Michigan Compiled Laws § 500.407 Authorization To Transact Kinds Of Insurance; Exceptions.

500.407 Authorization to transact kinds of insurance; exceptions.

Sec. 407.

An insurer that otherwise qualifies to transact insurance under this act may be authorized to transact any 1 kind or combination of kinds of insurance as defined in chapter 6 except:

(a) A life insurer is not authorized to transact any other kind of insurance except disability insurance as defined in section 606 unless it was engaged in transacting that other kind of insurance in this state prior to January 1, 1909.

(b) A reciprocal insurer is not authorized to transact life or health insurance.

History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1982, Act 501, Imd. Eff. Dec. 31, 1982 ;-- Am. 1996, Act 548, Imd. Eff. Jan. 15, 1997
Popular Name: Act 218

Section: Previous  500.402c  500.403  500.404  500.405  500.405a  500.405b  500.406  500.407  500.407a  500.408  500.410  500.410a  500.411  500.412  500.413  Next

Last modified: October 10, 2016