reglab/housing_qa huggingface dataset:
MI Comp L § 500.6009 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6009 - Reorganization Plan; Operation and Support of Closed Block of Business.

500.6009 Reorganization plan; operation and support of closed block of business. Sec. 6009.  (1) A plan of reorganization shall provide that a mutual life insurance company's participating life policies in force on the effective date of the conversion shall be operated by the converted company for dividend purposes as a closed block of participating business except that any or all classes of group participating policies may be excluded from the closed block.  (2) The plan shall establish 1 or more segregated accounts for the benefit of the closed block of business and shall allocate to those segregated accounts enough assets of the mutual company so that the assets together with the revenue from the closed block of business are sufficient to support the closed block including, but not limited to, the payment of claims, expenses, taxes, and any dividends that are provided for under the terms of the participating policies, with appropriate adjustments in the dividends for experience changes.  (3) The plan shall be accompanied by an actuarial opinion as to the adequacy of reserves or assets by a qualified actuary or an appointed actuary who meets the standards required under this act or under regulations established under this act for the submission of actuarial opinions. The actuarial opinion shall relate to the adequacy of the assets allocated to the segregated accounts in support of the closed block of business. The actuarial opinion shall be based on methods of analysis considered appropriate for those purposes by the actuarial standards board and as certified by the commissioner. The amount of assets allocated to the segregated accounts of the closed block shall be based upon the mutual life insurance company's last annual statement that is updated to the effective date of the reorganization.  (4) The converted company shall keep a separate accounting for the closed block and shall make and include in the annual statement to be filed with the commissioner each year a separate statement showing the gains, losses, and expenses properly attributable to the closed block.  (5) Upon the commissioner's approval, assets allocated to the closed block that are in excess of the amount of assets necessary to support the remaining policies in the closed block shall periodically revert to the benefit of the converted company.  (6) The commissioner may waive the requirement for the establishment or continuation of a closed block of business if the commissioner considers it to be in the best interest of the participating policyholders of a converted company to do so.  (7) This section applies only to mutual life insurance companies. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6013 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6013 - Reorganization Plan; Membership Meeting; Notice; Quorum; Vote; Proxy; Voter Eligibility.

500.6013 Reorganization plan; membership meeting; notice; quorum; vote; proxy; voter eligibility. Sec. 6013.  (1) All eligible members shall be given notice of the members' meeting to vote upon the plan of reorganization. The notice shall briefly but fairly describe the proposed plan, including identifying in reasonable detail the benefits and risks, and shall inform the member of member rights to vote on the plan. A plan summary or copy of the plan shall accompany the notice. The notice shall be mailed to each member's last known address shown on the mutual company's records, within 45 days after the commissioner's approval of the plan. The meeting to vote upon the plan shall be set for a date that is not less than 45 days after the date when the notice of the members' meeting is mailed by the mutual company. If the meeting to vote upon the plan is held during the mutual company's annual meeting of policyholders, only 1 combined notice of meeting is required.  (2) The plan of reorganization shall be adopted at a meeting with a quorum present upon receiving the affirmative vote of at least 2/3 of the votes cast by eligible members.  (3) Members entitled to vote upon the proposed plan may vote in person or by proxy. Certified copies of any forms of proxies to be solicited from eligible members, together with the related proxy statement and any other soliciting materials, shall be filed with the plan and approved by the commissioner before their use.  (4) Each eligible member may cast votes upon each matter coming to a vote in accordance with any rights or classifications of members as provided in the mutual insurer's articles of incorporation or bylaws. If the articles of incorporation or bylaws are silent, each eligible member may cast 1 vote. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6015 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6015 - Documents to Be Filed After Plan Approval.

500.6015 Documents to be filed after plan approval. Sec. 6015.  After the eligible members have approved a plan of reorganization, the converted company shall file all of the following documents with the commissioner:  (a) The minutes of the members' meeting at which the plan of reorganization was voted upon.  (b) The articles and bylaws of the mutual holding company and each intermediate holding company, if any, and the revised articles of incorporation and bylaws of the converted company. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6017 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6017 - Mutual Holding Company; Articles of Incorporation.

500.6017 Mutual holding company; articles of incorporation. Sec. 6017.  (1) Adoption of articles of incorporation for the mutual holding company, each intermediate holding company, if any, and revised articles of incorporation for the converted company is necessary to implement the plan of reorganization. Procedures for adoption or revision of these articles are governed by the applicable provisions of this act or, in the case of an intermediate holding company, the business corporation law of the state in which the intermediate holding company is incorporated. The members may adopt revised articles of incorporation at the same meeting at which the members approve the plan.  (2) The articles of incorporation of a mutual holding company shall include all of the following:  (a) That it is a mutual holding company organized as an insurer under chapter 50, 54, or 58.  (b) That the mutual holding company may hold not less than a majority of the shares of voting stock of a converted company or an intermediate holding company, which in turn holds directly or indirectly all of the voting stock of a converted company.  (c) That it is not authorized to issue any capital stock except pursuant to a conversion in accordance with chapter 59.  (d) That its members shall have the rights specified in this chapter and in its articles of incorporation and bylaws. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6019 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6019 - Reorganization Plan; Conditions for Plan to Take Effect.

