Michigan Compiled Laws § 550.1740 Failure To Pay Assessment, Interest, Or Penalty; Final Determination; Written Notice To Commissioner; Suspension Or Revocation Of Certificate Of Authority To Transact Insurance.

***** 550.1740 THIS SECTION IS REPEALED BY ACT 58 OF 2013 EFFECTIVE JANUARY 1, 2018 *****

550.1740 Failure to pay assessment, interest, or penalty; final determination; written notice to commissioner; suspension or revocation of certificate of authority to transact insurance.

Sec. 10.

The department shall provide the commissioner with written notice of any final determination that a carrier or a third party administrator has failed to pay an assessment, interest, or penalty when due. The commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state, or the license to operate in this state, of any carrier or third party administrator that fails to pay an assessment, interest, or penalty due under this act. A certificate of authority to transact insurance in this state or a license to operate in this state that is suspended or revoked under this section shall not be reinstated unless any delinquent assessment, interest, or penalty has been paid.

History: 2011, Act 142, Imd. Eff. Sept. 20, 2011

Compiler's Notes: Enacting section 2 of Act 142 of 2011 provides:"Enacting section 2. This act is repealed effective January 1, 2014."Enacting section 2 of Act 58 of 2013 provides:"Enacting section 2. This act is repealed effective January 1, 2018."

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Last modified: October 10, 2016