reglab/housing_qa huggingface dataset:
MI Comp L § 500.8174 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8174 - Amendment to Laws.

500.8174 Amendment to laws. Sec. 8174.  (1) A domestic society may amend its laws, as its laws provide, by action of its supreme governing body at any regular or special meeting or, if its laws so provide, by referendum. A referendum may be held in accordance with the provisions of the society's laws by the vote of the voting members of the society, by the vote of delegates or representatives of voting members, or by the vote of local lodges. A society may provide for voting by mail. An amendment submitted for adoption by referendum shall not be adopted unless, within 6 months from the date of submission of the amendment, a majority of the members voting shall have signified their consent to the amendment by 1 of the methods specified in this subsection.  (2) An amendment to the laws of any domestic society shall not take effect unless approved by the commissioner. The commissioner shall approve an amendment if the commissioner finds that the amendment has been duly adopted and is not inconsistent with any requirement of the laws of this state or with the character, objects, and purposes of the society. Unless the commissioner disapproves an amendment within 60 days after the filing of the amendment, the amendment shall be considered approved. The approval or disapproval of the commissioner shall be in writing and mailed to the secretary or corresponding officer of the society at its principal office. If the commissioner disapproves an amendment, the reasons for the disapproval shall be stated in the written notice.  (3) Within 90 days from an amendment's approval by the commissioner, each amendment, or a synopsis of each amendment, shall be furnished to each society member either by mail or by publication in full in the society's official publication. The affidavit of a society officer or of anyone authorized by the society to mail an amendment or synopsis of an amendment stating facts that show the amendment or synopsis has been duly addressed and mailed, shall be prima facie evidence that the amendment or synopsis has been furnished the addressee.   (4) Each foreign or alien society authorized to do business in this state shall file with the commissioner a duly certified copy of all amendments of, or additions to, its laws within 90 days after its enactment.   (5) Printed copies of the amended laws, certified by the society's secretary or its corresponding officer, shall be prima facie evidence of their legal adoption.  History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8175 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8175 - Not for Profit Institution; Purposes; Reporting Real or Personal Property.

500.8175 Not for profit institution; purposes; reporting real or personal property. Sec. 8175.  A society may create, maintain, and operate, or may establish organizations to operate, a not for profit institution to further the purposes permitted by section 8167(1)(b). A not for profit institution may furnish services free or at a reasonable charge. Any real or personal property owned, held, or leased by the society for the purposes permitted by section 8167(1)(b) shall be reported in each annual statement. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8176 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8176 - Reinsurance Agreement.

500.8176 Reinsurance agreement. Sec. 8176.  (1) A domestic society, by a reinsurance agreement, may cede any individual risk in whole or in part to an insurer, other than another fraternal benefit society, having the power to make reinsurance and authorized to do business in this state or approved by the commissioner. A society shall not reinsure substantially all of its insurance in force without the commissioner's written permission. A society may take credit for the reserves on such ceded risks to the extent reinsured, but credit shall not be allowed as an admitted asset or as a deduction from liability, to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective on or after April 1, 1990, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding society under the contract reinsured without diminution because of the insolvency of the ceding society.  (2) Notwithstanding the limitation in subsection (1), a society may reinsure the risks of another society in a consolidation or merger approved by the commissioner under section 8177. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8178 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8178 - Domestic Fraternal Benefit Society as Mutual Life Insurance Company.

500.8178 Domestic fraternal benefit society as mutual life insurance company. Sec. 8178.  A domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of chapter 82. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8179 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8179 - Contractual Benefits; Specifying Persons Covered in Rules.

500.8179 Contractual benefits; specifying persons covered in rules. Sec. 8179.  (1) A society may provide in any form the following contractual benefits:  (a) Death benefits.  (b) Endowment benefits.  (c) Annuity benefits.  (d) Temporary or permanent disability benefits.  (e) Hospital, medical, or nursing benefits.  (f) Monument or tombstone benefits to the memory of deceased members.  (g) Other benefits authorized for life insurers and not inconsistent with this chapter.  (2) A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits listed in subsection (1), consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8180 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8180 - Changing Beneficiary; Limiting Scope of Beneficiary Designations; Vested Interest of Revocable Beneficiary; Payment of Funeral Benefits; Payment of Benefit to Personal Representative or Owner of Certificate.