500.6019 Reorganization plan; conditions for plan to take effect. Sec. 6019.  (1) A plan becomes effective when the commissioner has approved the plan, the members have approved the plan, and the articles of incorporation of the mutual holding company, each intermediate holding company, if any, and the revised articles of incorporation of the converted company have been adopted and filed with the commissioner.  (2) All of the following simultaneously occur when a plan of reorganization becomes effective under this chapter:  (a) The mutual company becomes a converted company and the corporate existence of the mutual company continues in the converted company with the original date of incorporation of the mutual company.  (b) The membership interests of the mutual company's policyholders are extinguished, and all of the mutual company's eligible members become members of the mutual holding company by and in accordance with the articles of incorporation and bylaws of the mutual holding company and applicable provisions of this chapter and chapters 50, 54, and 58.  (c) All the rights, franchises, and interests of the mutual company in and to every type of property, real, personal, and mixed, and any things in action belonging to it, are transferred to and vested in the converted company without any deed or transfer.  (d) All the obligations and liabilities of the mutual company are assumed by the converted company.  (e) All of the shares of the capital stock of the converted company shall be issued to the mutual holding company, which at all times shall own a majority of the shares of the voting stock of the converted company, except that either at the time a plan is effective, or at a later time with the commissioner's approval, 1 or more intermediate holding companies may be created, so long as the mutual holding company at all times owns directly or indirectly a majority of the shares of the voting stock of the converted company.  (f) Unless otherwise specified in the plan, the directors and officers of the mutual company serve as directors and officers of the converted company until new directors and officers of the converted company are duly elected pursuant to the articles of incorporation and bylaws of the converted company. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6023 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6023 - Membership Interest in Mutual Holding Company.

500.6023 Membership interest in mutual holding company. Sec. 6023.  (1) No member of a mutual holding company may transfer membership in the mutual holding company.  (2) A member of a mutual holding company is not personally liable for the acts, debts, liabilities, or obligations of the mutual holding company solely because of his or her membership status.  (3) No assessments of any kind may be imposed upon the members of a mutual holding company by the directors or members, or because of any liability, act, debt, or obligation of the mutual holding company or of any company owned or controlled by the mutual holding company.  (4) Neither a membership interest in a domestic mutual holding company nor any intermediate or transitional stages taken pursuant to a plan constitutes the creation, issuance, offer to sell, solicitation of an offer to buy, or the sale of a security under the laws of this state.  (5) A membership interest in the mutual holding company automatically terminates if the policy that gave rise to the membership interest is canceled, nonrenewed, terminated, or expires.  (6) Except as otherwise approved by the commissioner, a membership interest in the mutual holding company shall be automatically created with a new policy issued by the converted company. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6025 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6025 - Mutual Holding Company; Powers and Duties.

500.6025 Mutual holding company; powers and duties. Sec. 6025.  (1) A mutual holding company has the same powers granted to domestic mutual insurance companies and is subject to the same requirements of this act applicable to mutual companies that are not inconsistent with the provisions of this chapter except that a mutual holding company does not have authority to transact an insurance business. The commissioner may exempt a mutual holding company from any requirement of this act that the commissioner finds inapplicable to a company that is not issuing policies of insurance or reinsurance.  (2) Neither the mutual holding company nor any intermediate holding company shall issue or reinsure policies of insurance.  (3) With the commissioner's approval and as provided under this act, a mutual holding company may enter into an affiliation, consolidation, merger, or acquisition agreement either at or after the effective date of a reorganization under this chapter with any mutual insurance company authorized to do business in this state or with any mutual holding company organized in this state or any other state or the District of Columbia.  (4) The assets of a mutual holding company organized under this chapter are subject to a lien in favor of the policyholders of the converted company under such terms as the commissioner may approve. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6027 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6027 - Transfer, Assignment, or Diversion of Business From Converted Business.

500.6027 Transfer, assignment, or diversion of business from converted business. Sec. 6027.  Without the commissioner's prior approval, neither the converted company nor any other person affiliated with or controlling the converted company shall transfer, assign, or divert business from the converted company to any other insurance company or affiliate if the purpose or effect of doing so would be to reduce significantly the number of members of the mutual holding company. What is a significant reduction shall be determined by the commissioner after examination of the converted company's business reasons for effecting any such transfer, assignment, or diversion. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6029 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6029 - Receipt of Fee, Commission, or Other Consideration; Payment of Costs and Expenses.

500.6029 Receipt of fee, commission, or other consideration; payment of costs and expenses. Sec. 6029.  (1) A director, officer, agent, or employee of the mutual company or any other person shall not receive any fee, commission, or other valuable consideration, other than his or her usual salary and compensation, for aiding, promoting, or assisting in a reorganization under this chapter, except as provided for in the plan approved by the commissioner.  (2) All the costs and expenses connected with a plan of reorganization shall be paid for or reimbursed by the mutual company or the converted company. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6031 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-60 - Chapter 60 Reorganization of Mutual Insurers (500.6001...500.6031)|Section 500.6031 - Substantial Compliance With Notice Requirements; Commencement of Action Challenging Validity of Certain Acts or Commissioner's Decision.

