reglab/housing_qa huggingface dataset:
MI Comp L § 500.4507 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-45 - Chapter 45 Insurance Fraud (500.4501...500.4511)|Section 500.4507 - Release of Information; Purpose.

500.4507 Release of information; purpose.  Sec. 4507.  (1) Upon written request by an authorized agency to an insurer, the insurer or an agent authorized by the insurer to act on its behalf may release to the authorized agency, at the authorized agency's expense, any or all information that is considered important relating to any suspected insurance fraud. An authorized agency may release information on suspected insurance fraud to an insurer or an agent authorized by an insurer to act on its behalf upon a showing of good cause by the insurer or the insurer's authorized agent. This information may include, but is not limited to, the following:  (a) Insurance policy information relevant to an investigation, including any application for a policy.  (b) Policy premium payment records that are available.  (c) History of previous claims made by the insured.  (d) Information relating to the investigation of the suspected insurance fraud, including statements of any person, proofs of loss, and notice of loss.  (2) If an insurer knows or reasonably believes it knows the identity of a person who it has reason to believe committed a fraudulent insurance act or has knowledge of a suspected fraudulent insurance act that is reasonably believed not to have been reported to an authorized agency, then for the purpose of notification and investigation, the insurer or an agent authorized by an insurer to act on its behalf may notify an authorized agency of the knowledge or belief and provide any additional information in accordance with subsection (1).  (3) An insurer providing information to an authorized agency pursuant to subsection (2) has the right to request in writing information in the possession or control of the authorized agency relating to the same suspected fraudulent insurance act of which the insurer notifies the authorized agency under subsection (2). Upon a showing of good cause by the insurer, the authorized agency may provide the requested information at the insurer's expense within 30 days of the request.   (4) In addition to providing information to an insurer under subsection (3), the authorized agency provided with information pursuant to subsection (1) or (2) may release or provide the information to any other authorized agency.   (5) Nothing in this chapter impairs a person's right, as of the effective date of this chapter, to submit to the insurer or the insurer's representative a statement fully explaining the basis of the claim and to have that statement placed in the claim file.  (6) An authorized agency, insurer, or an agent authorized by an insurer to act on its behalf shall not request or release information under subsection (1) for any purpose other than for the investigation of suspected insurance fraud.  History: Add. 1995, Act 276, Eff. Mar. 28, 1996 Popular Name: Act 218
MI Comp L § 500.4511 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-45 - Chapter 45 Insurance Fraud (500.4501...500.4511)|Section 500.4511 - Violation as Felony; Penalty; Notice to Licensing Authority.

500.4511 Violation as felony; penalty; notice to licensing authority. Sec. 4511.  (1) A person who commits a fraudulent insurance act under section 4503 is guilty of a felony punishable by imprisonment for not more than 4 years or a fine of not more than $50,000.00, or both, and shall be ordered to pay restitution as provided in section 1a of chapter IX of the code of criminal procedure, Act No. 175 of the Public Acts of 1927, being section 769.1a of the Michigan Compiled Laws, and in the crime victim's rights act, Act No. 87 of the Public Acts of 1985, being sections 780.751 to 780.834 of the Michigan Compiled Laws.  (2) A person who enters into an agreement or conspiracy to commit a fraudulent insurance act under section 4503 is guilty of a felony, punishable by imprisonment for not more than 10 years or by a fine of not more than $50,000.00, or both, and shall be ordered to pay restitution as provided in section 1a of chapter IX of the code of criminal procedure, Act No. 175 of the Public Acts of 1927, being section 769.1a of the Michigan Compiled Laws, and in the crime victim's rights act, Act No. 87 of the Public Acts of 1985, being sections 780.751 to 780.834 of the Michigan Compiled Laws.  (3) If the court finds a practitioner or insurer responsible for or guilty of a fraudulent insurance act under section 4503, the court shall notify the appropriate licensing authority in this state of the adjudication. History: Add. 1995, Act 276, Eff. Mar. 28, 1996 Popular Name: Act 218
MI Comp L § 500.4607 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4607 - Adoption of Name by Captive Insurance Company.

500.4607 Adoption of name by captive insurance company.Sec. 4607.  A captive insurance company shall not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for any other existing business name registered in this state. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4609 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4609 - Confidentiality Requirements.

