Michigan Compiled Laws 218-1956-77 Chapter 77 (500.7701...500.7780)

• Section 500.7701 Short Title Of Chapter.
  This chapter shall be known and may be cited as the “Michigan life and health insurance guaranty association act”. History: Add. 1982, Act 194,...
• Section 500.7702 Purpose And Construction Of Chapter.
  (1) The purpose of this chapter is to protect, subject to certain limitations, persons specified in section 7704(1) against failure in the performance of...
• Section 500.7704 Coverages; Liability Of Association; Limitations.
  (1) This chapter shall provide coverage for the policies and contracts specified in subsection (2) to the following persons: (a) To a person, other...
• Section 500.7705 Definitions.
  As used in this chapter: (a) "Account" means either of the 2 accounts created under section 7706. (b) "Association" means the Michigan life and...
• Section 500.7706 Michigan Life And Health Insurance Guaranty Association; Creation; Membership Requirement; Performance Of Functions; Exercise Of Powers; Accounts; Supervision Of Commissioner; Applicability Of Insurance Laws; Meetings.
  (1) There is created a nonprofit legal entity to be known as the Michigan life and health insurance guaranty association. A member insurer shall...
• Section 500.7707 Board Of Directors; Appointment And Election Of Members; Vacancy; Notice Of Organizational Meeting; Voting Rights; Approval Of Election Or Appointment; Fair Representation Required; Reimbursement For Expenses.
  (1) The board of directors of the association shall consist of not less than 5 nor more than 9 member insurers and 2 persons...
• Section 500.7708 Powers And Duties Of Association As To Impaired Or Insolvent Insurers; Proceeding Under Subsection (3)(b) Or (5)(b); Paying Or Crediting Rate Of Interest; Nonpayment Of Premiums; Premiums Due And Liability For Unearned Premiums; Applicability Of Protection; Additional Powers Of Association; Transfer Of Amount To Association; Failure Of Association To Act; Rendering Assistance And Advice To Commissioner; Standing; Appearance; Intervention; Assignment Of Rights And Causes Of Action; Subrogation; Reduced Amounts; Additional Powers Of Association; Reinsurance Agreement; Substitute Coverage.
  (1) In addition to the powers and duties enumerated in other sections of this chapter, the association has the powers and duties provided in...
• Section 500.7709 Assessments.
  (1) Except as otherwise provided in this section, for the purpose of providing the funds necessary to carry out the powers and duties of...
• Section 500.7710 Plan Of Operation And Amendments; Submission To Commissioner; Effective Date; Failure To Submit Suitable Plan Or Amendments; Rules; Compliance By Member Insurers; Contents Of Plan; Providing For Delegation Of Powers And Duties Of Association To Other Organization.
  (1) The association shall submit to the commissioner a plan of operation and amendments to the plan necessary or suitable to assure the fair,...
• Section 500.7711 Additional Duties Of Commissioner; Suspension Or Revocation Of Certificate Of Authority; Forfeiture; Appeal; Judicial Review; Notice By Liquidator, Rehabilitator, Or Conservator.
  (1) In addition to the duties enumerated elsewhere in this chapter, the commissioner shall: (a) Upon request of the board of directors, provide the...
• Section 500.7712 Detection And Prevention Of Insurer Insolvencies Or Impairments; Powers And Duties Of Commissioner And Board Of Directors; Reports And Recommendations.
  (1) To aid in the detection and prevention of insurer insolvencies or impairments, the commissioner shall do the following: (a) Notify the commissioners of...
• Section 500.7714 Liability For Unpaid Assessments Of Insureds On Impaired Or Insolvent Insurer Operating Under Plan With Assessment Liability; Records Of Negotiations And Meetings; Report; Association As Creditor Of Impaired Or Insolvent Insurer; “assets Attributable To Covered Policies” Defined; Disbursement Of Assets.
  (1) This chapter shall not be construed to reduce the liability for unpaid assessments of the insureds on an impaired insurer or insolvent insurer...
• Section 500.7715 Examination And Regulation Of Association By Commissioner; Financial Report; Report Of Activities.
  The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner, not later than...
• Section 500.7716 Association Exempt From Fees And Taxes; Exception.
  The association shall be exempt from payment of fees and taxes levied by this state or its political subdivisions, except taxes levied on real...
• Section 500.7717 Nonliability Of Member Insurer, Association, Board Of Directors, Or Commissioner In Performance Of Powers And Duties.
  There is no liability on the part of and a cause of action does not arise against a member insurer or an insurer's agents...
• Section 500.7718 Stay Of Proceedings In Which Insolvent Insurer Party; Setting Aside Default Judgment; Defense.
  All proceedings in which an insolvent insurer is a party in a court in this state shall be stayed 60 days from the date...
• Section 500.7719 Repealed. 1989, Act 302, Eff. Jan. 3, 1990.
  Compiler's Notes: The repealed section pertained to prohibited advertisement, announcement, or statement.Popular Name: Act 218
• Section 500.7780 Applicability Of Chapter To Delinquent Insurer.
  This chapter applies to a delinquent insurer for which delinquency proceedings have been commenced on or after May 1, 1982. History: Add. 1982, Act...

Last modified: October 10, 2016