Michigan Compiled Laws 218-1956-13 Chapter 13 Holding Companies (500.1301...500.1379)

• Section 500.1301 Insurance Holding Companies; Definitions.
  As used in this chapter: (a) "Enterprise risk" means an activity, circumstance, event, or series of events involving 1 or more affiliates of an...
• Section 500.1305 Domestic Insurers; Organization Or Acquisition Of Subsidiaries; Book Of Business; Value; Admitted Asset; Limitation; Amortization; Annual Test; Definition; Authority Of Commissioner.
  (1) A domestic insurer, either by itself or in cooperation with 1 or more persons, may organize or acquire 1 or more subsidiaries if...
• Section 500.1311 Merging With Or Acquiring Control Of Domestic Insurer; Statement; Filing Confidential Notice Of Proposed Divestiture; Notice By Person Proposing To Merge Or Acquire Control Of Domestic Insurer; “domestic Insurer” Explained.
  (1) A person other than the issuer shall not make a tender offer for or a request or invitation for tenders of, or enter...
• Section 500.1312 Statement Filed With Director; Contents; Duties.
  (1) The statement filed with the director under section 1311(1) shall be made under oath or affirmation and must contain all of the following...
• Section 500.1313 Partnership, Syndicate Or Other Group; Statement Filed With Commissioner, Amendment.
  (1) If the person required to file the statement referred to in section 1311 is a partnership, limited partnership, syndicate or other group, the...
• Section 500.1314 Alternative Filing Materials.
  If any offer, request, invitation, agreement or acquisition referred to in section 1311 is proposed to be made by means of a registration statement...
• Section 500.1315 Merger Or Acquisition Of Control; Approval By Director; Public Hearing; Determination; Contested Case Hearing.
  (1) The director shall approve a merger or other acquisition of control described in section 1311 of a domestic insurer unless the director determines...
• Section 500.1316 Information To Shareholders; Expense; Bond; Examination Or Investigation.
  All statements, amendments, or other material filed pursuant to section 1311 or 1312 and all notices of hearings held pursuant to section 1315, shall...
• Section 500.1317 Exemptions.
  The provisions of sections 1311 to 1319 do not apply to: (a) Any transaction subject to the provisions of chapter 76. (b) Any offer,...
• Section 500.1318 Violations.
  The following are violations of sections 1311 to 1319: (a) Failure to file any statement, amendment or other material required to be filed pursuant...
• Section 500.1319 Jurisdiction Of Actions Arising Out Of Violations; Consent To Process.
  The courts of this state have jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files or...
• Section 500.1324 Insurers Subject To Registration; Time.
  An insurer that is a member of an insurance holding company system and is authorized to do business in this state shall register with...
• Section 500.1325 Registration Statement; Form; Contents; Other Reports Or Information Required.
  (1) An insurer subject to registration under section 1324 shall file a registration statement on a form provided by the director containing the following...
• Section 500.1325a Annual Enterprise Risk Report.
  (1) Except as otherwise provided in subsection (2), the ultimate controlling person of an insurer subject to registration under section 1324 shall file an...
• Section 500.1326 Registration Statement; Nonmaterial Information Not Disclosed.
  No information need be disclosed on the registration statement filed pursuant to section 1325 if the information is not material for the purposes of...
• Section 500.1327 Registration Statement; Reporting Material Changes Or Additions And Distributions To Shareholders.
  Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions within...
• Section 500.1328 Registration; Termination.
  The commissioner shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system....
• Section 500.1329 Consolidated Registration Statements.
  The commissioner may require or allow 2 or more affiliated insurers subject to registration to file a consolidated registration statement or consolidated reports amending...
• Section 500.1330 Registration On Behalf Of Affiliated Insurer.
  The commissioner may allow an insurer authorized to do business in this state which is part of an insurance holding company system to register...
• Section 500.1331 Exemptions.
  The provisions of sections 1324 to 1333 shall not apply to any insurer, information or transaction if and to the extent that the commissioner...
• Section 500.1332 Petition For Disclaimer Of Affiliation; Filing; Contents; Effect; Disallowance.
