reglab/housing_qa huggingface dataset:
MI Comp L § 500.6111 (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 500.6111 - Automobile Theft Prevention Authority; Report.

500.6111 Automobile theft prevention authority; report. Sec. 6111.  By July 1 of every odd numbered year, the automobile theft prevention authority shall prepare a report that details the theft of automobiles occurring in this state for the previous 2 years, assesses the impact of the thefts on rates charged for automobile insurance, summarizes prevention programs, and outlines allocations made by the authority. The director of the department of state police, insurers, and the commissioner shall cooperate in the development of the report as requested by the automobile theft prevention authority and shall make available records and statistics concerning automobile thefts, including the number of automobile thefts, number of prosecutions and convictions involving automobile thefts, and automobile theft recidivism. The automobile theft prevention authority shall evaluate the impact automobile theft has on the citizens of this state and the costs incurred by the citizens through insurance, police enforcement, prosecution, and incarceration due to automobile thefts. The report required by this section shall be submitted to the senate and house of representatives standing committees on insurance issues and the commissioner. History: Add. 1992, Act 174, Imd. Eff. July 23, 1992 ;-- Am. 2004, Act 316, Imd. Eff. Aug. 27, 2004 Compiler's Notes: 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.”Popular Name: Act 218
MI Comp L § 500.6115, 500.6125 (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- Chapter 61 Automobile Theft Prevention Authority (500.6101... 500.6125)|Section 500.6115, 500.6125 - Repealed. 1991, Act 191, Eff. Apr. 1, 1992.

500.6115, 500.6125 Repealed. 1991, Act 191, Eff. Apr. 1, 1992. Compiler's Notes: The repealed sections pertained to dissolution of authority, liquidation of assets, and repeal of chapter. Popular Name: Act 218
MI Comp L § 500.6200-500.6236 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-62 - Chapter 62 Mutual Employers' Liability Insurers (Domestic) (500.6200...500.6236)|Section 500.6200-500.6236 - Repealed. 1964, Act 256, Eff. Aug. 28, 1964.

500.6200-500.6236 Repealed. 1964, Act 256, Eff. Aug. 28, 1964. Compiler's Notes: The repealed sections regulated domestic mutual employers' liability and workmen's compensation insurers. Popular Name: Act 218
MI Comp L § 500.6301 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-63 - Chapter 63 Anti-Fraud Unit (500.6301...500.6304)|Section 500.6301 - Establishment of Anti-Fraud Unit; Powers and Duties.

500.6301 Establishment of anti-fraud unit; powers and duties.Sec. 6301.  (1) An anti-fraud unit is established as a criminal justice agency in the department, dedicated to prevention and investigation of criminal and fraudulent activities in the insurance market.  (2) The anti-fraud unit is a criminal justice agency with full access to criminal justice information and criminal justice information systems. The anti-fraud unit may investigate all persons, including, but not limited to, persons subject to the department's regulatory authority, consumers, insureds, and any other persons allegedly engaged in criminal and fraudulent activities in the insurance market. The anti-fraud unit may investigate criminal and fraudulent activity related to any matter under the jurisdiction and authority of the department under Executive Reorganization Order No. 2013-1, MCL 550.991.  (3) The anti-fraud unit may do any of the following:  (a) Conduct criminal background checks on applicants for licenses and current licensees in accordance with state and federal law.  (b) Collect and maintain claims of criminal and fraudulent activities in the insurance industry.  (c) Investigate claims of criminal and fraudulent activity in the insurance market that, if true, would constitute a violation of applicable state or federal law, including, but not limited to, the Michigan penal code, 1931 PA 328, MCL 750.1 to 750.568, and this act.  (d) Maintain records of criminal investigations.  (e) Share records of its investigations with other criminal justice agencies.  (f) Review information from other criminal justice agencies to assist in the enforcement and investigation of all matters under the authority of the director.  (g) Conduct outreach and coordination efforts with local, state, and federal law enforcement and regulatory agencies to promote investigation and prosecution of criminal and fraudulent activities in the insurance market. History: Add. 2019, Act 21, Imd. Eff. June 11, 2019 Popular Name: Act 218
MI Comp L § 500.6303 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-63 - Chapter 63 Anti-Fraud Unit (500.6301...500.6304)|Section 500.6303 - Annual Report to Legislature.