500.4609 Confidentiality requirements.Sec. 4609.  (1) Information and testimony submitted or furnished to the office pursuant to this chapter, examination reports, preliminary examination reports or results, and the office's work papers, correspondence, memoranda, reports, records, and other written or oral information related to an examination report or an investigation shall be confidential, shall be withheld from public inspection, shall not be subject to subpoena, and shall not be divulged to any person, except as provided in this section or with the written consent of the company. If assurances are provided that the information will be kept confidential, the commissioner may disclose confidential work papers, correspondence, memoranda, reports, records, or other information as follows:  (a) To the governor or the attorney general.  (b) To any relevant regulatory agency, including regulatory agencies of other states or the federal government.  (c) In connection with an enforcement action brought pursuant to this or another applicable act.  (d) To law enforcement officials.  (e) To persons authorized by the Ingham county circuit court to receive the information.  (f) To persons entitled to receive such information in order to discharge duties specifically provided for in this act.  (2) The confidentiality requirements of subsection (1) do not apply in any proceeding or action brought against or by the captive insurer under this act or any other applicable act of this state, any other state, or the United States. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4623 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4623 - Sponsored Captive Insurance Company; Discount of Reserves.

500.4623 Sponsored captive insurance company; discount of reserves.Sec. 4623.  (1) A sponsored captive insurance company may discount its loss and loss adjustment expense reserves at the lesser of treasury rates or the captive insurance company's actual rate of return applied to the applicable payments projected through the use of the expected payment pattern associated with the reserves.  (2) The commissioner may disallow the discounting of reserves if a sponsored captive insurance company violates a provision of this act. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4641 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4641 - Reinsurance on Risks Ceded by Other Insurer.

500.4641 Reinsurance on risks ceded by other insurer.Sec. 4641.  (1) A captive insurance company may provide reinsurance, as authorized by this act and with the prior approval of the commissioner, on risks ceded by any other insurer.  (2) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers complying with the provisions of sections 1103 and 1105. A captive insurer shall not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with sections 1103 and 1105. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4643 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4643 - Rating Organization; Joining Not Required.

500.4643 Rating organization; joining not required.Sec. 4643.  A captive insurance company shall not be required to join a rating organization. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4645 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4645 - Plan, Pool, Association, or Guaranty or Insolvency Fund; Joining, Contributing To, or Receiving Benefit From Prohibited.

500.4645 Plan, pool, association, or guaranty or insolvency fund; joining, contributing to, or receiving benefit from prohibited.Sec. 4645.  A captive insurance company shall not join or contribute financially to a plan, pool, association, or guaranty or insolvency fund in this state. A captive insurance company, its insured, its parent, or any affiliated company or any member organization of its association, shall not receive a benefit from a plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of the captive insurance company. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4651 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4651 - Rules.

500.4651 Rules.Sec. 4651.  The commissioner may promulgate pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, rules, and may issue regulations and orders relating to captive insurance companies as are necessary to enable the commissioner to carry out the provisions of this chapter. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4655 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4655 - Applicability of Terms and Conditions in Chapter 81 Pertaining to Administrative Supervision, Conservation, Rehabilitation, Receivership, and Liquidation of Insurers; Payment of Expenses or Claims From Assets of Protected Cell or From Capital and Surplus of Sponsored Captive Insurance Company.

500.4655 Applicability of terms and conditions in chapter 81 pertaining to administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers; payment of expenses or claims from assets of protected cell or from capital and surplus of sponsored captive insurance company.Sec. 4655.  (1) Except as otherwise provided in this section, the terms and conditions under chapter 81 pertaining to administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers apply in full to captive insurers authorized under this chapter.  (2) For a sponsored captive insurance company, both of the following apply:  (a) The assets of the protected cell shall not be used to pay expenses or claims other than those attributable to the protected cell.  (b) The capital and surplus of the sponsored captive insurance company shall at all times be available to pay expenses of or claims against the sponsored captive insurance company and shall not be used to pay expenses or claims attributable to a protected cell. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4659 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4659 - Exercise of Control of Risk Management Function by Parent or Affiliated Company; Standards.

500.4659 Exercise of control of risk management function by parent or affiliated company; standards.Sec. 4659.  The commissioner by rule, regulation, or order may establish standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company. Until such time as the standards are established, the commissioner may by temporary order grant authority to a pure captive insurance company to insure risks. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4665 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4665 - Sponsor of Sponsored Captive Insurance Company; Authorized Insurer; Risk Retention Group as Sponsor or Participant Prohibited; Business Written by Sponsored Captive Insurance Company With Respect to Protected Cell; Requirements.

