Michigan Compiled Laws 218-1956-48 Chapter 48 Protected Cell Insurance Companies (500.4801...500.4813)

• Section 500.4801 Definitions.
  As used in this chapter: (a) "Domestic insurer" means an insurer domiciled in this state. (b) "Fair value" means the following: (i) For cash,...
• Section 500.4803 Protected Cells; Establishment; Written Approval Of Commissioner; Name Or Designation; Attribution Of Assets And Liabilities; Attachment Of Security Interest; Contracting With Third Party; Identification Of Protected Cell Assets And Protected Cell Liabilities.
  (1) A protected cell company may establish 1 or more protected cells with the prior written approval of the commissioner of a plan of...
• Section 500.4805 Income Credited To Or Charged Against Protected Cell; Insurance Securitization; Language To Be Contained In Documentation; Cessation Of Business Of Protected Cell.
  (1) The protected cell assets of a protected cell shall not be charged with liabilities arising out of any other business the protected cell...
• Section 500.4807 Creditors; Recourse; Activities, Assets, And Obligations Not Subject To Chapters 77 And 79; Establishment Of Protected Cell Not Considered Fraudulent Conveyance.
  (1) Protected cell assets are only available to the creditors of the protected cell company that are creditors for that protected cell and are...
• Section 500.4809 Receiver To Deal With Protected Cell Company's Assets And Liabilities; Effect Of Order Of Conservation, Rehabilitation, Or Liquidation.
  (1) Notwithstanding any other provision of law, rule, or regulation, upon an order of conservation, rehabilitation, or liquidation of a protected cell company, the...
• Section 500.4811 Insurance Securitization Not Considered Insurance Or Reinsurance Contract; Investor Not Considered As Conducting Insurance Business In State.
  A protected cell company insurance securitization is not, and shall not be considered to be, an insurance or reinsurance contract. An investor in a...
• Section 500.4813 Rules, Regulations, Or Orders.
  The commissioner may issue rules, regulations, or orders necessary to effectuate the purposes of this chapter. History: Add. 2008, Act 29, Imd. Eff. Mar....

Last modified: October 10, 2016