Michigan Compiled Laws 218-1956-4 Chapter 4 Authorization Of Insurers And General Requirements (500.402...500.480)

• Section 500.402 Insurers; Certificate Of Authority Requirement.
  No person shall act as an insurer and no insurer shall issue any policy or otherwise transact insurance in this state except as authorized...
• Section 500.402a Transactions Of Insurance Requiring Certificate Of Authority.
  In this state, the following transactions of insurance, whether effected by mail or otherwise, require a certificate of authority: (a) The issuance or delivery...
• Section 500.402b Transactions Of Insurance Not Requiring Certificate Of Authority.
  In this state, the following constitute transactions of insurance for which a certificate of authority is not required: (a) Transaction of insurance under chapter...
• Section 500.402c Motor Vehicle Rental Company; Insurance Transaction; Definitions.
  (1) A certificate of authority to transact insurance in this state is not required for the sale of any travel or auto-related insurance coverages...
• Section 500.403 Insurers; Authorization To Do Business.
  A domestic, foreign, or alien insurer shall not be authorized to do business in this state or continue to be authorized to do business...
• Section 500.404 Insurers; Financial Conditions; Compliance Required.
  Every like domestic, foreign, or alien insurer doing business in this state shall at all times be subject to the same standards and requirements...
• Section 500.405 Foreign Insurer; Revocation Of Certificate Of Authority; Conditions; Requalification For Certificate Of Authority If Control Acquired; Determination.
  (1) Except as provided in subsection (2), the certificate of authority of a foreign insurer with respect to whom control as defined in 115...
• Section 500.405a Insurer Subject To Delinquency Proceedings; Revocation Of Certificate Of Authority; Conditions.
  If an insurer is subject in its state or country of domicile to formal delinquency proceedings within the meaning of chapter 81 or to...
• Section 500.405b Requalification Pursuant To Mcl 500.405 Or 500.405a; Formal Review.
  An insurer that seeks requalification pursuant to sections 405 or 405a is entitled to a formal review by the commissioner during which the insurer...
• Section 500.406 Foreign Insurer; Limitation On Corporate Purposes And Powers; Election Of Statute; Denial Of Admission Or Authority; Continuation Of License To Transact Insurance Business Previously Authorized; Exception.
  (1) A foreign insurer shall not be admitted to this state if the insurer's corporate purposes exceed those permitted for Michigan insurers. (2) For...
• Section 500.407 Authorization To Transact Kinds Of Insurance; Exceptions.
  An insurer that otherwise qualifies to transact insurance under this act may be authorized to transact any 1 kind or combination of kinds of...
• Section 500.407a Noninsured Benefit Plan; Offering And Writing Excess Loss Insurance; Definition; Authority Of Insurer Not Limited.
  (1) An insurer authorized to write insurance described in section 602 or 606 may offer and write specific or aggregate excess loss insurance to...
• Section 500.408 Insurers; Capital, Surplus, Or Asset Requirement; Schedule; Multiple Lines; Provisions For Transacting Certain Insurance; Applicability Of Section; Compliance With Mcl 500.403.
  (1) To qualify for authority to transact insurance in this state a domestic, foreign, or alien insurer shall possess and thereafter maintain paid-in capital...
• Section 500.410 Minimum Amount Of Unimpaired Capital And Surplus; Minimum Amount And Use Of Additional Surplus; Transacting Life Insurance Or Property Insurance; Continuing To Transact Insurance; Transacting Legal Expense Insurance; Compliance With Mcl 500.403.
  (1) To qualify for and maintain authority to transact insurance in this state on or after July 21, 1965 and before January 1, 1999,...
• Section 500.410a Bail Bond Surety And Fidelity Insurance Company; Authority To Transact Insurance.
  (1) To qualify for and maintain authority to transact insurance in this state solely as a bail bond surety and fidelity insurance company on...
• Section 500.411 Deposits Required To Transact Insurance.