500.6303 Annual report to legislature.Sec. 6303.  (1) Beginning July 1 of the year after the effective date of the amendatory act that added this section, the anti-fraud unit shall prepare and publish an annual report to the legislature on the anti-fraud unit's efforts to prevent automobile insurance fraud.  (2) The anti-fraud unit shall submit the annual report to the legislature required by this section to the standing committees of the senate and house of representatives with primary jurisdiction over insurance issues and the director. History: Add. 2019, Act 21, Imd. Eff. June 11, 2019 Popular Name: Act 218
MI Comp L § 500.6304 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-63 - Chapter 63 Anti-Fraud Unit (500.6301...500.6304)|Section 500.6304 - Effect of Chapter; Limitation of Power.

500.6304 Effect of chapter; limitation of power.Sec. 6304.  This chapter does not limit the power of the anti-fraud unit to conduct activities under Executive Order No. 2018-9 with respect to the financial services industry or markets. History: Add. 2019, Act 21, Imd. Eff. June 11, 2019 Popular Name: Act 218
MI Comp L § 500.6400 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6400 - Scope of Chapter.

500.6400 Scope of chapter. Sec. 6400.  (1) This chapter applies only to domestic insurers transacting life, disability, or loss of position insurances, as defined in section 6406, on the cooperative or assessment plan.  (2) Corporations heretofore organized and/or doing business under the provisions of Act No. 339 of the Public Acts of 1937, as amended, shall hereafter be subject to the provisions of this chapter and shall hereafter be classified as insurers doing business under this chapter. History: 1956, Act 218, Eff. Jan. 1, 1957 Compiler's Notes: Act 339 of 1937, referred to in this section, amended Act 256 of 1917 which was repealed by Act 218 of 1956.Popular Name: Act 218
MI Comp L § 500.6402 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6402 - Domestic Cooperative Plan Insurers; Organization.

500.6402 Domestic cooperative plan insurers; organization. Sec. 6402.  Subject to the requirements of chapter 50 (organization of domestic insurers) and 52 (corporate powers, procedures of domestic insurers), any number of persons, not less than 7, residents of this state, may incorporate for the purpose of carrying on upon the assessment or cooperative plan, the kind or kinds of insurance enumerated in any 1 or more subdivisions of section 6406. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.6406 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6406 - Domestic Cooperative Plan Insurers; Authorized Kinds of Insurance.

500.6406 Domestic cooperative plan insurers; authorized kinds of insurance. Sec. 6406.  The kinds of insurance which may be carried on by insurers incorporated under this chapter shall be as follows:  (1) To insure persons against bodily injury or death by accident or against disability on account of sickness or accident and also to grant specific hospital benefits and medical, surgical and sick-care benefits to persons and their families, subject to such limitations as the commissioner may prescribe with respect thereto; and to provide reimbursement of funeral expenses, not exceeding $200.00 to any person in conjunction therewith.  (2) To provide indemnity to conductors, engineers and motormen of steam and electric railways, and to persons engaged in other similar trades or occupations, for loss of position arising from discharge or suspension, which indemnity shall be payable in installments which do not exceed the average monthly wage of the member, and which, in the aggregate upon any 1 risk, shall not exceed 15% of the contingency reserve deposit provided in sections 6434 and 6446, and to provide indemnity for loss of position arising from retirement.  (3) To insure the lives of persons and to grant every insurance pertaining thereto. Such policies of life insurance may provide for total and permanent disability benefits and accidental death benefits. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.6410 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6410 - Domestic Cooperative Plan Insurers; Qualifications for Certificate of Authority; Issuance of Policies.

