Michigan Compiled Laws 218-1956-65 Chapter 65 Limited Liability Pools (500.6500...500.6550)

• Section 500.6500 Applicability Of Chapter.
  This chapter applies only to pools formed to transact liability insurance as defined in section 6506, on the cooperative or assessment plan. History: Add....
• Section 500.6502 Formation Of Limited Liability Pool; Purpose.
  Subject to the requirements of chapters 50 and 52, any number of persons, not less than 7, who are residents of this state, may...
• Section 500.6506 Powers Of Limited Liability Pool; Limitation.
  The powers of a limited liability pool formed pursuant to this chapter shall be limited to the issuance of liability insurance policies for commercial,...
• Section 500.6510 Commencement Of Business; Pool Not Subject To Mcl 500.410.
  (1) A limited liability pool shall not commence business under this chapter until all of the following are met: (a) The pool has procured...
• Section 500.6512 Limited Liability Pool; Formation; Purpose.
  The commissioner shall require a limited liability pool formed under this chapter to certify annually the loss reserves of the pool by an actuary...
• Section 500.6514 Limited Liability Pool; Rates.
  The rates charged by a limited liability pool formed under this chapter shall be filed in accordance with section 2408 and shall be subject...
• Section 500.6516 Limited Liability Pool; Underwriting Rules.
  (1) A limited liability pool formed under this chapter shall put in writing all underwriting rules used by the insurer and shall file its...
• Section 500.6517 Limited Liability Pool; Reinsurance.
  A limited liability pool formed under this chapter may reinsure all or any portion of its potential liability with reinsurers licensed to transact insurance...
• Section 500.6518 Management Of Property, Business, And Affairs Of Pool By Directors; Selection And Term Of Directors; First Annual Meeting; Interim Authority.
  (1) The property, business, and affairs of a pool authorized under this chapter shall be managed by not less than 5 nor more than...
• Section 500.6522 Insured Person As Member Of Pool; Voting Rights; Quorum; Inspection Of Books.
  Every person insured in any pool formed under this chapter shall be a member of the pool, and shall be entitled to 1 vote...
• Section 500.6532 Reserves For Unearned Premiums.
  Every pool transacting insurance under this chapter shall maintain reserves for unearned premiums in accordance with the standards prescribed from time to time by...
• Section 500.6534 Contingency Reserve; Deposit With State Treasurer; Use Of Deposit.
  Every pool subject to this chapter shall maintain a contingency reserve at all times at least equal to 2/7 of the total premium income...
• Section 500.6540 Assessment Of Member.
  Every policy issued or delivered in this state by any pool subject to this chapter shall set forth on the first page thereof, in...
• Section 500.6550 Loans.
  Any pool organized under this chapter may secure its required funds for the deposit required under section 411, contingency reserve and other reserve purposes,...

Last modified: October 10, 2016