500.6031 Substantial compliance with notice requirements; commencement of action challenging validity of certain acts or commissioner's decision. Sec. 6031.  (1) If a mutual company complies substantially and in good faith with the notice requirements of this chapter, the mutual company's failure to give a member any required notice does not impair the validity of any action taken under this chapter. The commissioner may convene an appropriate hearing at any time for purposes of determining the existence of good faith and substantial compliance by the mutual company.  (2) An action challenging the validity of or arising out of acts taken or proposed to be taken under this chapter, other than an action challenging the commissioner's decision approving or disapproving the plan, shall be commenced within 30 days after the eligible members have approved the plan. An action challenging the validity of the commissioner's decision approving or disapproving the plan shall be commenced within 30 days after the commissioner's decision is announced. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Compiler's Notes: Former Chapter 60, being MCL 500.6000-500.6034, was repealed by Act 256 of 1964, Eff. Aug. 28, 1964.Popular Name: Act 218
MI Comp L § 500.6101 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-61 - Chapter 61 Automobile Theft Prevention Authority (500.6101... 500.6125)|Section 500.6101 - Definitions.

500.6101 Definitions. Sec. 6101.  As used in this chapter:   (a) "Authority" means the automobile theft prevention authority.  (b) "Board" means the board of directors of the automobile theft prevention authority.   (c) "Economic automobile theft" means automobile theft perpetrated for financial gain.  History: Add. 1992, Act 174, Imd. Eff. July 23, 1992 Compiler's Notes: Enacting section 2 of Act 174 of 1992 provides:“Section 2. Chapter 61 of Act No. 218 of the Public Acts of 1956, as added by this amendatory act, is retroactive and applies effective April 1, 1992.”Former MCL 500.6101, which pertained to definitions, was repealed by Act 191 of 1991 , Eff. Apr. 1, 1992.Popular Name: Act 218
MI Comp L § 500.6105 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-61 - Chapter 61 Automobile Theft Prevention Authority (500.6101... 500.6125)|Section 500.6105 - Authority; Powers.

500.6105 Authority; powers. Sec. 6105.  The authority shall have the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter and the purposes of the authority and the powers delegated by other laws, including, but not limited to, the power to:  (a) Sue and be sued; to have a seal and alter the same at pleasure; to have perpetual succession; to make, execute, and deliver contracts, conveyances, and other instruments necessary or convenient to the exercise of its powers; and to make and amend bylaws.  (b) Solicit and accept gifts, grants, loans, funds collected and placed in the automobile theft prevention fund, and other aids from any person or the federal, state, or a local government or any agency thereof.  (c) Make grants and investments.  (d) Procure insurance against any loss in connection with its property, assets, or activities.  (e) Invest any money held in reserve or sinking funds, or any money not required for immediate use or disbursement, at its discretion and to name and use depositories for its money.  (f) Contract for goods and services and engage personnel as is necessary, including the services of private consultants, managers, counsel, auditors, and others for rendering professional, management, and technical assistance and advice, payable out of any money of the fund legally available for this purpose.  (g) Indemnify and procure insurance indemnifying any member of the board from personal loss or accountability from liability resulting from a member's action or inaction as a member of the board.  (h) Do all other things necessary or convenient to achieve the objectives and purposes of the authority, this chapter, or other laws. History: Add. 1992, Act 174, Imd. Eff. July 23, 1992 Compiler's Notes: Enacting section 2 of Act 174 of 1992 provides:“Section 2. Chapter 61 of Act No. 218 of the Public Acts of 1956, as added by this amendatory act, is retroactive and applies effective April 1, 1992.”Former MCL 500.6105, which pertained to powers of authority, was repealed by Act 191 of 1991, Eff. Apr. 1, 1992.Popular Name: Act 218
MI Comp L § 500.6110 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-61 - Chapter 61 Automobile Theft Prevention Authority (500.6101... 500.6125)|Section 500.6110 - Authority; Plan of Operation; Report.

500.6110 Authority; plan of operation; report. Sec. 6110.  (1) The authority shall develop and implement a plan of operation.  (2) The plan of operation shall include an assessment of the scope of the problem of automobile theft, including particular areas of the state where the problem is greatest; an analysis of various methods of combating the problem of automobile theft and economic automobile theft; a plan for providing financial support to combat automobile theft and economic automobile theft; and an estimate of the funds required to implement the plan.   (3) The authority shall report annually on or before February 1 to the governor and the legislature on its activities in the preceding year. History: Add. 1992, Act 174, Imd. Eff. July 23, 1992 Compiler's Notes: Enacting section 2 of Act 174 of 1992 provides:“Section 2. Chapter 61 of Act No. 218 of the Public Acts of 1956, as added by this amendatory act, is retroactive and applies effective April 1, 1992.”Former MCL 500.6110, which pertained to plan of operation and annual report, was repealed by Act 191 of 1991, Eff. Apr. 1, 1992.Popular Name: Act 218