500.8180 Changing beneficiary; limiting scope of beneficiary designations; vested interest of revocable beneficiary; payment of funeral benefits; payment of benefit to personal representative or owner of certificate. Sec. 8180.  (1) The owner of a benefit contract may change the beneficiary in accordance with the society's laws or rules unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society, through its laws or rules, may limit the scope of beneficiary designations and shall provide that no revocable beneficiary shall have or obtain any vested interest in the proceeds of a certificate until the certificate has become due and payable in conformity with the provisions of the benefit contract.  (2) A society may make provision for the payment of funeral benefits to the extent of the portion of any payment under a certificate as might reasonably appear to be due to a person equitably entitled to the benefit by reason of having incurred expense occasioned by the burial of the member, if the portion paid does not exceed the sum of $1,000.00.  (3) If at the death of a person insured under a benefit contract there is no lawful beneficiary to whom the proceeds are payable, the amount of the benefit, except to the extent that funeral benefits are paid pursuant to subsection (2), shall be payable to the personal representative of the deceased insured, except that if the owner of the certificate is other than the insured, the proceeds shall be payable to that owner. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8181 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8181 - Attachment, Garnishment, or Other Process.

500.8181 Attachment, garnishment, or other process. Sec. 8181.  No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by a society, shall be liable to attachment, garnishment, or other process, or seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt or liability of a member, beneficiary, or any other person who may have a right thereunder, either before or after payment by the society. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8183 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8183 - Value of Paid-Up Nonforfeiture Benefit; Amount of Cash Surrender Value, Loan, or Other Option Granted.

500.8183 Value of paid-up nonforfeiture benefit; amount of cash surrender value, loan, or other option granted. Sec. 8183.  (1) For certificates issued before April 1, 1991, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall comply with the law applicable before April 1, 1990.  (2) For certificates issued on or after April 1, 1991, for which reserves are computed on the commissioner's 1980 standard mortality table, or any more recent table made applicable to life insurers, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall not be less than the corresponding amount ascertained in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits based upon the tables. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8184 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8184 - Investments Generally.

500.8184 Investments generally. Sec. 8184.  A society shall invest its funds only in those investments authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations of those laws. Any foreign or alien society permitted or seeking to do business in this state which invests its funds in accordance with the laws of the state, district, territory, country, or province in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8185 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8185 - Assets; Special Fund; Accounts; Issuance of Contracts on Variable Basis; Special Procedures; Special Voting and Other Rights.

500.8185 Assets; special fund; accounts; issuance of contracts on variable basis; special procedures; special voting and other rights. Sec. 8185.  (1) All assets shall be held, invested, and disbursed for the use and benefit of the society. A society member or beneficiary shall not have or acquire individual rights in a society's assets or become entitled to any apportionment on the surrender of any part of a society's assets, except as provided in the benefit contract.  (2) A society may create, maintain, invest, disburse, and apply any special fund necessary to carry out any purpose permitted by the laws of the society.  (3) A society, pursuant to resolution of its supreme governing body, may establish and operate 1 or more separate accounts and issue contracts on a variable basis, subject to all the provisions of law regulating life insurers establishing such accounts and issuing such contracts, including capital and surplus requirements. To the extent the society considers it necessary in order to comply with any applicable federal or state laws or rules, the society may adopt special procedures for the conduct of the business and affairs of a separate account, may provide, for persons having beneficial interest in such an account, special voting and other rights, including without limitation special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account, and may issue contracts on a variable basis to which section 8182(2) and (4) shall not apply. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8186 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8186 - Standards of Valuation for Certificates; Excess Reserves.

