Michigan Compiled Laws 218-1956-58 Chapter 58 General Mutual Insurers (Domestic) (500.5800...500.5840)

• Section 500.5800 Applicability Of Chapter.
  (1) This chapter applies only to domestic mutual insurers transacting property, casualty, disability, and other insurances, to mutual holding companies resulting from the reorganization...
• Section 500.5801 Formation Of Domestic Mutual Insurer; Nonprofit Status; Powers Of Nonprofit Mutual Disability Insurer; Limitation.
  (1) A domestic mutual insurer may be formed with nonprofit status. (2) A nonprofit mutual disability insurer has all powers of a mutual insurer...
• Section 500.5803 Mutual Holding Company Resulting From Reorganization Considered 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 500.5804 Domestic Mutual Insurers; Incorporation.
  (1) Any number of persons, not less than 20, a majority of whom shall be bona fide residents of this state, by complying with...
• Section 500.5805 Merger Of Nonprofit Health Care Corporation With Nonprofit Mutual Disability Insurer.
  (1) As set forth in section 220 of the nonprofit health care corporation reform act, 1980 PA 350, MCL 550.1220, a nonprofit health care...
• Section 500.5810 Domestic Mutual Insurers; Qualification For Certificate Of Authority.
  No such insurer shall issue policies or transact any business of insurance unless it shall hold a certificate of authority from the commissioner authorizing...
• Section 500.5814 Repealed. 1970, Act 180, Imd. Eff. Aug. 3, 1970.
  Compiler's Notes: The repealed section pertained to kinds of insurance permitted mutual insurers.Popular Name: Act 218
• Section 500.5818 Domestic Mutual Insurers; Rights Of Corporation And Other Bodies To Be Members.
  Any public or private corporation, board or association in this state or elsewhere may make applications, enter into agreements for and hold policies in...
• Section 500.5824 Voting Rights Of Members; Administrative Services Agreements.
  Every member of the company is entitled to 1 vote, or to a number of votes based upon the insurance in force, the number...
• Section 500.5825 Rights Or Interests Of Member Of Nonprofit Mutual Disability Insurer; Dissolution Or Winding Up Of Nonprofit Mutual Disability Insurer; Distribution And Administration Of Residual Value; Conditions Requiring Payments To Michigan Health Endowment Fund; Determination By Independent Valuation; "Beneficially Own" Defined.
  (1) A member of a nonprofit mutual disability insurer that has merged with a nonprofit health care corporation as provided in section 5805(1) shall...
• Section 500.5826 Offering Health Care Benefits To Residents Regardless Of Health Status.
  Until January 1, 2014, a nonprofit mutual disability insurer that has merged with a nonprofit health care corporation as described in section 5805(1) shall...
• Section 500.5828 Domestic Mutual Insurers; Contingent Liability Of Members; Nonassessable Policies.
  (1) The policies shall provide for a premium or premium deposit payable in cash and, except as herein provided, for a contingent premium at...
• Section 500.5836 Mutual Insurers; Borrowed Capital.
  A mutual insurer organized under this chapter may borrow or assume liability for the repayment of a sum of money sufficient to defray the...
• Section 500.5840 Domestic Mutual Insurers; Deficiency In Assets; Assessment Of Members.
  Such insurer not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members...

Last modified: October 10, 2016