reglab/housing_qa huggingface dataset:
MI Comp L § 500.8123 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8123 - Notice by Agent to Policyholder; Report of Compliance; Penalty; Waiver.

500.8123 Notice by agent to policyholder; report of compliance; penalty; waiver. Sec. 8123.  (1) Every agent who receives notice in the form prescribed in section 8122 that an insurer which he or she represents as an agent is the subject of a liquidation order shall within 15 days of the notice give notice of the liquidation order to each policyholder or other person named in a policy issued through the agent by the insured. The notice shall be sent by first class mail to the last address contained in the agent's records for each policyholder or other person named in the policy issued through the agent by the insurer, if the agent has a record of the address of the policyholder or other person. A policy shall be considered issued through an agent, if the agent has a property interest in the expiration of the policy or if the agent has had in his or her possession a copy of the declarations of the policy at any time during the life of the policy, unless the property interest or the files of the insured have been transferred to another. The written notice shall include the name and address of the insurer, the name and address of the agent, identification of the policy impaired, and the nature of the impairment including termination of coverage, as described in section 8119. Notice by a general agent satisfies the notice requirement for an agent under contract to the general agent. Each agent obligated to give notice under this section shall file a report of compliance with the liquidator.  (2) An agent failing to give notice or file a report of compliance as required in subsection (1) may be subject to payment of a penalty of not more than $1,000.00 and may have his or her license suspended after a hearing held by the commissioner.  (3) The liquidator may waive the duties imposed by this section if he or she determines that other notice to the policyholders of the insurer under liquidation is adequate. History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218
MI Comp L § 500.8124a (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8124a - Guaranty Association or Foreign Guaranty Association; Court Standing; Right to Intervene; Jurisdiction.

500.8124a Guaranty association or foreign guaranty association; court standing; right to intervene; jurisdiction.Sec. 8124a.  Any guaranty association or foreign guaranty association has standing to appear and may intervene as a party as a matter of right or otherwise appear and participate in any court proceeding concerning the rehabilitation or liquidation of an insurer if the association is or may become liable to act as a result of the liquidation. Exercise by any guaranty association or its designated representative of the right to intervene conferred under this subsection does not constitute grounds to establish general personal jurisdiction by the courts of this state. The intervening guaranty association or foreign guaranty association is subject to the court's jurisdiction only for the limited purpose for which it intervenes. History: Add. 2006, Act 356, Imd. Eff. Sept. 18, 2006 Compiler's Notes: Act 218
MI Comp L § 500.8125 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8125 - List of Insurer's Assets; Amendments and Supplements; Filing; Reduction of Assets to Liquidity; Submission of Assets for Disbursement.

500.8125 List of insurer's assets; amendments and supplements; filing; reduction of assets to liquidity; submission of assets for disbursement. Sec. 8125.  (1) As soon as practicable after the liquidation order but not later than 120 days after the liquidation order, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One copy shall be filed in the office of the clerk of the circuit court and 1 copy shall be retained for the liquidator's files. All amendments and supplements shall be similarly filed.  (2) The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.  (3) A submission to the court for disbursement of assets in accordance with section 8134 fulfills the requirements of subsection (1). History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218
MI Comp L § 500.8129 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8129 - Claim of Creditor; Allowance; Excused Late Filing.

500.8129 Claim of creditor; allowance; excused late filing. Sec. 8129.  (1) A claim of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance voidable under this chapter shall not be allowed unless the creditor surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within 30 days from the date of the entering of the final judgment, unless the court having jurisdiction over the liquidation allows further time for an appeal or other continuation of the proceeding.   (2) A claim allowable under subsection (1) by reason of the avoidance, whether voluntary or involuntary, or a preference, lien, conveyance, transfer, assignment, or encumbrance, may be filed as an excused late filing under section 8135 if filed within 30 days from the date of the avoidance or within the further time allowed by the court under subsection (1). History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218
MI Comp L § 500.8130 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8130 - Setoff or Counterclaim.

