reglab/housing_qa huggingface dataset:
MI Comp L § 500.412 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.412 - Procedure for Becoming Domestic Insurer.

500.412 Procedure for becoming domestic insurer. Sec. 412.  (1) An insurer organized under the laws of any other state and admitted to do business in this state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type and by designating its principal place of business at a place in this state.  (2) An insurer who complies with subsection (1) shall be entitled to domestic insurer certificates and licenses to transact business in this state and shall be subject to the authority and jurisdiction of this state. History: Add. 1989, Act 92, Imd. Eff. June 20, 1989 Compiler's Notes: Former MCL 500.412, which pertained to deposits required to transact insurance business, was repealed by Act 137 of 1966, Eff. Mar. 10, 1967.Popular Name: Act 218
MI Comp L § 500.413 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.413 - Transfer of Domicile of Domestic Insurer to Another State; Effect of Transfer; Approval of Transfer; “u.s. Branch” Defined.

500.413 Transfer of domicile of domestic insurer to another state; effect of transfer; approval of transfer; “U.S. branch” defined. Sec. 413.  (1) Upon the approval of the commissioner, a domestic insurer may transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon the transfer shall cease to be a domestic insurer but shall be admitted to this state if qualified as a foreign insurer. The commissioner shall approve a proposed transfer unless he or she determines the transfer is not in the interest of the policyholders of this state. For purposes of this section, an alien insurer using this state as a state of entry to transact insurance in the United States through a U.S. branch is considered to be a domestic insurer.  (2) As used in this section, "U.S. branch" means that term as defined in section 431. History: Add. 1989, Act 92, Imd. Eff. June 20, 1989 ;-- Am. 1994, Act 227, Imd. Eff. June 27, 1994 Compiler's Notes: Former MCL 500.413, which pertained to deposits required to transact insurance business, was repealed by Act 137 of 1966, Eff. Mar. 10, 1967;—Am. 1994, Act 227, Imd. Eff. June 27, 1994.Popular Name: Act 218
MI Comp L § 500.414 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.414 - Certificate of Authority, Agent's Appointments, Licenses, Rates, and Other Items of Transferring Insurer Continue in Full Force and Effect; Outstanding Policies Remain in Full Force and Effect; Filing New or Existing Policy Forms; Notice of Proposed Transfer; Filing Amendments to Corporate Documents.

500.414 Certificate of authority, agent's appointments, licenses, rates, and other items of transferring insurer continue in full force and effect; outstanding policies remain in full force and effect; filing new or existing policy forms; notice of proposed transfer; filing amendments to corporate documents. Sec. 414.  The certificate of authority, agent's appointments, licenses, rates, and other items which the commissioner allows, in his or her discretion, which are in existence at the time an insurer licensed to transact the business of insurance in this state transfers its corporate domicile to this or any other state by merger, consolidation, or any other lawful method shall continue in full force and effect upon the transfer if the insurer remains duly qualified to transact the business of insurance in this state. All outstanding policies of a transferring insurer shall remain in full force and effect and need not be endorsed as to the new name of the company or its new location unless so ordered by the commissioner. Each transferring insurer shall file new policy forms with the commissioner on or before the effective date of the transfer, but may use existing policy forms with appropriate endorsements if allowed by, and under such conditions as approved by, the commissioner. Each transferring insurer shall notify the commissioner of the details of the proposed transfer and shall file promptly any resulting amendments to corporate documents filed or required to be filed with the commissioner. History: Add. 1989, Act 92, Imd. Eff. June 20, 1989 Compiler's Notes: Former MCL 500.414, which pertained to deposits required to transact insurance business, was repealed by Act 137 of 1966, Eff. Mar. 10, 1967.Popular Name: Act 218
MI Comp L § 500.415 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.415 - Rules.

500.415 Rules. Sec. 415.  The commissioner shall promulgate rules pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, to carry out the purposes of sections 412 to 414. History: Add. 1989, Act 92, Imd. Eff. June 20, 1989 Compiler's Notes: Former MCL 500.415, which pertained to deposits required to transact insurance business, was repealed by Act 137 of 1966, Eff. Mar. 10, 1967.Popular Name: Act 218
MI Comp L § 500.416 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.416 - Special Deposit.

