Michigan Compiled Laws 218-1956-50 Chapter 50 Organization Of Domestic Stock And Mutual Insurers (500.5000...500.5040)

• Section 500.5000 Scope Of Chapter.
  This chapter covers incorporation and procedures for organization of new domestic stock, mutual, and cooperative plan insurers; except, that this chapter shall apply to...
• Section 500.5001 Compliance With Chapter Required.
  No stock or mutual insurer or other form of corporate body, shall hereafter be incorporated in this state for the purpose of transacting any...
• Section 500.5002 Organization Of Insurers; Definitions.
  Definitions, as used in this code: (1) Except as otherwise indicated “corporation” means a corporation formed or existing under the laws of this state....
• Section 500.5006 Stock Insurers; Formation, Number Of Incorporators Required.
  (1) Any number of persons, not less than 7, may associate together and form a stock insurer to transact any or all of the...
• Section 500.5008 Articles Of Incorporation; Blank Forms; Subscribing In Duplicate; Contents; Permissible Provisions; Liability Of Director; Certificate Of Acknowledgment.
  (1) The commissioner shall prepare and keep on hand blank forms of articles of incorporation for insurers desiring to incorporate under this act, which...
• Section 500.5010 Duration Of Corporate Existence.
  The corporate existence of any company incorporated under or subject to this code shall not exceed 30 years, unless a longer term is provided...
• Section 500.5012 Corporate Name; Restrictions.
  No insurer formed under this code shall assume any name which is the same as or closely resembles the name of any other corporation...
• Section 500.5014 Par Value Of Stock; Limitations.
  Capital stock of domestic stock insurers incorporated under this chapter shall have value as follows: (1) If organized to transact property, marine, inland navigation...
• Section 500.5020 Examination Of Articles By Attorney General; Fee.
  (1) Before such articles of incorporation shall be effective for any purpose the same shall be submitted to the attorney general for his examination,...
• Section 500.5024 Securing Subscribers, Stockholders, Or Members Of Insurance Company; Sale Of Capital Stock; Required Acts Of Incorporators; Authority Of Commissioner.
  (1) Before securing subscribers, stockholders, or members of an insurance company, or taking subscriptions for, or negotiating for, the sale of any of the...
• Section 500.5028 Completion Of Organization; Issuance Of Stock Certificates; Mutual Corporation.
  (1) The incorporators shall, after the filing and approval of the required articles, proceed to the completion of organization of the proposed insurer. (2)...
• Section 500.5036 Liability Of Directors For Debts During Organization.
  The directors and incorporators of any stock company organized under this chapter, to transact property, marine, inland navigation and transportation, or automobile insurance (limited),...
• Section 500.5040 Examination; Certificate Of Authority.
  Upon the petition of the incorporators of such company, the commissioner shall cause an examination to be made in respect to the capital stock...

Last modified: October 10, 2016