Michigan Compiled Laws 218-1956-79 Chapter 79 Property And Casualty Guaranty Association (500.7901...500.7949)

• Section 500.7901 Property And Casualty Guaranty Association Act; Short Title.
  This chapter constitutes, and may be cited as the “property and casualty guaranty association act”. History: Add. 1969, Act 277, Imd. Eff. Aug. 11,...
• Section 500.7911 Property And Casualty Guaranty Association; Membership; Exception; Laws To Which Association Subject.
  (1) To implement this chapter, there shall be maintained within this state, by all insurers authorized to transact in this state insurance other than...
• Section 500.7911a Life Or Disability Insurer Not To Be Member Of Association.
  Notwithstanding section 7911, a life or disability insurer shall not be a member of the association. History: Add. 1982, Act 501, Imd. Eff. Dec....
• Section 500.7912 Property And Casualty Guaranty Association; Board Of Governors; Appointment, Terms, And Qualifications Of Members; Vacancy.
  (1) The association shall be managed by a board of governors, composed of 5 member insurers and 2 persons representing the general public, each...
• Section 500.7914 Property And Casualty Guaranty Association; Plan Of Operation, Adoption, Amendment, Approval; Failure To Adopt Operation Plan.
  (1) The association shall adopt a plan of operation and any amendments thereof, not inconsistent with the provisions of this chapter, necessary to assure...
• Section 500.7916 Property And Casualty Guaranty Association; Servicing Facilities; Designation; Reimbursement; Authority; Approval.
  In accordance with its plan of operation the association may designate 1 or more of its members as servicing facilities but a member may...
• Section 500.7918 Property And Casualty Guaranty Association; Powers Generally.
  (1) The association may borrow funds when necessary to implement this act. (2) The association, either in its own name or through a servicing...
• Section 500.7921 “insolvent Insurer” And “member Insurer” Defined.
  As used in this chapter: (a) "Insolvent insurer" means an insurer which has been a member insurer and against whom a final order of...
• Section 500.7925 “covered Claims” Defined; Definitions.
  (1) "Covered claims" means obligations of an insolvent insurer that meet all of the following requirements: (a) Arise out of the insurance policy contracts...
• Section 500.7931 Payment And Discharge Of Covered Claims; Association As Party In Interest; Rights Of Association; Cause Of Action Against Insureds; Recoverable Damages Or Benefits As Credit Against Covered Claim; Action To Recover Excess Payment; Claims Made Under Worker's Disability Compensation Act; Continuation And Duration Of Coverage For Covered Claims; Cancellation Of Insurance Policies; Notice; Definitions.
  (1) The association may pay or discharge covered claims directly, through a servicing facility, or through a contract for reinsurance or transfer of liabilities...
• Section 500.7933 Financial Condition Of Member Insurer; Reports And Recommendations; Advice To Commissioner; Exemption From Public Disclosure.
  (1) The association may submit reports and make recommendations to the commissioner regarding the financial condition of any member insurer. The reports and recommendations...
• Section 500.7935 Cooperation Of Insured With Association; Assignment Of Rights; Indemnification From Catastrophic Claims Association; Options.
  (1) Each insured entitled to the protection of this chapter shall cooperate with the association in accordance with the insured's policy in the same...
• Section 500.7941 Assessments On Member Insurers; Purpose; Allocation Of Claim Payments And Costs To Categories; Separate Assessments For Each Category; Use, Amount, And Rate Of Assessment; Remittance And Administration Of Assessments; Notice; Limitation; Exemption Or Deferment; Recognition Of Assessments In Rate-making Procedures; Refunds; Revocation Of Certificate Of Authority.
  (1) To the extent necessary to secure funds for the association for payment of covered claims and for payment of reasonable costs of administering...
• Section 500.7945 Stay Of Proceedings.
  (1) All proceedings in any court of law of this state to which the insolvent insurer is a party, or in which the insolvent...
• Section 500.7947 Tax Exemption.
  The association shall be exempt from all license fees, income, franchise, privilege or occupation taxes levied or assessed by this state, any municipality, county...
• Section 500.7948 Liability.
  There shall not be liability on the part of and a cause of action of any nature shall not arise against any member insurer,...
• Section 500.7949 Insurance Commissioner; Regulatory Powers; Visitation; Examination; Hearings.
  (1) The operation of the association at all times shall be subject to the regulation of the commissioner. The commissioner, or any deputy or...

Last modified: October 10, 2016