Michigan Compiled Laws 218-1956-8 Chapter 8 Assets And Liabilities (500.808...500.842)

• Section 500.808 Stock Or Mutual Insurers; Unearned Premium Reserves, Pro Rata Basis, Computation.
  Every insurer doing business in this state shall establish and maintain an unearned premium reserve on a pro rata basis on all unexpired policies...
• Section 500.810 Reserves; Computation; Additional Reserves; Plan To Restore Compliance; Effect Of Noncompliance; Examination Of Reserve Practices And Investment Incomes.
  (1) Each insurer transacting business in this state, at all times, shall maintain reserves in an amount estimated in the aggregate to provide for...
• Section 500.811 Repealed. 1994, Act 148, Imd. Eff. June 7, 1994.
  Compiler's Notes: The repealed section pertained to outstanding disability policies and benefits reserves.Popular Name: Act 218
• Section 500.812 Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
  Compiler's Notes: The repealed section pertained to liability or workmen's compensation and automobile insurers' reserve for claims.Popular Name: Act 218
• Section 500.813 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
  Compiler's Notes: The repealed section pertained to the annual report filed by the commissioner with the legislature.Popular Name: Act 218
• Section 500.814 Certification Of Loss Reserves.
  The commissioner may require an insurer writing liability insurance, other than homeowners, farmowners, and commercial multiperil, to certify the loss reserves of the insurer...
• Section 500.814a Statement Of Actuarial Opinion; Filing Requirements; Confidentiality; Michigan Automobile Insurance Placement Facility Not Property And Casualty Insurer.
  (1) Every property and casualty insurer doing business in this state, unless exempted by the commissioner, shall annually file with the commissioner the opinion...
• Section 500.815 Computation Of Unearned Premium Reserve On Mortgage Guaranty Insurance.
  The unearned premium reserve on mortgage guaranty insurance shall be computed in accordance with section 808, except that on policies covering a risk period...
• Section 500.815a Establishment Of Contingency Reserve By Mortgage Guaranty Insurer.
  In addition to the capital, surplus and reserves specified in sections 410, 810 and 815, a mortgage guaranty insurer shall establish a contingency reserve,...
• Section 500.816 Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
  Compiler's Notes: The repealed section pertained to liability or workmen's compensation and automobile insurers' reserve for claims.Popular Name: Act 218
• Section 500.817 Repealed. 1966, Act 221, Imd. Eff. July 11, 1966.
  Compiler's Notes: The repealed section pertained to unearned premium reserve of title insurers.Popular Name: Act 218
• Section 500.818, 500.822 Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
  Compiler's Notes: The repealed sections pertained to unearned premium reserve of reciprocal and mutual insurers.Popular Name: Act 218
• Section 500.830 Life Insurance Policies And Annuity And Pure Endowment Contracts; Life Insurance Contracts, Annuity And Pure Endowment Contracts, Accident And Health Contracts, And Deposit-type Contracts; Annual Valuation Of Reserves; Limitation; Valuation Fee; Adopting Lower Standard Of Valuation; Valuation Of Business Of Foreign Cooperative Or Assessment Insurer; Definitions.
  (1) The director shall annually value the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts...
• Section 500.830a Life Insurance; Actuarial Opinion; Form; Submission To Director; Liability Of Actuary; “qualified Actuary” Defined; Limitation; Public Hearing; Company With Outstanding Life Insurance Contracts, Accident And Health Insurance Contracts, Or Deposit-type Contracts; Actuarial Opinion; Requirements; Definitions.
  (1) A life insurance company doing business in this state shall annually submit to the director the opinion of a qualified actuary as to...
• Section 500.831 Domestic Insurer's Business In Foreign Country; Variance Of Mortality Standard.
  In case of insurance issued by a domestic insurer authorized to do business in a foreign country upon the lives of residents of that...
• Section 500.832 Valuation Of Life Insurance Policies And Contracts Issued Before Operative Date Of Standard Nonforfeiture Law.
  (1) This section shall apply to only life insurance policies and contracts issued before the operative date of section 4060, the standard nonforfeiture law....
• Section 500.834 Valuation Of Life Insurance Policies And Contracts Issued On And After Operative Date Of Standard Nonforfeiture Law; Minimum Standard; Reserves; Definitions.
  (1) Except as otherwise provided in sections 835, 836, and 837, the minimum standard for the valuation of policies and contracts described in subsection...
• Section 500.835 Valuation Of Individual Annuity And Pure Endowment Contracts; Minimum Standard; Notice Of Election To Invoke Section; Failure To Make Election.
  (1) Except as provided in section 836, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or...
• Section 500.836 Calendar Year Statutory Valuation Interest Rates; Use; Determination; Weighting Factors; “reference Interest Rate” Defined; Alternative Method For Determination Of Reference Interest Rate; Changes To Policy Or Contract Forms; Computing Reference Interest Rate For Calendar Year 1986.
  (1) The calendar year statutory valuation interest rates as defined in this section are the interest rates used in determining the minimum standard for...
• Section 500.836a Valuation Of Disability Plans And Contracts Issued Before Date Of Valuation Manual; Regulations; Accidental And Health Insurance Contracts; Definitions.
  (1) The director shall promulgate regulations containing the minimum standards applicable to the valuation of disability plans and contracts issued before the date of...
• Section 500.836b Valuation Manual; Establishment Of Reserves Using Principle-based Valuation; Duties Of Company; Confidential Information; Exemption; Election To Comply With Subsections (1) To (5); Measurement Of Ordinary Life Premiums; Definitions.
  (1) All of the following apply to the valuation manual: (a) Except as otherwise provided under subdivision (e) or (g), for policies issued on...
• Section 500.837 Definitions; Valuation Requirements For Universal Life Insurance Policies.
  (1) As used in this section: (a) “A” means the present value of all future guaranteed benefits at the date of valuation. (b) “B”...
• Section 500.838 Definitions; Use Of Naic Accounting Practices And Procedures Manual; Mortality Table; Separate Rates For Smokers And Nonsmokers; Determining Minimum Reserve Liabilities, Minimum Cash Surrender Values, And Amounts Of Paid-up Nonforfeiture Benefits; Actuarial Opinion; Application Of Accounting Practices And Procedural Manual; Rates And Charges Based On Gender; Blended Tables; Basis As Sex-distinct And Sex-neutral.
  (1) As used in this section: (a) "2001 CSO mortality table" means that mortality table, consisting of separate rates of mortality for male and...
• Section 500.838a Definitions; 2001 Cso Preferred Class Structure Mortality Table.
  (1) As used in this section: (a) "2001 CSO mortality table" means that term as defined in section 838. (b) "2001 CSO preferred class...
• Section 500.839 Capital Notes.
  (1) A domestic insurer may issue capital notes under this section. (2) A capital note issued by a domestic insurer may provide for interest...
• Section 500.840 Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
  Compiler's Notes: The repealed section pertained to stock in federal financing agency.Popular Name: Act 218
• Section 500.841 Valuation Of Certain Bonds Or Other Evidences Of Debt.
  (1) Subject to subsection (2), all bonds or other evidences of debt having a fixed term and rate of interest held by an insurer,...
• Section 500.842 Valuation Of Certain Securities, Stocks, Or Shares.
  (1) Securities, other than those referred to in section 841, held by an insurer shall be valued, in the commissioner's discretion, at their market...

Last modified: October 10, 2016