Michigan Compiled Laws 218-1956-68 Chapter 68 Farmers' And Other Special Mutual Property Insurers (Domestic) (500.6800...500.6886)

• Section 500.6800 Scope Of Chapter; Code Applicability To Domestic Farmers' Mutual Insurers.
  (1) This chapter applies only to domestic farmers' mutual insurers and to the other domestic mutual insurers organized and transacting insurance upon property under...
• Section 500.6802 Formation Of Mutual Plan Insurers.
  Companies may be incorporated upon the mutual plan to insure against loss and damage by fire, lightning, cyclones, windstorms, tornadoes, hail, riot, riot attending...
• Section 500.6804 Farmers' Mutuals; Organization; Insuring Powers.
  Any number of persons not less than 25 may associate together for the purpose of mutual insurance of the property of its members against...
• Section 500.6806 Company Organized Or Operating Under Mcl 500.6804; Limit Of Risk.
  No company organized or operating under section 6804 shall carry an insurance or assume a liability on any single hazard in excess of the...
• Section 500.6807 Farmers' Mutuals; Coverage Of Property While Off Insured Premises.
  In the absence of any charter provision or bylaw to the contrary, the terms of a policy issued by any company organized or operating...
• Section 500.6810-500.6820 Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.
  Compiler's Notes: The repealed sections pertained to organization and insuring powers of certain mutuals.Popular Name: Act 218
• Section 500.6822 Certificate Of Authority; Required To Transact Business; Expiration; Renewal; Revocation; Qualification For Certificate Of Authority Or Commencing Business.
  (1) An insurance company organized or operating under this chapter shall not transact any business without a certificate of authority from the commissioner. (2)...
• Section 500.6823 Property Insurance; Territorial Limitations.
  No company shall hereafter be organized under the provisions of this chapter for the purpose of insuring property other than that mentioned in section...
• Section 500.6824 Reinsurance; Limitations.
  Any company organized or operating under this chapter whose business is limited by law or by its charter to 1 or more counties may...
• Section 500.6826 Records And Reports; Requirements.
  All companies organized or operating under this chapter shall keep such reasonable records and make such reports as the commissioner shall require. History: 1956,...
• Section 500.6828 Financial Report To Members; Penalty For Violations.
  (1) It shall be the duty of the secretary of each mutual insurance company doing business in this state under the authority of this...
• Section 500.6830 Directors And Officers; Election.
  A company hereafter organized under this chapter shall provide in its articles of incorporation that its directors shall be elected by its members and...
• Section 500.6834 Corporation, Board, Or Association As Member.
  Whenever any public or private corporation, board or association in this state has entered into an agreement for and holds a policy in any...
• Section 500.6838 Premium Notes And Assessments; Liens.
  The articles of incorporation and bylaws of any such company organized under or subject to the provisions of this chapter, may provide for the...
• Section 500.6840 Levy Of Assessment; Deficit; Farmers' Mutuals; Advance Premiums; Surplus; Membership Fees; Nonassignable Policies.
  (1) It shall be the duty of the president and secretary or other executive officer or officers having power to levy assessments, of each...
• Section 500.6842 Failure To Make Assessment; Penalty.
  Any person being a resident of this state, acting as president, secretary or other officer of any such mutual insurance company, doing business in...
• Section 500.6844 Surplus Fund; Accumulation.
  Any company organized or operating under this chapter may provide in its charter or by amendment to its charter for the collection of assessments...
• Section 500.6846 Board Of Directors; Borrowing Power.
  The board of directors of any company organized or operating under this chapter may borrow money for the purpose of paying losses and expenses....
• Section 500.6848 Unearned Premium Reserve; Refund.
  Any company organized or operating under this chapter upon the advance premium plan, shall maintain and set aside as a liability an unearned premium...
• Section 500.6850 Investments; Real Estate; Agricultural Credit Corporation Membership.
  No company organized or operating under this chapter shall invest any of its assets until it has cash in state or national banks of...
• Section 500.6854 Insurance In Excess Of Fair Value Prohibited.
  No company organized or operating under this chapter shall issue a policy for an amount in excess of a fair value of the property...
• Section 500.6856 Maximum Amount Recoverable On Face Of Policy; Premium, Assessments.
  No company organized or operating under this chapter shall issue any policy which provides that the maximum amount recoverable is less than the amount...
• Section 500.6858 Adjustment Or Arbitration Of Losses; Subpoenas To Witnesses; Notice.
  That any district or municipal court of a judicial district or municipality of this state is authorized and required to issue subpoenas, and compel...
• Section 500.6859 Adjustment Or Arbitration Of Losses; Service Of Subpoenas; Fees.
  Any subpoena may be served by a sheriff, constable or any other person, and it shall be served by delivering a copy of the...
• Section 500.6860 Adjustment Or Arbitration Of Losses; Compelling Attendance Of Witness; Costs.
  Whenever it shall appear to the satisfaction of the judge, by affidavit of a party interested in said adjustment or arbitration, or by other...
• Section 500.6862 Adjustment Or Arbitration Of Losses; Administration Of Oath To Witness; Perjury.
  Any 1 of said officers or directors of such insurance companies shall have the power, and they are hereby authorized to administer an oath...
• Section 500.6864 Limitation Of Actions.
  No suit or action at law for the recovery of any claim for loss or damage under a policy issued by any company organized...
• Section 500.6866 Uniform Farm Mutual Fire Policy.
  On and after January 1, 1946, no company organized or operating under the provisions of this chapter shall issue fire insurance policies on farm...
• Section 500.6868 Uniform Farm Mutual Fire Policy; Required Form.
  Uniform Farm Mutual Fire Insurance Policy No.   $   (Name of company)   Organized Charter expires In consideration of the provisions and stipulations...
• Section 500.6869 Uniform Farm Mutual Fire Policy; Conflicting Bylaws, Riders.
  No bylaw of any company authorized under the provisions of this chapter or any rider attached to a “uniform farm mutual fire insurance policy”...
• Section 500.6870 Uniform Farm Mutual Fire Policy; Optional Provisions.
  A company may print on or in its policies its name, location, date of organization and date of expiration of its charter, articles of...
• Section 500.6872 Uniform Farm Mutual Fire Policy; Rate, Premium, Assessment, Expiration.
  If a company issues its policies for a specified term and/or charges an advance premium or assessment, the form set forth for the face...
• Section 500.6874 Uniform Farm Mutual Fire Policy; Printed Descriptions And Specifications Of Property.
  A company may print or use in its policies printed forms of description and specifications of the property insured. History: 1956, Act 218, Eff....
• Section 500.6876 Repealed. 1963, Act 53, Eff. Sept. 6, 1963.
  Compiler's Notes: The repealed section regulated attachment of riders to uniform farm mutual fire policy.Popular Name: Act 218
• Section 500.6886 Additional Provisions Of Code Applicable To Domestic Mutual Insurers.
  Domestic mutual insurers transacting insurance under this chapter are also subject to the following additional chapters and provisions of this act as applicable: (a)...

Last modified: October 10, 2016