Michigan Compiled Laws 218-1956-1 Chapter 1 Scope Of Code (500.100...500.150)

• Section 500.100 Insurance Code Of 1956; Short Title.
  This act shall be known and may be cited as “the insurance code of 1956”. History: 1956, Act 218, Eff. Jan. 1, 1957 Compiler's...
• Section 500.102 Definitions.
  As used in this act: (a) "Commissioner" means the director. (b) "Department" means the department of insurance and financial services. (c) "Director" means, unless...
• Section 500.103 “revenue Commissioner” Defined.
  As used in this code, “revenue commissioner” means the state commissioner of revenue appointed under Act No. 122 of the Public Acts of 1941,...
• Section 500.106 Insurer; Definition.
  “Insurer” as used in this code means any individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, and any other legal...
• Section 500.108 Authorized, Unauthorized Insurer; Definitions.
  As used in this code: (1) “Authorized” insurer means an insurer duly authorized, by a subsisting certificate of authority issued by the commissioner, to...
• Section 500.110 Domestic, Foreign, Alien; Definitions.
  As used in this code: (1) “Domestic” insurer means an insurer formed under the laws of this state. (2) “Foreign” insurer means an insurer...
• Section 500.114 Person; Definition.
  “Person” as used in this code includes an individual, insurer, company, association, organization, Lloyds, society, reciprocal or inter-insurance exchange, partnership, syndicate, business trust, corporation,...
• Section 500.115 Definitions.
  As used in this act unless the context clearly indicates otherwise: (a) “Affiliate” or a person “affiliated” with a specific person means a person...
• Section 500.116 Additional Definitions.
  As used in this act: (a) “Abuse of discretion” means not in the reasonable exercise of discretion. (b) “Hazardous to policyholders, creditors, and the...
• Section 500.118 Treatment Of Alien Insurer As Foreign Insurer.
  If an alien insurer is domiciled in a country other than the United States that has an agreement with the United States whereby each...
• Section 500.120 Insurance And Surety Transactions; Compliance With Code.
  No person shall transact an insurance or surety business in Michigan, or relative to a subject resident, located, or to be performed in Michigan,...
• Section 500.121 Surety; Rights; Remedies; Relief.
  (1) A person and a surety may agree to deposit any asset that the surety may be held responsible for into a financial institution...
• Section 500.122 Applicability Of Michigan Antitrust Reform Act.
  Transactions or conduct authorized, prohibited, or permitted under a regulatory scheme under this code shall not be subject to the Michigan antitrust reform act,...
• Section 500.124 Exceptions.
  This code shall not apply to: (a) Domestic farmers' and other special risk mutual property insurers, as identified in chapter 68, except as stated...
• Section 500.125 Service Contract Not Subject To Act; "Consumer Product" And "Service Contract" Defined.
  (1) A service contract is not insurance or the business of insurance and is not subject to this act. (2) As used in this...
• Section 500.126 Waiver Of Customer Liability Agreement; Definitions.
  (1) A waiver of customer liability agreement is not insurance or the business of insurance and is not subject to this act. (2) As...
• Section 500.127 Guaranteed Asset Protection Waiver; Certificate Of Authority Or License Not Required; Issuance Not Construed As Insurance; Definitions.
  (1) A guaranteed asset protection waiver that is subject to the guaranteed asset protection waiver act is not insurance or the business of insurance...
• Section 500.128 Additional Exceptions.
  This code shall not apply to: (a) Nonprofit organizations of a purely philanthropic or social character, which may issue protection for the benefit of...
• Section 500.129 Medical Retainer Agreement Not Subject To Act.
  (1) A medical retainer agreement is not insurance and is not subject to this act. Entering into a medical retainer agreement is not the...
• Section 500.132 Saving Clause; Incumbent Officers.
  Continuation by this act of any state department or any office existing under any act repealed herein preserves such department and preserves the tenure...
• Section 500.134 Validity Of Certificate Of Authority Or License In Force Prior To January 1, 1957; Validity Of Plan Of Operation And Premium Or Assessment; Association Or Facility Not State Agency And Money Thereof Not State Money; Records Exempt From Disclosure; Premium Or Assessment Not Burden Under Mcl 500.476a; “association Or Facility” Defined.
  (1) Every certificate of authority or license in force immediately prior to January 1, 1957 and existing under any act repealed by this act...
• Section 500.140 Saving Clause; Existence Of Domestic Insurer Continued.
  Any insurer heretofore formed or incorporated under any insurance law of this state, whose act of incorporation or act under which formed was repealed...
• Section 500.142 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992
  Compiler's Notes: The repealed section pertained to incorporation requirements for insurance companies.Popular Name: Act 218Popular Name: Essential Insurance
• Section 500.150 Violation Of Act; Hearing; Order Of Commissioner; Penalties; Court Order.
  (1) Any person who violates any provision of this act for which a specific penalty is not provided under any other provision of this...

Last modified: October 10, 2016