reglab/housing_qa huggingface dataset:
MI Comp L § 500.1325a (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1325a - Annual Enterprise Risk Report.

500.1325a Annual enterprise risk report.Sec. 1325a.  (1) Except as otherwise provided in subsection (2), the ultimate controlling person of an insurer subject to registration under section 1324 shall file an annual enterprise risk report with the director or a jurisdiction designated by the director. The report must be appropriate to the nature, scale, and complexity of the operations of the insurance holding company system and must, to the best of the ultimate controlling person's knowledge and belief, identify the material risks within the insurance holding company system that could pose enterprise risk to the insurer. The report is not subject to subpoena or discovery, is not admissible in evidence in a private civil or administrative action, and is not subject to the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246. The ultimate controlling person of an insurer subject to registration under section 1324 may request an exemption from this section. The ultimate controlling person of the insurer shall file with the director a written statement discussing the reasons why the ultimate controlling person of the insurer should be exempt. The director may grant the exemption if after review of the statement the director finds that compliance with this section would create an undue financial or organizational hardship on the ultimate controlling person.  (2) The ultimate controlling person of an insurance holding company system subject to registration under section 1324 that meets the requirements of this subsection on or before the effective date of the amendatory act that added this section is not required to file an annual enterprise risk report under subsection (1) if all of the following requirements are met:  (a) The ultimate controlling person is exempt from taxation under section 501(c)(5) of the internal revenue code of 1986, 26 USC 501.  (b) The ultimate controlling person was organized under the laws of this state before January 1, 1921.  (c) The director has not approved the controlling person's petition for disclaimer of affiliation or has disallowed a disclaimer of affiliation under section 1332.  (d) The insurer in which the ultimate controlling person owns a controlling interest meets both of the following requirements:  (i) Is registered under section 1324.  (ii) Is a wholly domestic insurer with no more than 10% of its written premium covering risks outside of this state and has not issued policies directly insuring any risk located outside of this state. History: Add. 2015, Act 244, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
MI Comp L § 500.1326 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1326 - Registration Statement; Nonmaterial Information Not Disclosed.

500.1326 Registration statement; nonmaterial information not disclosed. Sec. 1326.  No information need be disclosed on the registration statement filed pursuant to section 1325 if the information is not material for the purposes of sections 1324 to 1343 inclusive. Unless the commissioner by rule or order provides otherwise, sales, purchases, exchanges, loans or extensions of credit or investments, involving 1/2 of 1% or less of an insurer's admitted assets as of December 31 next preceding are not material for purposes of sections 1324 to 1343 inclusive. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 Popular Name: Act 218
MI Comp L § 500.1327 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1327 - Registration Statement; Reporting Material Changes or Additions and Distributions to Shareholders.

500.1327 Registration statement; reporting material changes or additions and distributions to shareholders. Sec. 1327.  Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions within 15 days after the end of the month in which it learns of each change or addition. Subject to section 1343, each registered insurer shall report all dividends and other distributions to shareholders within 2 business days following the declaration. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.1328 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1328 - Registration; Termination.

500.1328 Registration; termination. Sec. 1328.  The commissioner shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 Popular Name: Act 218
MI Comp L § 500.1329 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1329 - Consolidated Registration Statements.

500.1329 Consolidated registration statements.  Sec. 1329.  The commissioner may require or allow 2 or more affiliated insurers subject to registration to file a consolidated registration statement or consolidated reports amending their consolidated registration statement or their individual registration statements. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 Popular Name: Act 218
MI Comp L § 500.1330 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1330 - Registration on Behalf of Affiliated Insurer.

500.1330 Registration on behalf of affiliated insurer. Sec. 1330.  The commissioner may allow an insurer authorized to do business in this state which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under section 1324 and to file all information and material required to be filed under this chapter. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 Popular Name: Act 218
MI Comp L § 500.1331 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1331 - Exemptions.

500.1331 Exemptions. Sec. 1331.  The provisions of sections 1324 to 1333 shall not apply to any insurer, information or transaction if and to the extent that the commissioner by rule or order exempts the insurer. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 Popular Name: Act 218
MI Comp L § 500.1332 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1332 - Petition for Disclaimer of Affiliation; Filing; Contents; Effect; Disallowance.