  (1) To qualify for and maintain authority to transact insurance in this state a domestic insurer shall maintain a deposit with the state treasurer...
• Section 500.412 Procedure For Becoming Domestic Insurer.
  (1) An insurer organized under the laws of any other state and admitted to do business in this state for the purpose of writing...
• Section 500.413 Transfer Of Domicile Of Domestic Insurer To Another State; Effect Of Transfer; Approval Of Transfer; “u. S. Branch” Defined.
  (1) Upon the approval of the commissioner, a domestic insurer may transfer its domicile to any other state in which it is admitted to...
• Section 500.414 Certificate Of Authority, Agent's Appointments, Licenses, Rates, And Other Items Of Transferring Insurer Continue In Full Force And Effect; Outstanding Policies Remain In Full Force And Effect; Filing New Or Existing Policy Forms; Notice Of Proposed Transfer; Filing Amendments To Corporate Documents.
  The certificate of authority, agent's appointments, licenses, rates, and other items which the commissioner allows, in his or her discretion, which are in existence...
• Section 500.415 Rules.
  The commissioner shall promulgate rules pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections...
• Section 500.416 Special Deposit.
  As a condition of qualifying for and maintaining authority to transact insurance in this state or for qualifying as an eligible unauthorized insurer, the...
• Section 500.417 Repealed. 1966, Act 137, Eff. Mar. 10, 1967.
  Compiler's Notes: The repealed section made provisions of code pertaining to stock life insurers relative to deposit of securities governing domestic automobile insurers.Popular Name: Act
• Section 500.418 Identification Of Payers Subject To Child Support Arrearages; "Title Iv-d Agency" Defined.
  (1) An insurer may voluntarily cooperate with a title IV-D agency and the child support lien network in identifying payers subject to child support...
• Section 500.422 Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.
  Compiler's Notes: The repealed section pertained to competition agreements by foreign or alien fire, marine, or inland insurers. Popular Name: Act 218
• Section 500.424 Admission Of Foreign Or Alien Insurer To State; Application; Report Of Financial Standing; Issuance Of Certificate Of Authority; Filing Fees.
  (1) A foreign or alien insurer shall not be admitted to this state until the insurer files with the commissioner an application for admission...
• Section 500.425, 500.426 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
  Compiler's Notes: The repealed sections pertained to admission of foreign mutual insurers to doing business and to application by foreign reciprocal insurer for application for...
• Section 500.430 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
  Compiler's Notes: The repealed section pertained to a foreign or alien life or sickness and accident insurer on cooperative assessment plan.Popular Name: Act 218
• Section 500.431 Definitions.
  As used in sections 432 through 434: (a) “Claimant” means any person or entity, supervisor, receiver, liquidator, rehabilitator, or conservator appointed for an alien...
• Section 500.431a State Of Entry By Alien Insurer Through U. S. Branch; Requirements.
  (1) An alien insurer may use this state as a state of entry to transact insurance in the United States through a U.S. branch...
• Section 500.431b U. S. Branch Using State As State Of Entry To Transact Insurance; Compliance.
  A U.S. branch using this state as a state of entry to transact insurance in the United States is subject to all laws applicable...
• Section 500.431c Trusteed Assets; Value.
  The assets in the trust accounts shall be known as trusteed assets. The total value of trusteed assets shall at all times be at...
• Section 500.432 Trust Agreement And Amendments; Authentication; Withdrawal Of Approval; Form; Hearing; Modifications Or Variations; Contents And Provisions Of Trust Agreement; Withdrawal Of Trusteed Assets In Another State; Notice; Examination By Commissioner; Effect Of Refusal Or Neglect To Comply With Subsection (8); Review.
  (1) The trust agreement and all amendments to the trust agreement shall be authenticated in a form and manner prescribed by the commissioner and...