500.8186 Standards of valuation for certificates; excess reserves. Sec. 8186.  (1) Standards of valuation for certificates issued before April 1, 1991 shall be those provided by the laws applicable before April 1, 1990.  (2) The minimum standards of valuation for certificates issued on or after April 1, 1991 shall be under valuation methods and standards, including interest assumptions, in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits and shall be based on the following tables:  (a) For certificates of life insurance, the commissioner's 1980 standard ordinary mortality table or any more recent table made applicable to life insurers.   (b) For annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death benefits, and for noncancelable accident and health benefits, the tables as are authorized for use by life insurers in this state.  (3) The commissioner, in his or her discretion, may accept other standards for valuation if the commissioner finds that the reserves produced thereby will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard prescribed in this section. The commissioner, in his or her discretion, may vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by any society authorized to do business in this state.  (4) A society, with the consent of the commissioner of insurance of the state of domicile of the society and under conditions, if any, that the commissioner may impose, may establish and maintain reserves on its certificates in excess of the reserves required thereunder, so long as the contractual rights of any benefit member are not affected. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8187 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8187 - Reports; Annual Statement; Valuation of Certificates; Penalty.

500.8187 Reports; annual statement; valuation of certificates; penalty. Sec. 8187.  (1) Reports shall be filed in accordance with this section.  (2) On or before March 1, each society transacting business in this state shall annually file with the commissioner a true statement of its financial condition, transactions, and affairs for the preceding calendar year. The commissioner, in his or her discretion, for cause shown, may extend the time for filing. The statement shall be in a form as required by the commissioner which may be in the general form and context as approved by the national association of insurance commissioners for fraternal benefit societies and as supplemented by additional information required by the commissioner.  (3) As part of the annual statement required in subsection (2), each society shall file with the commissioner, on or before March 1, a valuation of its certificates in force on December 31 of the year preceding the filing. The commissioner, in his or her discretion for cause shown, may extend the time for filing the valuation for not more than 2 calendar months. The valuation shall be done in accordance with the standards specified in section 8186. The valuation and underlying data shall be certified by a qualified actuary or, at the expense of the society, verified by the actuary of the department of insurance of the state of domicile of the society.  (4) A society neglecting to file the annual statement in the form and within the time provided by this section shall be fined $100.00 for each day during which the neglect continues, and, upon notice by the commissioner to that effect, its authority to do business in this state shall cease while the default continues. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8188 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8188 - Duration of License or Authorization to Transact Business; Copy of License as Evidence.

500.8188 Duration of license or authorization to transact business; copy of license as evidence. Sec. 8188.  A society that is licensed or authorized to transact business in this state may continue the business and the authority of the society until the society's license or authority is suspended or revoked by the commissioner or is terminated at the society's request. A duly certified copy or duplicate of the license shall be prima facie evidence that the licensee is a fraternal benefit society within the meaning of this chapter. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8189 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8189 - Examination of Society.

500.8189 Examination of society. Sec. 8189.  (1) The commissioner, or any person he or she may appoint, may examine any domestic, foreign, or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign, or alien insurers, shall have free access to all the books, papers, and documents that relate to the business of the society, and may summon and qualify as witness under oath and examine its officers, agents, and employees or other persons in relation to the affairs, transactions, and condition of the society. Requirements of notice and an opportunity to respond before findings are made public as provided in the laws regulating insurers shall also be applicable to the examination of societies.  (2) The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon statements furnished by the commissioner.  History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
MI Comp L § 500.8190 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)|Section 500.8190 - Foreign or Alien Society; License Required; Compliance; Conditions.

500.8190 Foreign or alien society; license required; compliance; conditions. Sec. 8190.  A foreign or alien society shall not transact business in this state without a license issued by the commissioner. A society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to a domestic society. A foreign or alien society may be licensed to transact business in this state if its assets are invested in accordance with the provisions of this chapter and upon filing with the commissioner all of the following:  (a) A duly certified copy of its articles of incorporation.  (b) A copy of its bylaws, certified by its secretary or corresponding officer.  (c) A power of attorney to the commissioner as provided in section 8196.  (d) A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the commissioner.  (e) Certification from the proper official of its home state, territory, province, or country that the society is legally incorporated and licensed to transact business there.  (f) Copies of its certificate forms.  (g) Such other information as the commissioner may consider necessary. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218