Michigan Compiled Laws 218-1956-54 Chapter 54 Mutual Life And Disability Insurers (Domestic) (500.5400...500.5430)

• Section 500.5400 Scope Of Chapter.
  This chapter applies only to domestic mutual life and disability insurers other than cooperative insurers as identified in chapter 64 and to mutual holding...
• Section 500.5402 Domestic Mutual Insurers; Formation; Reorganization.
  A domestic mutual insurer for the transaction of life insurance, or for the transaction of life and disability insurance, may be formed pursuant to...
• Section 500.5403 Mutual Holding Company As Domestic Mutual Insurance Company.
  A mutual holding company resulting from a reorganization under chapter 60 shall be considered a domestic mutual insurance company under this act except that...
• Section 500.5408 Prerequisites To Granting Certificate Of Authority.
  No certificate of authority shall be granted such insurer to issue policies until all of the following conditions have been met: (a) At least...
• Section 500.5412 Deficiency In Insurance Or Membership; Procedure.
  If at any time it appears from an examination of the insurer or from any statement filed by the insurer that the number of...
• Section 500.5416 Mutual Life Insurer; Extension Of Powers; Procedure.
  A mutual life insurer may extend its corporate powers to transact disability insurance by amending its articles of incorporation and bylaws in accordance with...
• Section 500.5420 Mutual Life And Disability Insurers; Amendment, Adoption, And Approval Of Bylaws.
  Bylaws not inconsistent with the articles of association may be adopted or amended at any meeting of the directors or members of the insurer...
• Section 500.5424 Directors And Officers; Number; Election.
  The management of the business and affairs of such an insurer shall be vested in a board of directors. Every such insurer shall have...
• Section 500.5430 Capital Funds; Borrowing; Repayment.
  A mutual insurer organized under this chapter may borrow or assume liability for the repayment of a sum of money sufficient to defray the...

Last modified: October 10, 2016