500.8130 Setoff or counterclaim. Sec. 8130.  (1) Mutual debts or mutual credits, whether arising out of 1 or more contracts, between the insurer and another person in connection with an action or proceeding under this chapter shall be set off and the balance only shall be allowed or paid, except as provided in subsection (2) and section 8133.  (2) A setoff or counterclaim shall not be allowed in favor of a person if:  (a) The insurer's obligation to the person would not at the date of the filing of a petition for receivership entitle the person to share as a claimant in the assets of the insurer.  (b) The insurer's obligation to the person was purchased by or transferred to the person with a view to its being used as a setoff.  (c) The insurer's obligation is owed to an affiliate of the person or any other entity or association other than the person.  (d) The person's obligation is owed to an affiliate of the insurer or any other entity or association other than the insurer.  (e) The person's obligation is to pay an assessment levied against the insurer's members or subscribers, is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.   (f) The obligations between the person and the insurer arise from business where either the person or the insurer has assumed risks and obligations from the other party and then has ceded back to that party substantially the same risks and obligations.  (3) The receiver shall provide persons with accounting statements identifying all debts that are due and payable. If a person owes to the insurer amounts that are due and payable, against which the person asserts setoff of mutual credits that may become due and payable from the insurer in the future, the person shall promptly pay to the receiver the amounts due and payable, provided that, notwithstanding section 8142 or any other provision of this chapter, the receiver shall promptly and fully refund, to the extent of the person's prior payments, any mutual credits that become due and payable to the person by the insurer. Prior to the termination of any proceeding under this chapter, the amount due the person shall be determined for the purpose of the receiver making a final refund, if any.  (4) Subsections (2)(c), (d), and (f) and (3) apply to all contracts entered into, renewed, extended, or amended on or after 1 year after the effective date of this subsection and to debts or credits arising from any business written or transactions occurring after the effective date of this subsection pursuant to any such contract. For purposes of this section any change in the terms of, or consideration for, any such contract shall be considered an amendment. History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.8133 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8133 - Payment of Unpaid Earned Premium; Recovery of Unearned Premium; Prohibited Credits and Setoffs; Violation; Penalty; Notice; Hearing; Appeal.

500.8133 Payment of unpaid earned premium; recovery of unearned premium; prohibited credits and setoffs; violation; penalty; notice; hearing; appeal. Sec. 8133.  (1) An agent, premium finance company, or any other person, other than the insured, responsible for the payment of a premium held by him or her shall be obligated to pay any unpaid earned premium due the insurer at the time of the declaration of insolvency. The liquidator shall also have the right to recover from that person any part of an unearned premium that represents that person's commission. Credits, setoffs, or both, shall not be allowed to an agent, broker, or premium finance company for an amount advanced to the insurer by the agent, broker, or premium finance company on behalf of, but in the absence of a payment by, the insured. An insured shall be obligated to pay any unpaid earned premium due the insurer at the time of the declaration of insolvency, as shown on the insurer's records.  (2) Upon satisfactory evidence of a violation of this section, the commissioner may pursue either 1 or both of the following courses of action:  (a) Suspend or revoke or refuse to renew the licenses of each offending party.  (b) Impose a penalty of not more than $1,000.00 for each and every act in violation of this section by each offending party.  (3) Before the commissioner takes action under subsection (2), the commissioner shall give written notice to the person, company, association, or exchange accused of violating the law, stating specifically the nature of the alleged violation and fixing a time and place, at least 10 days thereafter, for a hearing on the matter. After the hearing, or upon failure of the accused to appear at the hearing, the commissioner, if he or she finds a violation, shall impose the penalties under subsection (2) as he or she considers advisable.   (4) If the commissioner takes action under subsection (2), the party aggrieved may appeal from that action to the circuit court. History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218
MI Comp L § 500.8135 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8135 - Proof of Claims; Filing; Circumstances Permitting Late Filing; Receipt of Distributions by Late Filing Claimants.

500.8135 Proof of claims; filing; circumstances permitting late filing; receipt of distributions by late filing claimants.  Sec. 8135.  (1) Proof of all claims shall be filed with the liquidator in the form required by section 8136 on or before the last day for filing specified in the notice required under section 8122, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.  (2) The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if he or she were not late, to the extent that the payment will not prejudice the orderly administration of the liquidation, under the following circumstances:  (a) The existence of the claim was not known to the claimant and that he or she filed his or her claim as promptly thereafter as reasonably possible after learning of it.  (b) A transfer to a creditor was avoided under sections 8126 to 8128, or was voluntarily surrendered under section 8129, and that the filing satisfies the conditions of section 8129.   (c) The valuation under section 8141 of security held by a secured creditor shows a deficiency, which is filed within 30 days after the valuation.   (3) The liquidator shall permit late filing claims to share in distributions, whether past or future, as if they were not late, if those claims are claims of a guaranty association or foreign guaranty association for reimbursement of covered claims paid, expenses incurred, or both, after the last day for filing and if the payments were made and expenses incurred as provided by law.  (4) The liquidator may consider a claim filed late which is not covered by subsection (2) and permit it to receive distributions which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late filing claimant shall receive, at each distribution, the same percentage of the amount allowed on his or her claim as is then being paid to claimants of any lower priority. This shall continue until his or her claim has been paid in full. History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218
MI Comp L § 500.8136 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8136 - Proof of Claim; Statement; Form; Additional Information or Evidence; Judgment or Order Entered by Default or Collusion; Judgment or Order as Evidence of Liability or Quantum of Damages; Claims of Guaranty Association.