500.6410 Domestic cooperative plan insurers; qualifications for certificate of authority; issuance of policies. Sec. 6410.  No insurer shall commence business under this chapter until it shall have procured bona fide applications for insurance therein together with the first premium in cash from at least 300 eligible persons for each class of risk as defined in section 6406 which the insurer undertakes to write; nor until the secretary and treasurer shall have given good and sufficient bonds to the insurer to be held by the president of the insurer, for the faithful performance of their duties, which bonds shall each be in amount at least twice the amount of money liable to come into the hands of such officer at any 1 time, said bonds to be approved by the commissioner; nor until the commissioner, after receipt of satisfactory proof as to compliance with these and such other requirements as he shall deem essential, shall have issued a certificate of authority to such insurer, then, and not before, the insurer may issue its policies of insurance. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.6412 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6412 - Domestic Cooperative Plan Insurers; Life Insurer; Qualifications to Write Annuity Contracts.

500.6412 Domestic cooperative plan insurers; life insurer; qualifications to write annuity contracts. Sec. 6412.  No insurer subject to subdivision (3) of section 6406 (transaction of life insurance) shall write in Michigan any contract of annuity, or retain by virtue of supplemental agreement any proceeds of any policy or contract of insurance upon deposit with such insurer at interest or upon settlement option, until it shall have a contingency reserve deposit as defined and described in section 6434, in the amount of $100,000.00, and shall have obtained from the commissioner a certificate of authority to write such contracts of annuity or supplemental agreements. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.6414 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6414 - Domestic Cooperative Plan Insurers; Qualifications to Write Group Insurance.

500.6414 Domestic cooperative plan insurers; qualifications to write group insurance. Sec. 6414.  No such insurer shall do a business of group insurance in Michigan until it shall have accrued a contingency reserve deposit as defined and described in section 6434 in the amount of $100,000.00, and shall have obtained from the commissioner a certificate of authority to write group insurance. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.6418 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6418 - Domestic Cooperative Plan Insurers; Directors; Selection at Annual Meetings; First Annual Meeting.

500.6418 Domestic cooperative plan insurers; directors; selection at annual meetings; first annual meeting. Sec. 6418.  (1) The property, business and affairs of such insurer, shall be managed by not less than 5 nor more than 20 directors to be chosen by the members at the annual meeting of members, to serve until the next annual meeting and until their successors be qualified. The directors may be divided into 3 groups as nearly equal as possible and in such case only 1 group shall be elected at each annual meeting in a manner to be prescribed by the bylaws.  (2) The first annual meeting of members shall take place within 12 months following the date of execution of the articles of incorporation. During the interim between the execution of the articles of incorporation and the first annual meeting of members, the affairs of the insurer may be administered by such directors, officers or trustees as shall be vested with such interim authority by the terms of the articles of incorporation. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.6422 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6422 - Domestic Cooperative Plan Insurers; Members; Voting; Quorum; Inspection of Books.

500.6422 Domestic cooperative plan insurers; members; voting; quorum; inspection of books. Sec. 6422.  Every person insured in any insurer organized under this chapter shall be a member of such insurer, and shall be entitled to 1 vote at all meetings of the members, and may vote in person or by proxy under such rules and regulations as may be provided in the bylaws of such insurer: Provided, however, That a minimum of 10 members shall be present in person to constitute a quorum. The books of such insurer shall be open for inspection by any member of such insurer at any of its meetings. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.6428 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6428 - Insurer Transacting Business Under MCL 500.6406 Subject to Certain Provisions.

500.6428 Insurer transacting business under MCL 500.6406 subject to certain provisions.Sec. 6428.  (1) An insurer transacting business under section 6406(1) is subject to section 2260 and chapter 34.   (2) An insurer transacting business under section 6406(2) is subject to section 6616, and all policies must grant the nonforfeiture values under annuity contracts that are required of life insurers under this act.  (3) An insurer transacting business under section 6406(3) is subject to chapters 40 and 42. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2016, Act 276, Imd. Eff. July 1, 2016 Popular Name: Act 218
MI Comp L § 500.6432 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6432 - Domestic Cooperative Plan Insurers; Reserves; Standards Applicable.

