Michigan Compiled Laws 218-1956-29 Chapter 29 Basic Property Insurance (500.2901...500.2954)

• Section 500.2901 Definitions.
  As used in this chapter: (a) “Basic property insurance” means: (i) Insurance against direct loss to any property caused by perils as defined and...
• Section 500.2910 Inspection Of Property; Requests; Operation Of Inspection Bureau.
  (1) Any person having an insurable interest in real and tangible personal property at fixed locations shall be entitled upon request to an inspection...
• Section 500.2912 Issuing Insurance At Rate Requiring Consent Under Mcl 500.2414 Or 500.2614; Inspection; Sworn Statements; False Affidavits; Employing Services Of Surplus Lines Agent; Forms Of Sworn Statements; Descriptions Of Rights.
  (1) A person shall not be issued a policy of home insurance at a rate requiring consent under section 2414 or 2614. A person...
• Section 500.2920 Michigan Basic Property Insurance Association Or “pool”; Membership; Plan Of Operation And Amendments To Plan; Approval; Compliance; Designation Of Members As Servicing Facilities; Reimbursement And Authority Of Facility; Rules; Rights And Liabilities Of Pool.
  (1) To implement the provisions of this chapter, there shall be maintained within this state, by all insurers authorized to transact in this state...
• Section 500.2921 Board Of Governors As Manager Of Pool; Appointment, Election, Qualifications, And Term Of Members; Time Of Election; Allotment Of Votes; Increasing Number Of Governors; Vacancy.
  (1) The pool shall be managed by a board, composed of 13 governors, each of whom shall serve for a term of 1 year....
• Section 500.2923 Agents Writing Insurance On Behalf Of Pool; Commissions; Losses.
  (1) The pool, by its plan of operation, may provide that any agent licensed to write a kind of insurance included in the definition...
• Section 500.2924 Underwriting Standards Employed In Determining Acceptable Risk For Basic Property Insurance; Basis Of Underwriting Program For Home Insurance.
  (1) The pool shall adopt, as part of its plan of operation, reasonable underwriting standards to be employed by it in determining whether or...
• Section 500.2925 Application To Pool For Basic Property Insurance; Form; Findings; Issuance Of Policy; Reinsuring Policies; Statement Required If Risk Found Not Acceptable; Term Of Policy; Renewal Of Policy; Waiver Of Inspection; Issuance And Term Of Binders.
  (1) Any person who has an insurable interest in real or tangible personal property at fixed locations may apply to the pool for basic...
• Section 500.2925a Application To Pool For Home Insurance; Form; Findings; Issuance Of Policy; Reinsuring Policies; Statement Required If Property Or Applicant Not Qualified; Term Of Policy; Renewal Of Policy; Selection Of Dwellings For Inspection; Issuance And Term Of Binders.
  (1) Any qualified applicant for home insurance may apply to the pool for home insurance. The form of the application shall be prescribed by...
• Section 500.2925b Liability; Inspection; Enforcement By Commissioner.
  (1) There shall be no civil liability, other than contractual liability where applicable, on the part of, and a cause of action of any...
• Section 500.2925c Notice Of Rights To Obtain Home Insurance.
  On and after January 1, 1981, prior to the renewal of each residential policy issued under this chapter, the pool on a notice form...
• Section 500.2926-500.2929 Repealed. 1971, Act 74, Eff. Aug. 1, 1971.
  Compiler's Notes: The repealed sections pertained to liabilities, contributions, and insolvency of pool members.Popular Name: Act 218Popular Name: Essential Insurance
• Section 500.2930 Basic Property Insurance; Amount Of Premium; Surcharge; Establishment Of Rates; Filing Rates And Policy Forms.
  (1) The premium for basic property insurance of any risk by the pool shall be equal to the rate for identical insurance established by...
• Section 500.2930a Rates Charged In Territory For Home Insurance; Conditions; Limitation On Premium For Repair Cost Policy; Development Of Plans, Rules, Classifications, Territories, And Calculation Steps; Policy Forms; Filing; Definitions.
  (1) Except as otherwise provided in subsection (5)(c), rates charged in each territory by the pool for home insurance shall be actuarially determined and...
• Section 500.2931 Limitation On Annual Premiums Written By Or On Behalf Of Pool; Premium Ratios.
  (1) At no time shall the annual premiums directly written by the pool or on its behalf by servicing facilities exceed 10% of the...
• Section 500.2932 Annual Rate Of Assessment; Establishment; Purpose; Basis; Notice; Payment Of Assessments; Estimating Assessable Premiums; Adjustment Of Premium Rates; Annual Statement; Assessments As Income; Deficit Or Surplus; Advance Assessments; Exempting Or Deferring Assessment; Duration Of Certain Rate Adjustments; Certain Deficits Carried Forward; Sharing Assets, Liabilities, Income, And Disbursements.
  (1) At least once each calendar year, before October 1 for the succeeding calendar year, or at such other times as may be requested...
• Section 500.2933 Pool Exempted From Fees And Taxes; Exception.
  The pool is exempt from all license fees, income, franchise, premium and privilege taxes levied or assessed by this state or any political subdivision...
• Section 500.2939 Reinsurance Permitted.
  Nothing in this chapter shall preclude the pool from acting as a reinsuring facility or from seeking reinsurance of all or a part of...
• Section 500.2940 Repealed. 2000, Act 486, Imd. Eff. Jan. 11, 2001.
  Compiler's Notes: The repealed section pertained to promulgation of administrative rules.Popular Name: Act 218Popular Name: Essential Insurance
• Section 500.2941 Pool; Supervision, Regulation And Examination.
  The operation of the pool shall at all times be subject to the supervision and regulation of the commissioner. The commissioner, or any deputy...
• Section 500.2942 Liability For Statements Made In Reports, At Hearings, Or In Findings; Reports Of Inspection Bureau.
  (1) There shall be no liability on the part of, and a cause of action of any nature shall not arise against, insurers, the...
• Section 500.2943 Appeal To Insurance Commissioner; Hearing; Order.
  Any person aggrieved by any action or decision of the inspection bureau or the pool may appeal to the commissioner within 30 days from...
• Section 500.2950 Repealed. 1971, Act 74, Eff. Aug. 1, 1971.
  Compiler's Notes: The repealed section pertained to a voluntary plan of operation by authorized insurers.Popular Name: Act 218Popular Name: Essential Insurance
• Section 500.2952 Federal Riot Reinsurance Reimbursement Fund; Contents, Assessments, Reimbursements, Retroactive Effect.
  (1) There is created a fund to be known as the federal riot reinsurance reimbursement fund, hereinafter referred to as the fund, which shall...
• Section 500.2954 Determinations Made By Commissioner.
  Determinations made by the commissioner pursuant to this chapter shall be made independent of the credits provided to insurers pursuant to the former single...

Last modified: October 10, 2016