500.8136 Proof of claim; statement; form; additional information or evidence; judgment or order entered by default or collusion; judgment or order as evidence of liability or quantum of damages; claims of guaranty association. Sec. 8136.  (1) Proof of claim shall consist of a statement signed by the claimant or other authorized person that includes all of the following that are applicable:  (a) The particulars of the claim, including the consideration given for it.  (b) The identity and amount of the security on the claim.  (c) The payments made on the debt, if any.  (d) That the sum claimed is justly owing and that there is no setoff, counterclaim, or defense to the claim.  (e) Any right of priority of payment or other specific right asserted by the claimants.   (f) A copy of the written instrument which is the foundation of the claim.  (g) The name and address of the claimant and the attorney who represents him or her, if any.  (2) A claim need not be considered or allowed if it does not contain all the information in subsection (1) which may be applicable. The liquidator may require that a prescribed form be used and may require that other information and documents be included.  (3) The liquidator may request the claimant to present information or evidence supplementary to that required under subsection (1) at any time and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence.  (4) A judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation and a judgment or order against an insured or the insurer entered at any time by default or by collusion need not be considered as evidence of liability or of quantum of damages. A judgment or order against an insured or the insurer entered within 4 months before the filing of the petition need not be considered as evidence of liability or of the quantum of damages.  (5) All claims of a guaranty association or foreign guaranty association shall be in the form and contain the substantiation agreed to by the association and the liquidator.  History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218
MI Comp L § 500.8137 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8137 - Contingent Claims; Discounting Claims at Legal Rate of Interest; Claims Made Under Employment Contracts.

500.8137 Contingent claims; discounting claims at legal rate of interest; claims made under employment contracts.  Sec. 8137.  (1) The claim of a third party which is contingent only on his or her first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.  (2) A claim may be allowed even if contingent, if it is filed in accordance with section 8135. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.  (3) Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that those claims may be discounted at the legal rate of interest.  (4) Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of an order of rehabilitation or liquidation under section 8113 or 8118. History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218
MI Comp L § 500.8139 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8139 - Denial of Claim; Filing of Objections; Hearing; Notice.

500.8139 Denial of claim; filing of objections; hearing; notice. Sec. 8139.  (1) If a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his or her attorney by first-class mail at the address shown in the proof of claim. Within 60 days from the mailing of the notice, the claimant may file his or her objections with the liquidator. If a filing of objection is not made, the claimant shall not further object to the determination.  (2) If objections are filed with the liquidator and the liquidator does not alter his or her denial of the claim as a result of the objections, the liquidator shall ask the court for a hearing as soon as practicable and shall give notice of the hearing by first-class mail to the claimant or his or her attorney and to any other persons directly affected, not less than 10 nor more than 30 days before the date of the hearing. The matter may be heard by the court or by a court appointed referee who shall submit findings of fact along with his or her recommendation. History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218
MI Comp L § 500.8140 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8140 - Subrogation to Rights of Creditor; Distribution; Excess Received by Creditor.

500.8140 Subrogation to rights of creditor; distribution; excess received by creditor. Sec. 8140.  If a creditor, whose claim against an insurer is secured in whole or in part by the undertaking of another person, fails to prove and file that claim, the other person may do so in the creditor's name and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that he or she discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by him or her in trust for the other person. The term "other person", as used in this section, is not intended to apply to a guaranty association or foreign guaranty association. History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218
MI Comp L § 500.8141 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)|Section 500.8141 - Value of Security; Determination; Supervision and Control; Crediting Amount Determined; Deficiency Treated as Unsecured Claim; Surrender of Security to Liquidator.

500.8141 Value of security; determination; supervision and control; crediting amount determined; deficiency treated as unsecured claim; surrender of security to liquidator. Sec. 8141.  (1) The value of security held by a secured creditor shall be determined in 1 of the following ways, as the court may direct:  (a) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditors.  (b) By agreement, arbitration, compromise, or litigation between the creditor and the liquidator.   (2) The determination shall be under the court's supervision and control with due regard for the liquidator's recommendation. The amount determined shall be credited upon the secured claim and any deficiency shall be treated as an unsecured claim. If the claimant surrenders his or her security to the liquidator, the entire claim shall be allowed as if unsecured. History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 Popular Name: Act 218