  Any person may file with the commissioner a petition for disclaimer of affiliation with an authorized insurer or an insurer or any member of...
• Section 500.1333 Registration Statement; Failure To File.
  The failure to file a registration statement, an amendment to or summary of the registration statement, or an enterprise risk report required by sections...
• Section 500.1334 Person Subject To Registration; Providing Information To Insurer.
  A person within an insurance holding company system subject to registration is required to provide complete and accurate information to an insurer if the...
• Section 500.1341 Transactions Within Holding Company System; Certain Insurers As Party; Standards; Prior Approval; Transactions Entered Into By Domestic Insurers; Notification; Separate Transactions; Review By Director; Total Investment Exceeding 10% Of Corporation's Voting Securities.
  (1) Transactions within a holding company system to which an insurer domiciled in this state or a foreign insurer whose written insurance premium in...
• Section 500.1342 Application Of Mcl 500.436a.
  In determining whether an insurer remains safe, reliable, and entitled to public confidence for the purposes of sections 1324 to 1343, the commissioner shall...
• Section 500.1343 Ordinary Shareholder Dividends Paid By Domestic Insurers; Review By Director; Determination Of Reasonableness; Factors; Limiting Or Disallowing Payment Of Shareholder Dividends; Declaration Or Payment From Earned Surplus; Declaration Of Shareholder Dividend By Domestic Insurer As Member Of Insurance Holding Company System; Extraordinary Dividend Or Distribution To Shareholders; Hearing.
  (1) Each year the director shall review the ordinary shareholder dividends paid by domestic insurers to determine whether each insurer's surplus following those dividends...
• Section 500.1344 Officers And Directors; Obligation Or Liability; Common Management Or Cooperative Or Joint Use Of Personnel, Property, Or Services.
  (1) Notwithstanding the control of a domestic insurer by any person, the insurer's officers and directors shall not be relieved of any obligation or...
• Section 500.1351 Examination Of Insurer Or Affiliates; Information; Experts; Expenses.
  (1) Subject to the limitation in this section and in addition to the powers that the director has under chapters 2 and 4 relating...
• Section 500.1355 Examination Of Insurer Or Affiliates; Confidentiality Of Information; Written Consent; Disclosure; Notice; Publication In Interest Of Public; Sharing Documents, Materials, Or Other Information With Regulator, Naic, Or Law Enforcement Authority; Written Agreement; Responsibility Of Director.
  (1) Except as otherwise provided in this subsection, the information, documents, and copies of documents obtained by or disclosed to the director or any...
• Section 500.1357 Participation Of Director In Supervisory College.
  (1) The director may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international...
• Section 500.1361 Issuance Of Rules And Orders.
  Upon notice and opportunity for all interested persons to be heard, the commissioner may promulgate rules and issue orders as are necessary to carry...
• Section 500.1365 Injunctions; Violation Of Chapter, Rule Or Order.
  When it appears to the commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit...
• Section 500.1367 Voting Certain Securities Prohibited; Injunction.
  A security that is the subject of any agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in contravention of...
• Section 500.1368 Voting Securities In Violation Of Chapter; Sequestration Of Securities.
  When a person has acquired or is proposing to acquire any voting securities in violation of this chapter or any rule or order issued...
• Section 500.1371 Violation Of Chapter; Action By Director; Criminal Proceeding; Penalty; Disapproval Of Dividends Or Distributions.
  (1) An insurer that does not, without just cause, file a registration statement required under this chapter shall, after notice and hearing, pay a...
• Section 500.1375 Violation Of Chapter; Receivership.
  If it appears to the commissioner that a person has committed a violation of this chapter that so impairs the financial condition of a...
• Section 500.1377 Liquidation Or Rehabilitation; Recovery Of Certain Distributions Or Payments.
  (1) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a...
• Section 500.1378 Failure By Commissioner To Act Or Make Determination; Petition For Writ Of Superintending Control.
  A person aggrieved by failure of the commissioner to act or make a determination required by this chapter may petition the Ingham county circuit...
• Section 500.1379 Violation Of Chapter; Suspension, Revocation Or Refusal To Renew License.
  When it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer...

Last modified: October 10, 2016