Michigan Compiled Laws 218-1956-64 Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)

• Section 500.6400 Scope Of Chapter.
  (1) This chapter applies only to domestic insurers transacting life, disability, or loss of position insurances, as defined in section 6406, on the cooperative...
• Section 500.6402 Domestic Cooperative Plan Insurers; Organization.
  Subject to the requirements of chapter 50 (organization of domestic insurers) and 52 (corporate powers, procedures of domestic insurers), any number of persons, not...
• Section 500.6406 Domestic Cooperative Plan Insurers; Authorized Kinds Of Insurance.
  The kinds of insurance which may be carried on by insurers incorporated under this chapter shall be as follows: (1) To insure persons against...
• Section 500.6410 Domestic Cooperative Plan Insurers; Qualifications For Certificate Of Authority; Issuance Of Policies.
  No insurer shall commence business under this chapter until it shall have procured bona fide applications for insurance therein together with the first premium...
• Section 500.6412 Domestic Cooperative Plan Insurers; Life Insurer; Qualifications To Write Annuity Contracts.
  No insurer subject to subdivision (3) of section 6406 (transaction of life insurance) shall write in Michigan any contract of annuity, or retain by...
• Section 500.6414 Domestic Cooperative Plan Insurers; Qualifications To Write Group Insurance.
  No such insurer shall do a business of group insurance in Michigan until it shall have accrued a contingency reserve deposit as defined and...
• Section 500.6418 Domestic Cooperative Plan Insurers; Directors; Selection At Annual Meetings; First Annual Meeting.
  (1) The property, business and affairs of such insurer, shall be managed by not less than 5 nor more than 20 directors to be...
• Section 500.6422 Domestic Cooperative Plan Insurers; Members; Voting; Quorum; Inspection Of Books.
  Every person insured in any insurer organized under this chapter shall be a member of such insurer, and shall be entitled to 1 vote...
• Section 500.6428 Domestic Cooperative Plan Insurers; Provisions Applicable To Policies.
  (1) Every insurer transacting business under subdivision (1) of section 6406 (disability and related insurances) shall be subject to the provisions of sections 2242...
• Section 500.6432 Domestic Cooperative Plan Insurers; Reserves; Standards Applicable.
  (1) Every insurer transacting the kind or kinds of insurance described in subdivisions (1) and (2) of section 6406 (disability and loss of position...
• Section 500.6434 Contingency Reserve; Deposit.
  Every domestic insurer subject to this chapter shall maintain a contingency reserve at all times at least equal to 1/10 of the total premium...
• Section 500.6436 Domestic Cooperative Plan Insurers; Unlawful Use Of Reserve Funds; Penalty.
  (1) It shall be unlawful for any officer or agent of a cooperative mutual life insurance company doing business in this state to appropriate...
• Section 500.6440 Domestic Cooperative Plan Insurers; Assessment Of Members; Nonassessable Policies.
  On and after January 1, 1948, every policy issued or delivered in this state by any domestic insurer subject to this chapter, shall set...
• Section 500.6446 Domestic Cooperative Plan Insurers; Limits Of Risk; Increased Reserve; Reinsurance.
  No such insurer shall expose itself to loss from all causes, on any 1 risk, in a total principal sum exceeding 10% of its...
• Section 500.6450 Guaranty Fund; Agreement; Terms; Repayment; Other Borrowed Money.
  Any insurer may secure its required funds for reserve purposes by means of contributions or loans, but subject to the limitations set forth in...
• Section 500.6456 Domestic Cooperative Plan Insurers; Conversion Into Mutual Insurer; Procedure.
  (1) Any insurer transacting business under subdivisions (1) (disability) or (3) (life) of section 6406, or under both such subdivisions, may, at its option,...
• Section 500.6460 New Insurers Organized After December 31, 1993.
  No new insurer shall be organized under this chapter after December 31, 1993. History: Add. 1994, Act 226, Imd. Eff. June 27, 1994 Popular...

Last modified: October 10, 2016