500.416 Special deposit. Sec. 416.  As a condition of qualifying for and maintaining authority to transact insurance in this state or for qualifying as an eligible unauthorized insurer, the commissioner may require an insurer to maintain a special deposit with the state treasurer in such amount as the commissioner considers necessary for the protection of Michigan policyholders and claimants. The special deposit is subject to special deposit claims pursuant to section 8141a. History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Compiler's Notes: Former MCL 500.416, which pertained to deposits required to transact business was repealed by Act 360 of 1972, Imd. Eff. Jan. 9, 1973.Popular Name: Act 218
MI Comp L § 500.417 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.417 - Repealed. 1966, Act 137, Eff. Mar. 10, 1967.

500.417 Repealed. 1966, Act 137, Eff. Mar. 10, 1967. Compiler's Notes: The repealed section made provisions of code pertaining to stock life insurers relative to deposit of securities governing domestic automobile insurers.Popular Name: Act 218
MI Comp L § 500.418 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.418 - Identification of Payers Subject to Child Support Arrearages; "Title Iv-D Agency" Defined.

500.418 Identification of payers subject to child support arrearages; "title IV-D agency" defined.Sec. 418.  (1) An insurer may voluntarily cooperate with a title IV-D agency and the child support lien network in identifying payers subject to child support arrearages who may be entitled to money to be paid under a liability insurance policy or the liability coverage portion of a multiperil insurance policy.  (2) As used in this section, "title IV-D agency" means that term as defined in section 2 of the support and parenting time enforcement act, 1982 PA 295, MCL 552.602. History: Add. 2004, Act 482, Imd. Eff. Dec. 28, 2004 Compiler's Notes: Former MCL 500.418, which pertained to deposits required to transact insurance business, was repealed by Act 360 of 1972, Eff. Jan. 9, 1973.Popular Name: Act 218
MI Comp L § 500.422 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.422 - Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.

500.422 Repealed. 1994, Act 226, Imd. Eff. June 27, 1994. Compiler's Notes: The repealed section pertained to competition agreements by foreign or alien fire, marine, or inland insurers. Popular Name: Act 218
MI Comp L § 500.424 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.424 - Admission of Foreign or Alien Insurer to State; Application; Report of Financial Standing; Issuance of Certificate of Authority; Filing Fees.

500.424 Admission of foreign or alien insurer to state; application; report of financial standing; issuance of certificate of authority; filing fees. Sec. 424.  (1) A foreign or alien insurer shall not be admitted to this state until the insurer files with the commissioner an application for admission upon a form as prescribed by the commissioner. The application shall be accompanied by a copy of the insurer's charter, compact, or articles of incorporation or agreement, and bylaws, duly certified by the commissioner of insurance or corresponding officer of the state of origin or entry, together with a sworn statement of the insurer's business affairs up to any date required by the commissioner to be furnished and any other information, under oath or otherwise, that the commissioner may demand of the applicant.  (2) In addition to subsection (1), an alien insurer shall make and execute under oath a report of its financial standing and of its deposit together with a full statement of its business in the United States for the year preceding the statement pursuant to section 438.  (3) The commissioner shall examine the application and if satisfied that the applicant is safe, reliable, and entitled to public confidence and meets the same financial conditions required of like insurers organized in this state, is authorized to do the kind or class of insurance it seeks to transact, and has complied in all other respects with the applicable laws of this state, the commissioner shall issue a certificate of authority to the applicant.  (4) The applicant shall pay the filing fees as provided by sections 223 and 240. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1972, Act 360, Imd. Eff. Jan. 9, 1973 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.425, 500.426 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.425, 500.426 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

500.425, 500.426 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992. Compiler's Notes: The repealed sections pertained to admission of foreign mutual insurers to doing business and to application by foreign reciprocal insurer for application for certificate of authority to transact business.Popular Name: Act 218
MI Comp L § 500.430 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.430 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

500.430 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992. Compiler's Notes: The repealed section pertained to a foreign or alien life or sickness and accident insurer on cooperative assessment plan.Popular Name: Act 218
MI Comp L § 500.431 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.431 - Definitions.

