reglab/housing_qa huggingface dataset:
MI Comp L § 500.733 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-7 - Chapter 7 Reserve Standards for Disability Insurance (500.701...500.737)|Section 500.733 - Maximum Interest Rates.

500.733 Maximum interest rates. Sec. 733.  (1) The maximum interest rate for contract reserves is the calendar year statutory valuation interest rate for life insurance specified in section 836 as of the date of issuance of the health insurance policy or certificate.  (2) The maximum interest rate for claim reserves on policies requiring contract reserves is the calendar year statutory valuation interest rate for life insurance specified in section 836 as of the date the claim is incurred.  (3) The maximum interest rate for claim reserves on policies not requiring contract reserves is the calendar year statutory valuation interest rate for single premium immediate annuities specified in section 836 as of the date the claim is incurred, reduced by 100 basis points. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.735 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-7 - Chapter 7 Reserve Standards for Disability Insurance (500.701...500.737)|Section 500.735 - Mortality Basis; Use of Other Mortality Tables; Request for Approval.

500.735 Mortality basis; use of other mortality tables; request for approval. Sec. 735.  (1) The mortality basis used shall be that specified in section 834 as of the date of issuance of the health insurance policy or certificate.  (2) Other mortality tables adopted by the national association of insurance commissioners and promulgated by the commissioner may be used in the calculation of the minimum reserves if appropriate for the type of benefits and if approved by the commissioner. The request for approval shall include the proposed mortality table and the reason that the standard specified in subsection (1) is inappropriate. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.737 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-7 - Chapter 7 Reserve Standards for Disability Insurance (500.701...500.737)|Section 500.737 - Rules.

500.737 Rules. Sec. 737.  The commissioner may 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, that he or she considers appropriate for the implementation of this chapter. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.808 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.808 - Stock or Mutual Insurers; Unearned Premium Reserves, Pro Rata Basis, Computation.

500.808 Stock or mutual insurers; unearned premium reserves, pro rata basis, computation. Sec. 808.  Every insurer doing business in this state shall establish and maintain an unearned premium reserve on a pro rata basis on all unexpired policies and contracts except for those policies and contracts for which a different basis is specified in this act. A liability shall be set forth for the unearned pro rata portion of the aggregate premiums on all such unexpired risks as ascertained in a manner approved by the commissioner. In the case of perpetual risks or policies of fire insurance, the whole amount of the deposit or premium collected shall be included as unearned. On all unexpired trip risk insurance the entire premium received shall be included as unearned. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1961, Act 153, Eff. Sept. 8, 1961 ;-- Am. 1962, Act 51, Eff. Mar. 28, 1963 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 Popular Name: Act 218
MI Comp L § 500.810 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.810 - Reserves; Computation; Additional Reserves; Plan to Restore Compliance; Effect of Noncompliance; Examination of Reserve Practices and Investment Incomes.

500.810 Reserves; computation; additional reserves; plan to restore compliance; effect of noncompliance; examination of reserve practices and investment incomes. Sec. 810.  (1) Each insurer transacting business in this state, at all times, shall maintain reserves in an amount estimated in the aggregate to provide for the payment of all losses and claims incurred, whether reported, or unreported, which are unpaid and for which the insurer may be liable and to provide for the expenses of adjustment or settlement of losses and claims. The reserves shall be computed in accordance with rules promulgated by the commissioner, after due notice and hearing, based upon reasonable consideration of the ascertained experience and the character of those kinds of business, for the purpose of adequately protecting the insureds and securing the solvency of the insurer.  (2) If the loss and loss expense experience of the insurer or the anticipated loss expense experience of the insurer as determined by an actuarial evaluation shows the reserves, calculated in accordance with the rules, to be inadequate, the commissioner shall require the insurer to maintain additional reserves. Within 30 business days after notification by the commissioner that its reserves have been determined to be in noncompliance with the requirements of subsection (1), the insurer shall file a plan to restore compliance. The commissioner, upon written request by the insurer, may grant a period of time within which to restore compliance. The period of time may be granted only if the commissioner is satisfied the insurer is safe, reliable, and entitled to public confidence and the commissioner approves the plan filed by the insurer for restoring compliance within the time granted. If the plan is not approved by the commissioner, or if the plan is approved but at the end of 1 year the insurer is not in compliance with the requirements of this section, the commissioner may grant additional time to comply, or the commissioner may suspend, revoke, or limit the certificate of authority of the insurer pursuant to section 436.  (3) The commissioner shall annually examine the reserve practices and investment incomes of medical malpractice, products liability, and municipal liability insurers licensed to do business in this state. History: Add. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 1976, Act 307, Imd. Eff. Oct. 28, 1976 ;-- Am. 1978, Act 506, Imd. Eff. Dec. 13, 1978 ;-- Am. 1986, Act 173, Imd. Eff. July 7, 1986 Popular Name: Act 218Admin Rule: R 500.1231 et seq. of the Michigan Administrative Code.
MI Comp L § 500.811 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.811 - Repealed. 1994, Act 148, Imd. Eff. June 7, 1994.