500.1332 Petition for disclaimer of affiliation; filing; contents; effect; disallowance. Sec. 1332.  Any person may file with the commissioner a petition for disclaimer of affiliation with an authorized insurer or an insurer or any member of an insurance holding company system may file such a petition for disclaimer. The petition for disclaimer shall fully disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming the affiliation and shall be subject to approval by the commissioner. The burden of proof for establishing that an affiliation does not exist shall rest with the petitioner. After a petition for disclaimer is filed with and approved by the commissioner, the insurer is relieved of any duty to register or report under this chapter that may arise out of the insurer's relationship with the person unless the commissioner subsequently disallows the disclaimer. The commissioner may disallow a disclaimer that has been previously approved only after furnishing all parties in interest with notice and opportunity to be heard and after making specific findings of fact to support the disallowance.  History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 ;-- Am. 1994, Act 227, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.1333 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1333 - Registration Statement; Failure to File.

500.1333 Registration statement; failure to file.Sec. 1333.  The failure to file a registration statement, an amendment to or summary of the registration statement, or an enterprise risk report required by sections 1324 to 1332 within the time specified for the filing is a violation of this chapter. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 ;-- Am. 2015, Act 244, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
MI Comp L § 500.1334 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1334 - Person Subject to Registration; Providing Information to Insurer.

500.1334 Person subject to registration; providing information to insurer. Sec. 1334.  A person within an insurance holding company system subject to registration is required to provide complete and accurate information to an insurer if the information is reasonably necessary to enable the insurer to comply with the provisions of this chapter. History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.1342 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1342 - Application of MCL 500.436a.

500.1342 Application of MCL 500.436a. Sec. 1342.  In determining whether an insurer remains safe, reliable, and entitled to public confidence for the purposes of sections 1324 to 1343, the commissioner shall apply the standards of section 436a. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.1344 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1344 - Officers and Directors; Obligation or Liability; Common Management or Cooperative or Joint Use of Personnel, Property, or Services.

500.1344 Officers and directors; obligation or liability; common management or cooperative or joint use of personnel, property, or services. Sec. 1344.  (1) Notwithstanding the control of a domestic insurer by any person, the insurer's officers and directors shall not be relieved of any obligation or liability to which they would otherwise be subject by law and the insurer shall be managed so as to assure its separate operating identity consistent with this act.  (2) Nothing in this section shall preclude a domestic insurer from having or sharing a common management or cooperative or joint use of personnel, property, or services with 1 or more other persons under arrangements meeting the standards of this act. History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.1351 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1351 - Examination of Insurer or Affiliates; Information; Experts; Expenses.

500.1351 Examination of insurer or affiliates; information; experts; expenses.Sec. 1351.  (1) Subject to the limitation in this section and in addition to the powers that the director has under chapters 2 and 4 relating to the examination of insurers, the director may order an insurer registered under section 1324 to produce records, books, or other information papers in the possession of the insurer or its affiliates as are necessary to determine the insurer's financial condition, including enterprise risk to the insurer by the ultimate controlling party, or by combination of entities within the insurance holding company system, or by the insurance holding company system on a consolidated basis, or legality of conduct. If the insurer fails to comply with the order, the director may examine the affiliates to obtain the information. The director may order an insurer registered under section 1324 to produce information not in the possession of the insurer if the insurer can obtain access to the information under a contractual relationship, statutory obligation, or other method. If the insurer cannot obtain the information requested by the director, the insurer shall provide the director with a detailed explanation of the reason that the insurer cannot obtain the information and the identity of the holder of information. If the director determines the detailed explanation is without merit, the director may require, after notice and hearing, the insurer to pay a civil fine of $1,000.00 for each day's delay or may suspend or revoke the insurer's license.  (2) The director may retain at the registered insurer's expense attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff as are reasonably necessary to assist in the conduct of the examination under subsection (1). The expense of the attorneys, actuaries, accountants, and other experts shall be certified by the director and paid as provided in sections 216 and 224. The person retained is under the direction and control of the director and shall act in a purely advisory capacity.  (3) Each registered insurer producing for examination records, books, and papers under subsection (1) is liable for and shall pay the expense of the examination under sections 216 and 224. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 ;-- Am. 2015, Act 244, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
MI Comp L § 500.1357 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1357 - Participation of Director in Supervisory College.