500.431 Definitions. Sec. 431.  As used in sections 432 through 434:  (a) "Claimant" means any person or entity, supervisor, receiver, liquidator, rehabilitator, or conservator appointed for an alien insurer, and any guaranty association responsible for the payment of claims against the insurer, who has claims for costs and expenses of investigation or supervision pursuant to section 8109(11) or for receivership, liquidation, or payments of policyholders' claims.  (b) "Policy" means either of the following:  (i) Any contract of insurance or any agreement containing a covenant to insure that an alien insurer may be authorized to issue in any state and that is made by an alien insurer and delivered in or issued for delivery in the United States to any person resident in the United States at the time of issue, including any life insurance contract, annuity contract, disability insurance contract, guaranteed investment contract, reinsurance contract, and any contract issued on the maturity of and pursuant to any of the previously listed contracts, but excluding any contract, agreement, or portion of a contract or agreement either not guaranteed by an alien insurer or under which the risk is borne by the policyholder or claimant or where the recourse of policyholders or claimants for claims is limited to separate accounts.  (ii) For separate accounts, any group annuity or deposit contract or any other contract that an alien insurer is authorized to issue in any state, made by an alien insurer and delivered in or issued for delivery in the United States to any person resident in the United States at the time of issue that provides the right to allocate amounts to a particular trust as a separate account, including any contract issued on the maturity of and pursuant to a group annuity or deposit contract or any other contract that an alien insurer is authorized to issue in any state.  (c) "Policyholder" means the owner of, the certificate holder under, or the beneficiary under, a policy, including any other insurer if an alien insurer has issued to that insurer a reinsurance contract, and any pledgee, assignee, or other creditor having a security interest in the obligation arising out of a policy.  (d) "Qualified United States financial institution" means a state or nationally chartered bank or trust company, organized under the laws of any state or of the United States that has been granted authority to operate with fiduciary powers.  (e) "U.S. branch" means the business unit through which insurance is transacted within the United States by an alien insurer and the assets and liabilities of the insurer within the United States. History: Add. 1994, Act 227, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.431a (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.431a - State of Entry by Alien Insurer Through u.s. Branch; Requirements.

500.431a State of entry by alien insurer through U.S. branch; requirements. Sec. 431a.  (1) An alien insurer may use this state as a state of entry to transact insurance in the United States through a U.S. branch by qualifying as an insurer licensed to do business in this state and establishing a trust account pursuant to a trust agreement approved by the commissioner with a qualified United States financial institution approved by the commissioner, in an amount at least equal to the amount required by section 431c. With the prior approval of the commissioner, an alien insurer may establish more than 1 trust account pursuant to 1 or more trust agreements, provided that the aggregate of all amounts held in such trust accounts is at least equal to the amount required by section 431c.  (2) Before authorizing the entry through this state of a U.S. branch of an alien insurer, the commissioner shall require the alien insurer to do all of the following:  (a) Submit a copy of the proposed trust indenture for the commissioner's approval.  (b) Submit a copy of its charter, any current bylaws, and any other documents necessary to show the kinds of business that it is authorized to do in its domiciliary jurisdiction, attested to as accurate and complete by the insurance supervisory official in its domiciliary jurisdiction.  (c) Submit a full statement, subscribed and affirmed as true under the penalties of perjury by 2 officers or equivalent responsible representatives in such manner as the commissioner prescribes, of its financial condition as of the close of its latest fiscal year, showing its assets, liabilities, income, disbursements, business transacted, and other facts required to be shown in its annual statement, as reported to the insurance supervisory official in its domiciliary jurisdiction, together with an English language translation, as necessary, of any of the documents required.  (d) Submit to an examination of the insurer's affairs at its principal office within the United States unless the commissioner instead accepts a report of the insurance supervisory official of the insurer's domiciliary jurisdiction. History: Add. 1994, Act 227, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.431b (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.431b - u.s. Branch Using State as State of Entry to Transact Insurance; Compliance.