500.4665 Sponsor of sponsored captive insurance company; authorized insurer; risk retention group as sponsor or participant prohibited; business written by sponsored captive insurance company with respect to protected cell; requirements.Sec. 4665.  A sponsor of a sponsored captive insurance company shall be an insurer authorized pursuant to the laws of a state or the District of Columbia, an insurance holding company that controls an insurer authorized pursuant to the laws of a state or the District of Columbia and subject to registration pursuant to the insurance holding company system laws of the state of domicile of the insurer, a reinsurer authorized or approved pursuant to the laws of a state or the District of Columbia, or a captive insurance company authorized pursuant to this chapter. A risk retention group shall not be either a sponsor or a participant of a sponsored captive insurance company. The business written by a sponsored captive insurance company with respect to each protected cell shall meet at least 1 of the following:  (a) Be fronted by an insurance company authorized pursuant to the laws of any state or any jurisdiction if the insurance company is a wholly owned subsidiary of an insurance company authorized pursuant to the laws of any state or any jurisdiction.  (b) Be reinsured by a reinsurer authorized or approved by this state.  (c) Be secured by a trust fund in the United States for the benefit of policyholders and claimants funded by an irrevocable letter of credit or other asset acceptable to the commissioner. The amount of security provided by the trust fund shall not be less than the reserves associated with those liabilities, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums for business written through the participant's protected cell. The commissioner may require the sponsored captive to increase the funding of a trust established pursuant to this subdivision. A trust and trust instrument maintained pursuant to this subdivision shall be in a form and upon terms approved by the commissioner. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4667 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4667 - Sponsored Captive Insurance Companies; Business Entities as Participants.

500.4667 Sponsored captive insurance companies; business entities as participants.Sec. 4667.  (1) An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a sponsored captive insurance company authorized pursuant to this chapter.  (2) A sponsor may be a participant in a sponsored captive insurance company.   (3) A participant need not be a shareholder of the sponsored captive insurance company or an affiliate of the company.  (4) A participant shall insure only its own risks through a sponsored captive insurance company, unless otherwise approved by the commissioner. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4669 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4669 - Sponsored Captive Insurance Companies; Applicability of Terms and Conditions in Chapter 48 Pertaining to Protected Cell Insurance Company.

500.4669 Sponsored captive insurance companies; applicability of terms and conditions in chapter 48 pertaining to protected cell insurance company.Sec. 4669.  (1) Except as otherwise provided in this chapter, the terms and conditions provided in chapter 48 relating to a protected cell insurance company apply in full to a sponsored captive insurance company.   (2) Except as otherwise provided, all of the following apply to a sponsored captive insurance company:  (a) A protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a sponsored captive insurance company participant.   (b) The sponsored captive insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell.   (c) Section 4805 does not apply. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4673 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)|Section 500.4673 - Captive Insurance Regulatory and Supervision Fund; Creation; Deposit of Certain Money, Assets, Fees, and Assessments; Money Remaining in Fund at Close of Fiscal Year; Commissioner as Administrator for Auditing Purposes.

500.4673 Captive insurance regulatory and supervision fund; creation; deposit of certain money, assets, fees, and assessments; money remaining in fund at close of fiscal year; commissioner as administrator for auditing purposes.Sec. 4673.  (1) The captive insurance regulatory and supervision fund is created within the state treasury.  (2) The state treasurer may receive money or other assets from any source for deposit into the captive insurance regulatory and supervision fund. All fees and assessments received by the department of treasury or the office pursuant to the administration of this chapter and chapter 47 shall be credited to the captive insurance regulatory and supervision fund. All fees received by the department of treasury from reinsurers who assume risk only from captive insurance companies shall be deposited into the captive insurance regulatory and supervision fund. All fines and administrative penalties ordered under this chapter or chapter 47 shall be deposited directly into the captive insurance regulatory and supervision fund. The state treasurer shall direct the investment of the captive insurance regulatory and supervision fund. The state treasurer shall credit to the captive insurance regulatory and supervision fund interest and earnings from fund investments.  (3) Money in the captive insurance regulatory and supervision fund at the close of the fiscal year shall remain in the captive insurance regulatory and supervision fund and shall not lapse to the general fund.  (4) The commissioner shall be the administrator of the captive insurance regulatory and supervision fund for auditing purposes. Money in the captive insurance regulatory and supervision fund shall be expended by the commissioner, upon appropriation, for the purpose of administering chapters 18 and 47 and this chapter and for reasonable expenses incurred in promoting the captive insurance industry in this state. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4703 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4703 - Conflict Between Provision of Act and Provision of Chapter; Chapter as Controlling; Sections Applicable to Spfcs; Exemption.

500.4703 Conflict between provision of act and provision of chapter; chapter as controlling; sections applicable to SPFCs; exemption.Sec. 4703.  (1) No provisions of this act, other than those specifically referenced in this chapter, apply to an SPFC, and those provisions apply only as modified by this chapter. If a conflict occurs between a provision of this act and a provision of this chapter, this chapter controls.  (2) Sections 210 to 222, 226 to 238, 244 to 251, 2057 to 2062, and 4673 and chapter 45 apply to SPFCs.  (3) The commissioner, by rule, regulation, or order, may exempt an SPFC or its protected cells, on a case-by-case basis, from provisions of this chapter that the commissioner determines to be inappropriate given the nature of the risks to be insured. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218