500.811 Repealed. 1994, Act 148, Imd. Eff. June 7, 1994. Compiler's Notes: The repealed section pertained to outstanding disability policies and benefits reserves.Popular Name: Act 218
MI Comp L § 500.812 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.812 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.812 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed section pertained to liability or workmen's compensation and automobile insurers' reserve for claims.Popular Name: Act 218
MI Comp L § 500.813 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.813 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

500.813 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992. Compiler's Notes: The repealed section pertained to the annual report filed by the commissioner with the legislature.Popular Name: Act 218
MI Comp L § 500.814 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.814 - Certification of Loss Reserves.

500.814 Certification of loss reserves.  Sec. 814.  The commissioner may require an insurer writing liability insurance, other than homeowners, farmowners, and commercial multiperil, to certify the loss reserves of the insurer by an actuary approved by the commissioner. History: Add. 1986, Act 173, Imd. Eff. July 7, 1986 Popular Name: Act 218
MI Comp L § 500.815 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.815 - Computation of Unearned Premium Reserve on Mortgage Guaranty Insurance.

500.815 Computation of unearned premium reserve on mortgage guaranty insurance. Sec. 815.  The unearned premium reserve on mortgage guaranty insurance shall be computed in accordance with section 808, except that on policies covering a risk period of more than 1 year the unearned premium reserve shall be computed in accordance with rules promulgated by the commissioner. History: Add. 1972, Act 345, Imd. Eff. Jan. 9, 1973 Popular Name: Act 218Admin Rule: R 500.1231 et seq. of the Michigan Administrative Code.
MI Comp L § 500.815a (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.815a - Establishment of Contingency Reserve by Mortgage Guaranty Insurer.

500.815a Establishment of contingency reserve by mortgage guaranty insurer. Sec. 815a.  In addition to the capital, surplus and reserves specified in sections 410, 810 and 815, a mortgage guaranty insurer shall establish a contingency reserve, which shall be reported as a liability in the insurer's financial statements. The amount of the reserve shall be computed in accordance with rules prescribed by the commissioner. History: Add. 1972, Act 345, Imd. Eff. Jan. 9, 1973 Popular Name: Act 218Admin Rule: R 500.1231 et seq. of the Michigan Administrative Code.
MI Comp L § 500.816 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.816 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.816 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed section pertained to liability or workmen's compensation and automobile insurers' reserve for claims.Popular Name: Act 218
MI Comp L § 500.817 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.817 - Repealed. 1966, Act 221, Imd. Eff. July 11, 1966.

500.817 Repealed. 1966, Act 221, Imd. Eff. July 11, 1966. Compiler's Notes: The repealed section pertained to unearned premium reserve of title insurers.Popular Name: Act 218
MI Comp L § 500.818, 500.822 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.818, 500.822 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.818, 500.822 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed sections pertained to unearned premium reserve of reciprocal and mutual insurers.Popular Name: Act 218
MI Comp L § 500.831 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.831 - Domestic Insurer's Business in Foreign Country; Variance of Mortality Standard.

500.831 Domestic insurer's business in foreign country; variance of mortality standard. Sec. 831.  In case of insurance issued by a domestic insurer authorized to do business in a foreign country upon the lives of residents of that country, the commissioner may vary the mortality standard to a standard applicable to that country.  History: Add. 1961, Act 127, Eff. Sept. 8, 1961 Popular Name: Act 218
MI Comp L § 500.836a (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.836a - Valuation of Disability Plans and Contracts Issued Before Date of Valuation Manual; Regulations; Accidental and Health Insurance Contracts; Definitions.

500.836a Valuation of disability plans and contracts issued before date of valuation manual; regulations; accidental and health insurance contracts; definitions.Sec. 836a.  (1) The director shall promulgate regulations containing the minimum standards applicable to the valuation of disability plans and contracts issued before the date of the valuation manual. For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 830(2).  (2) As used in this section, the following definitions apply on and after the operative date of the valuation manual:  (a) "Accident and health insurance" means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual.  (b) "NAIC" means the national association of insurance commissioners.  (c) "Valuation manual" means the manual of valuation instructions adopted by the NAIC as specified in section 836b. History: Add. 2014, Act 571, Eff. Mar. 31, 2015 Popular Name: Act 218
MI Comp L § 500.839 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.839 - Capital Notes.

