Michigan Compiled Laws § 500.5840 Domestic Mutual Insurers; Deficiency In Assets; Assessment Of Members.

500.5840 Domestic mutual insurers; deficiency in assets; assessment of members.

Sec. 5840.

Such insurer not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each such member in proportion to such liability as expressed in his policy: Provided, The commissioner may, by written order, relieve the insurer from an assessment or other proceedings to restore such assets during the time fixed in such order.

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

Section: Previous  500.5800  500.5801  500.5803  500.5804  500.5805  500.5810  500.5814  500.5818  500.5824  500.5825  500.5826  500.5828  500.5836  500.5840  

Last modified: October 10, 2016