500.1357 Participation of director in supervisory college.Sec. 1357.  (1) The director may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine the insurer's financial condition, business strategy, risk management, risk exposures, governance processes, regulatory position, or legality of conduct. The director may participate in a supervisory college with other regulators including state, federal, and international regulatory agencies, charged with the supervision of the insurer or its affiliates. The authority of the director under this section includes, but is not limited to, initiating a supervisory college, clarifying membership and participation of other supervisors in the supervisory college, clarifying the functions of the supervisory college and roles of other regulators including establishing a groupwide supervisor, coordinating ongoing activities of the supervisory college, and establishing a crisis management plan.  (2) The insurer is liable for and shall pay the reasonable expenses for the director to participate in the supervisory college, including reasonable travel expenses, if the director considers it appropriate to require the insurer to pay these costs.  (3) The director may enter into agreements under section 1355 providing the basis for cooperation and sharing of confidential information with state, federal, and international regulatory agencies that regulate the domestic insurer or affiliates within the insurance holding company system. This section does not delegate to the supervisory college the authority of the director to regulate or supervise the domestic insurer or its affiliates within its jurisdiction. History: Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
MI Comp L § 500.1361 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1361 - Issuance of Rules and Orders.

500.1361 Issuance of rules and orders.  Sec. 1361.  Upon notice and opportunity for all interested persons to be heard, the commissioner may promulgate rules and issue orders as are necessary to carry out the provisions of this chapter. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218Admin Rule: R 500.701 et seq. of the Michigan Administrative Code.
MI Comp L § 500.1365 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1365 - Injunctions; Violation of Chapter, Rule or Order.

500.1365 Injunctions; violation of chapter, rule or order. Sec. 1365.  When it appears to the commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this chapter or of any rule or order issued by the commissioner, he may apply to the circuit court for the county in which the principal office of the insurer is located or if the insurer has no such office in this state then to the circuit court for Ingham county for an order enjoining the insurer or the director, officer, employee or agent thereof from violating or continuing to violate this chapter, rule or order and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors and shareholders or the public may require. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 Popular Name: Act 218
MI Comp L § 500.1367 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1367 - Voting Certain Securities Prohibited; Injunction.

500.1367 Voting certain securities prohibited; injunction. Sec. 1367.  A security that is the subject of any agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in contravention of this chapter or of any rule or order issued by the commissioner, shall not be voted at any shareholders' meeting or counted for quorum purposes and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though the securities were not issued and outstanding. An action taken at the meeting shall not be invalidated by the voting of the securities, unless the action would materially affect control of the insurer or unless so ordered by the court. If an insurer or the commissioner has reason to believe that any security of the insurer has been or is about to be acquired in contravention of this chapter or of any rule or order issued by the commissioner, the insurer or the commissioner may apply to the Ingham county circuit court or to the circuit court for the county in which the insurer has its principal place of business to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of sections 1311 to 1319 or any rule or order issued by the commissioner to enjoin the voting of any security so acquired, to void any vote of the security already cast at any meeting of shareholders and for other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors, and shareholders or the public may require. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.1368 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1368 - Voting Securities in Violation of Chapter; Sequestration of Securities.

500.1368 Voting securities in violation of chapter; sequestration of securities. Sec. 1368.  When a person has acquired or is proposing to acquire any voting securities in violation of this chapter or any rule or order issued by the commissioner, the circuit court for Ingham county or the circuit court for the county in which the insurer has its principal place of business, on such notice as the court deems appropriate, upon the application of the insurer or the commissioner, may seize or sequester any voting securities of the insurer owned directly or indirectly by such person and issue such orders with respect thereto as may be appropriate. Notwithstanding any other provisions of law, for the purposes of this chapter the situs of the ownership of the securities of domestic insurers is deemed to be in this state. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 Popular Name: Act 218
MI Comp L § 500.1375 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1375 - Violation of Chapter; Receivership.

500.1375 Violation of chapter; receivership.  Sec. 1375.  If it appears to the commissioner that a person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the commissioner may proceed as provided in chapter 81 to take possession of the property of the domestic insurer and conduct the insurer's business. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218