500.839 Capital notes. Sec. 839.  (1) A domestic insurer may issue capital notes under this section.  (2) A capital note issued by a domestic insurer may provide for interest payments at fixed or adjustable rates, for sinking fund payments, and for payments and redemptions of principal under the terms of the capital note.  (3) The issuance of a capital note is not subject to the commissioner's prior approval.  (4) A capital note shall be treated as a liability in the computation of statutory surplus and shall be reported as a liability on the domestic insurer's annual statement filed with the commissioner under section 438.  (5) In a liquidation proceeding pursuant to chapter 81, a capital note is a similar obligation under section 8142(1)(h).  (6) A capital note may be included in a domestic insurer's total adjusted capital. For a capital note to be so included, the commissioner may require the capital note to contain other features as the commissioner determines are adequate and appropriate to ensure that the insurer continues to be safe, reliable, and entitled to public confidence.  (7) As used in this section:  (a) "Capital note" means a debt instrument that complies with this section.  (b) "Total adjusted capital" means the sum of an insurer's statutory capital and surplus as determined under the annual statement filed with the commissioner under section 438. History: Add. 1998, Act 457, Imd. Eff. Jan. 4, 1999 Compiler's Notes: Former MCL 500.839, which pertained to group life insurance premiums, rules, and regulations, was repealed by Act 318 of 1969, Eff. Mar. 20, 1970.Popular Name: Act 218
MI Comp L § 500.840 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.840 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.840 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed section pertained to stock in federal financing agency.Popular Name: Act 218
MI Comp L § 500.841 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.841 - Valuation of Certain Bonds or Other Evidences of Debt.

500.841 Valuation of certain bonds or other evidences of debt. Sec. 841.  (1) Subject to subsection (2), all bonds or other evidences of debt having a fixed term and rate of interest held by an insurer, if amply secured and not in default as to principal or interest, may be valued as follows:  (a) If purchased at par, at the par value.  (b) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made, or in lieu of such method, according to the accepted method of valuation as approved by the commissioner.  (2) The purchase price of a bond or evidence of debt under subsection (1) shall not be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage, or express charges paid in the acquisition of the securities.  (3) The commissioner shall have full discretion in determining the method of calculating values under this section, but a method or valuation shall not be inconsistent with any applicable valuation or method used by insurers in general. History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.842 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)|Section 500.842 - Valuation of Certain Securities, Stocks, or Shares.

500.842 Valuation of certain securities, stocks, or shares. Sec. 842.  (1) Securities, other than those referred to in section 841, held by an insurer shall be valued, in the commissioner's discretion, at their market value, at their appraised value, or at prices determined by the commissioner as representing their fair market value.  (2) Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the commissioner's discretion and in accordance with a method of valuation as the commissioner may approve.  (3) Stock of a subsidiary corporation of an insurer shall not be valued at an amount in excess of the net value of the stock as based upon only those assets of the subsidiary that would be eligible under sections 910 through 947 for the direct investment of the insurer's funds. History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.900 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-9 - Chapter 9 Investments (500.900...500.960)|Section 500.900 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.900 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed section pertained to investments by domestic insurer.Popular Name: Act 218
MI Comp L § 500.902 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-9 - Chapter 9 Investments (500.900...500.960)|Section 500.902 - Investments by Domestic Insurer; Amount in Qualified Asset Required; Definition.

500.902 Investments by domestic insurer; amount in qualified asset required; definition. Sec. 902.  (1) Except as otherwise provided in sections 942(7), (10), and (11), 943(2), and 946(4), this chapter does not prohibit the investment of a domestic insurer's capital and surplus in any asset otherwise permitted to be held by any other person or corporation under the laws of this state, provided the domestic insurer maintains qualified assets as described in this chapter in the amounts specified in section 901.  (2) As used in this section, "qualified assets" means cash and those assets described in sections 910 to 947. History: Add. 2002, Act 462, Imd. Eff. June 21, 2002 Compiler's Notes: Former MCL 500.902, which pertained to authorized investments by domestic insurers, was repealed by Act 318 of 1969, Eff. Mar. 20, 1970.Popular Name: Act 218
MI Comp L § 500.904 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-9 - Chapter 9 Investments (500.900...500.960)|Section 500.904 - Repealed. 1957, Act 91, Eff. Sept. 27, 1957.

500.904 Repealed. 1957, Act 91, Eff. Sept. 27, 1957. Compiler's Notes: The repealed section pertained to investment limitations of domestic mutual insurer.Popular Name: Act 218
MI Comp L § 500.906, 500.908 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-9 - Chapter 9 Investments (500.900...500.960)|Section 500.906, 500.908 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.906, 500.908 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed sections pertained to assets and limitations on investments.Popular Name: Act 218
MI Comp L § 500.910 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-9 - Chapter 9 Investments (500.900...500.960)|Section 500.910 - Certificates of Deposit or Depository Receipts; Construction as Deposits of Cash.

500.910 Certificates of deposit or depository receipts; construction as deposits of cash. Sec. 910.  Certificates of deposit or depository receipts issued by a bank, trust company or savings and loan association insured by the federal deposit insurance corporation or federal savings and loan insurance corporation to an insurer and not otherwise negotiable, transferable, encumbered or pledged, maturing not more than 1 year from date of issue, shall be construed as deposits of cash by the insurer. History: Add. 1969, Act 318, Eff. Mar. 20, 1970 Popular Name: Act 218