• Section 500.432a Certificate Of Authority To Do Business; Issuance Or Amendment To U. S. Branch; Proof That Insurer Will Not Violate Act Or Charter; Noncompliance.
  (1) Before issuing or amending a certificate of authority to do business to any U.S. branch, the commissioner may require satisfactory proof, either in...
• Section 500.433 Trusteed Assets Below Minimum Required; Proceeding Against Alien Insurer.
  If it appears to the commissioner from any annual or quarterly statement or any other report that a U.S. branch's trusteed assets are below...
• Section 500.434 Repealed. 1972, Act 360, Imd. Eff. Jan. 9, 1973.
  Compiler's Notes: The repealed section pertained to grounds for revocation of certificates of authority.Popular Name: Act 218
• Section 500.435 Certificate Of Authority As Evidence Of Authority To Transact Insurance; Duration Of Certificate; Certificate As Property Of State; Prerequisites To Termination Of Certificate.
  (1) The certificate of authority issued by the commissioner to an insurer is evidence of its authority to transact the kind or kinds of...
• Section 500.436 Conditions For Suspension, Revocation, Or Limitation Of Certificate Of Authority.
  The commissioner may suspend, revoke, or limit the certificate of authority of an insurer if he or she determines that any of the following...
• Section 500.436a Continuing Operation Of Insurer Transacting Insurance; Standards; Subscription To Private Rate Organization Not Required; Determination Of Financial Condition; Issuance Of Order By Commissioner; Hearing Requested By Insurer.
  (1) In addition to any other relevant standards, the commissioner may consider 1 or more of the following to determine whether the continued operation...
• Section 500.436b Certificate Of Authority Limited By Order Of Commissioner.
  If the commissioner finds on the basis of appropriate investigation and public hearings that a type of insurance or a subset of a type...
• Section 500.437 Proceeding For Suspension, Revocation, Or Limitation Of Certificate Of Authority; Notice; Imposition Of Conditions In Order Of Limitation.
  (1) A proceeding to suspend, revoke, or limit an insurer's certificate of authority shall be initiated by the commissioner by granting the insurer an...
• Section 500.438 Annual Statement; Filing; Extensions; Fee; Format And Contents; Reply To Inquiries; Availability Of Reports To Public; Penalty For Failure To File Statement Or Reply To Inquiry; Statement Of Alien Insurer; “u. S. Branch” Defined.
  (1) Each insurer, foreign, alien, U.S. branch, or domestic, transacting business within this state, shall annually, on or before March 1, prepare under oath...
• Section 500.438a Domestic, Foreign, And Alien Insurers; Filing Annual Statement With National Association Of Insurance Commissioners; Foreign Insurers Considered In Compliance With Section; Agents Of Commissioner; Confidentiality Of Information.
  (1) Each domestic, foreign, and alien insurer authorized to transact insurance in this state shall file annually on or before March 1 of each...
• Section 500.439 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
  Compiler's Notes: The repealed section pertained to reciprocal insurers, annual report, and fee.Popular Name: Act 218
• Section 500.440 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
  Compiler's Notes: The repealed section pertained to specific premium tax on business written by foreign insurer.Popular Name: Act 218
• Section 500.440a Credit Against Tax Imposed By Mcl 500.476a; Claim; Refund; Retroactive Application.
  (1) Beginning August 3, 1987, an insurer that is subject to the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.101 to...
• Section 500.441, 500.442 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
  Compiler's Notes: The repealed sections pertained to tax on premiums, deductions, and deposit premiums.Popular Name: Act 218
• Section 500.443 Foreign Insurer; Payment Of Quarterly Installments Of Estimated Tax; Filing Statement With Revenue Commissioner.
  (1) Before April 30, July 31, October 31, and January 31 of each year, each foreign insurer admitted to do insurance business in this...
• Section 500.444 Collection Of Delinquent Taxes With Interest Or Penalty.
  The taxes prescribed in this code may be collected, in case of delinquency, together with any interest or penalty on those taxes, by the...
