Michigan Compiled Laws 218-1956-11 Chapter 11 Reinsurance (500.1101...500.1127)

• Section 500.1101 “qualified United States Financial Institution” Defined.
  For purposes of this chapter, a “qualified United States financial institution” means an institution that meets either subdivision (a) or (b): (a) Is organized,...
• Section 500.1103 Credit For Reinsurance As Asset Or Reduction From Liability; Accredited Reinsurer; Trust Fund; Report To Commissioner; Assuming Insurer Not Meeting Requirements Of Section Or Authorized To Transact Insurance; Obligation To Arbitrate; Trust Agreement.
  (1) A ceding insurer shall be allowed credit for reinsurance as either an asset or a reduction from liability on account of reinsurance ceded...
• Section 500.1105 Reduction From Liability By Ceding Insurer To Assuming Insurer Not Meeting Requirements Of Mcl 500.1103; Security.
  An asset or a reduction from liability for the reinsurance ceded by a ceding insurer to an assuming insurer not meeting the requirements of...
• Section 500.1106-500.1120 Repealed. 1972, Act 360, Imd. Eff. Jan. 9, 1973.
  Compiler's Notes: The repealed sections pertained to administration of deposits.Popular Name: Act 218
• Section 500.1121 Applicability Of Mcl 500.1123 To 500.1127 To Certain Insurers.
  The provisions of sections 1123 through 1127 apply to all life and disability insurers and also apply to licensed property and casualty insurers with...
• Section 500.1123 Reinsurance Agreement; Conditions Prohibiting Reduction In Liability Or Establishment Of Asset; Approval Of Commissioner; Filing Agreements.
  (1) For reinsurance ceded an insurer subject to this section shall not reduce any liability or establish any asset in any financial agreement filed...
• Section 500.1124 Repealed. 1972, Act 360, Imd. Eff. Jan. 9, 1973.
  Compiler's Notes: The repealed section pertained to administration of deposits.Popular Name: Act 218
• Section 500.1125 Reinsurance Agreement; Use; Execution; “reasonable Period Of Time” Defined; Provisions; Assumption Of Obligations By Life And Health Insurance Guaranty Association.
  (1) Neither a reinsurance agreement nor any amendment to that agreement shall be used to reduce any liability or to establish any asset in...
• Section 500.1127 Reinsurance Agreements; Reduction To Zero Of Certain Reserve Credits Or Assets.
  Insurers subject to sections 1121 through 1125 shall reduce to zero by December 31, 1994 any reserve credits or assets established with respect to...

Last modified: October 10, 2016