1977 Indemnification Reserve Fund (390.1121 - 390.1131)

AN ACT to authorize certain institutions of higher education to establish an indemnification reserve fund to pay losses arising out of professional liability, institutional liability, premises liability, or the institution's vicarious liability which occurs in the scope of employment, program, or authority; to establish a risk management system; to prescribe powers and duties of the department of licensing and regulation and the department of treasury; and to provide for the satisfaction of judgments and the settlement of claims.

History: 1977, Act 315, Imd. Eff. Jan. 9, 1978 ;-- Am. 1982, Act 24, Imd. Eff. Mar. 4, 1982

Section 390.1121 Meanings Of Words And Phrases.
For the purposes of this act, the words and phrases defined in sections 2 to 5 shall have the meanings ascribed to them in...
Section 390.1122 Definitions; A To E.
(1) “Accident year” means the calendar year in which an incurred loss takes place. (2) “Agent” means an officer, employee, student, or authorized person...
Section 390.1123 Definitions; I To L.
(1) “Incurred but not reported loss” means an incurred loss which has not been reported. (2) “Incurred but not reported loss reserves” means the...
Section 390.1124 Definitions; P.
(1) “Paid loss” means a loss which has been paid plus expenses allocated and paid with respect to that loss. (2) “Premises liability” means...
Section 390.1125 Definitions; R To U.
(1) “Related expenses” means the costs of litigation, investigation, attorney fees, and administrative expenses. (2) “Risk management system” means a system or plan to...
Section 390.1126 Assumption By State Of Excess Loss Of University Or Its Agents; Conditions.
The state shall assume the excess loss of the university or its agents if the university adopts an indemnification and hold harmless policy in...
Section 390.1127 State Payment Of Excess Loss Of University; Qualifications; Indemnification Reserve Fund; Compliance With Mcl 500.100 To 500.8302.
(1) To qualify for state payment of excess loss, a university shall develop and implement a risk management system, which shall be filed with...
Section 390.1128 Information To Be Filed With State Insurance Bureau.
At the end of each year, the university shall file the following information with the state insurance bureau: (a) The annual expected loss for...
Section 390.1129 Annual Excess Loss As Obligation Of State; Payment; Limitation; Payment Of Incurred Loss.
(1) The annual excess loss shall be an obligation of this state and shall be paid directly to the claimant from the general fund...
Section 390.1130 Naming State As Party Prohibited; Act Or Fund Not To Be Mentioned At Trial Or Hearing.
The state of Michigan shall not be named as a party in a legal action commenced against a university or its agent, nor shall...
Section 390.1131 Annual Report.
The insurance commissioner shall submit an annual report to the governor and the legislature regarding the implementation of this act and the excess loss...

Last modified: October 10, 2016