500.431b U.S. branch using state as state of entry to transact insurance; compliance. Sec. 431b.  A U.S. branch using this state as a state of entry to transact insurance in the United States is subject to all laws applicable to an insurer domiciled in this state except as otherwise provided. A U.S. branch using this state as a state of entry to transact insurance in the United States shall comply with all of the following requirements:  (a) Provide the commissioner, at intervals and in such form as the commissioner may require, having stated the reason for the requirement, with complete and accurate copies, current to within 10 days, of any of its books, records, and files requested by the commissioner, including all of the following:  (i) Corporate accounting records.  (ii) Records of its securities, notes, mortgages, and other evidences of indebtedness, representing investment of funds.  (iii) Minutes of meetings and resolutions of the board of directors, any committee of the board of directors, and the audit committee.   (iv) Records of current premium billing and collection processing and active claims inventory.  (v) Records of all policies held by policyholders of the U.S. branch, including policy type, amount of reserve, riders, dividend accumulation, unit values, endowment, and policy loan balances.  (b) Upon the commissioner's request, provide the commissioner, for the commissioner's regulatory use, with appropriate waivers for the commissioner concerning rights in the information, including copyright or goodwill, information, manuals, and documentation sufficient for regulatory purposes concerning the computer system and software through which the insurer maintains its books, records, and files for its business in the United States.  (c) Upon the commissioner's request, obtain for the commissioner the right to use, at no additional charge, the computer software employed to maintain the books, records, and files listed in subdivision (a). This right of use shall be irrevocable and unconditional and shall include all revisions and upgrades, notwithstanding the insolvency or reorganization of the insurer.  (d) Arrange for testing to the commissioner's reasonable satisfaction of the processing of copies of the books, records, and files of the insurer listed in subdivision (a). This testing shall be performed annually or more frequently if requested by the commissioner at the office of the commissioner or at a business office of the insurer where such testing may take place at reasonable cost to the insurer. History: Add. 1994, Act 227, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.431c (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.431c - Trusteed Assets; Value.

500.431c Trusteed assets; value. Sec. 431c.  The assets in the trust accounts shall be known as trusteed assets. The total value of trusteed assets shall at all times be at least equal to the sum of the U.S. branch's reserves and other liabilities, the minimum capital and surplus required to be maintained by section 410, and any additional amounts considered necessary by the commissioner. The trusteed assets shall be valued and limited in accordance with section 901. History: Add. 1994, Act 227, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.432a (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)|Section 500.432a - Certificate of Authority to Do Business; Issuance or Amendment to u.s. Branch; Proof That Insurer Will Not Violate Act or Charter; Noncompliance.

500.432a Certificate of authority to do business; issuance or amendment to U.S. branch; proof that insurer will not violate act or charter; noncompliance. Sec. 432a.  (1) Before issuing or amending a certificate of authority to do business to any U.S. branch, the commissioner may require satisfactory proof, either in the alien insurer's charter or by an agreement evidenced by a duly certified resolution of its board of directors or otherwise as the commissioner requires, that the insurer will not engage in any insurance business that violates this act or that is not authorized by its charter.   (2) A U.S. branch that does outside of this state any kind or combination of kinds of insurance business not permitted to be done in this state by similar domestic insurers hereafter organized, shall not be or continue to be authorized to do any insurance business in this state, unless in the commissioner's judgment the doing of those kinds of insurance outside of this state will not be prejudicial to the best interests of the residents of this state.  (3) Except as otherwise specifically provided, a U.S. branch, entering through this state or another state, shall not be or continue to be authorized to do the business of insurance in this state if it fails to comply substantially with any requirement or limitation of this act applicable to similar domestic insurers hereafter organized that in the judgment of the commissioner is reasonably necessary to protect the interest of the policyholders. History: Add. 1994, Act 227, Imd. Eff. June 27, 1994 Popular Name: Act 218