• Section 500.445 Delinquency As Bar To Granting Certificate Of Authority.
  A certificate of authority shall not be granted to an insurer or to its agents if the insurer is delinquent in the payment of...
• Section 500.446 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
  Compiler's Notes: The repealed section pertained to premium tax on foreign reciprocal insurer.Popular Name: Act 218
• Section 500.448, 500.449 Repealed. 1975, Act 232, Eff. July 2, 1976.
  Compiler's Notes: The repealed sections pertained to privilege fees of domestic insurers.Popular Name: Act 218
• Section 500.450 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
  Compiler's Notes: The repealed section pertained to penalty for delinquency in payment of privilege fee.Popular Name: Act 218
• Section 500.451 Taxes On Unauthorized Insurers; Regulatory Fee; Payment; Delinquency.
  Any unauthorized insurer transacting insurance in this state shall be subject to a tax of 2% of premiums written in this state and to...
• Section 500.454 Name Of Insurer.
  Except as otherwise provided in this section, an insurer shall not be authorized to do business in this state if its name is the...
• Section 500.456 Legal Process Served On Resident Agent Effective As Personal Service On Company, Association, Or Group; Stipulation; Filing Copy Of Appointment; Fee; Duration Of Appointment; Service Of Process.
  (1) Every insurance company, association, risk retention group, or purchasing group not organized under the statutes of this state shall file with the commissioner,...
• Section 500.457 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
  Compiler's Notes: The repealed section pertained to service of process on insurance commissioner.Popular Name: Act 218
• Section 500.460 Licensed Agent To Write Or Place Insurance Policies.
  An insurer authorized to transact business in this state shall not write, place or cause to be written or placed, any policy or contract...
• Section 500.462 Signature Of Licensed Agent On Application For Life Or Disability Insurance.
  An application for life or disability insurance shall bear the signature of a licensed agent. History: 1956, Act 218, Eff. Jan. 1, 1957 ;--...
• Section 500.464 Additional Deposits By Domestic Insurers.
  (1) Whenever a domestic insurer desiring to do business in any other state or in any foreign country is required to make or maintain...
• Section 500.470 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
  Compiler's Notes: The repealed section pertained to deficiency in life insurer assets.Popular Name: Act 218
• Section 500.476 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
  Compiler's Notes: The repealed section pertained to deposit of securities for protection of policyholders.Popular Name: Act 218
• Section 500.476a Alien Or Foreign Insurers; Deposit Of Securities Or Making Certain Payments; Computation; Revocation Of Certificate Of Authority; Purpose Of Section; Domestic Insurer Owned Or Controlled By Alien Or Foreign Insurer; Domestic Insurer As Alien Or Foreign Insurer; Compliance; Taxes Subject To Mcl 208.22d Or Mcl 208.1243; Administration Of Tax; Disclosure Of Tax Return.
  (1) Beginning August 3, 1987, whenever, by a law in force outside of this state or country, a domestic insurer or agent of a...
• Section 500.476b Taxes To Which Authorized Insurer Subject.
  Authorized insurers are subject to the tax as provided in section 476a if applicable or the former single business tax act, 1975 PA 228,...
• Section 500.476c Repealed. 1993, Act 200, Eff. Dec. 28, 1994.
  Compiler's Notes: The repealed section pertained to payment of fee and legal status of accident fund.Popular Name: Act 218
• Section 500.478 Naic Report Of Activities.
  (1) On or before October 1 of each year, the NAIC shall file a report of its activities with the commissioner and the senate...
• Section 500.479 Imposition Of Fee By Naic.
  (1) An insurer domiciled in this state and authorized to transact insurance in this state is not required and cannot be compelled to pay...
• Section 500.480 Definitions.
  As used in sections 478 and 479: (a) “Fee” means financial data base fees, annual statement filing fees, securities valuation fees, user fees, and...

Last modified: October 10, 2016