500.6432 Domestic cooperative plan insurers; reserves; standards applicable. Sec. 6432.  (1) Every insurer transacting the kind or kinds of insurance described in subdivisions (1) and (2) of section 6406 (disability and loss of position insurances) shall maintain reserves for unearned premiums in accordance with the standards prescribed from time to time by the commissioner, which standards shall conform to those required of other insurers authorized to insure similar risks under the provisions of this code.  (2) Every insurer transacting the business of life insurance, endowment and/or annuity on or after January 1, 1948, shall maintain the reserves required by section 834 (standard valuation law); for all contracts issued between January 1, 1940, and December 31, 1947, inclusive, reserves not less than that determined by the national fraternal congress table of mortality as adopted by the national fraternal congress, August 23, 1899, with interest assumption not more than 4% per annum, or such other reserve as shall be provided by the certificate or contract of insurance, whichever may be the greater; and for all contracts issued prior to January 1, 1940, premiums shall be segregated as a separate fund or funds to be held in trust solely for the benefit of such contract, for which fund a separate accounting shall be made, unless or until the insurer shall be able to and shall elect to transfer said contracts or policies, with the reserves herein required, into 1 of the preceding 2 classes. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.6434 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6434 - Contingency Reserve; Deposit.

500.6434 Contingency reserve; deposit.  Sec. 6434.  Every domestic insurer subject to this chapter shall maintain a contingency reserve at all times at least equal to 1/10 of the total premium income for the preceding calendar year but not less than $5,000.00 for each kind of insurance enumerated in section 6406 which the insurer undertakes to issue and shall maintain a deposit with the state treasurer, of the kind and amount and for the purposes specified in section 411. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1972, Act 360, Imd. Eff. Jan. 9, 1973 Popular Name: Act 218
MI Comp L § 500.6436 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6436 - Domestic Cooperative Plan Insurers; Unlawful Use of Reserve Funds; Penalty.

500.6436 Domestic cooperative plan insurers; unlawful use of reserve funds; penalty. Sec. 6436.  (1) It shall be unlawful for any officer or agent of a cooperative mutual life insurance company doing business in this state to appropriate or use any portion of the reserve or mortality funds of such company for any other purpose than such as the articles of incorporation, bylaws and contracts with members prescribe.  (2) Any officer or agent guilty of any intentional violation of this section, or who shall aid or abet others in any such violation, shall be deemed guilty of a misdemeanor and upon conviction thereof shall be punished by a fine not exceeding $1,000.00, or by imprisonment not exceeding 6 months, or by both such fine and imprisonment, in the discretion of the court. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.6440 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)|Section 500.6440 - Domestic Cooperative Plan Insurers; Assessment of Members; Nonassessable Policies.

500.6440 Domestic cooperative plan insurers; assessment of members; nonassessable policies. Sec. 6440.  On and after January 1, 1948, every policy issued or delivered in this state by any domestic insurer subject to this chapter, shall set forth on the first page thereof, in addition to the regular specified premiums, the fact that the member is liable to be assessed to the extent needed to pay said member's aliquot share of claims and expenses, and to maintain the reserves required by this chapter. No such assessment shall be levied against any policyholder except upon due notice to such policyholder. Every policyholder shall be entitled to elect that his or her policy reserves, or the required portion thereof, shall be applied against such assessment. If any member shall fail to pay such assessment in cash within 30 days after notice, said assessment shall become a lien upon his or her policy or policies. Whenever the amount of liens upon any policy shall equal its reserve, the policy shall become void without further action and no further liability shall attach to the insurer. No assessment shall be made until the method of determining and spreading the assessment shall have been approved by the commissioner. The commissioner may authorize the prosecution of suits to collect assessments when he shall deem such action equitable and practicable: Provided, That any insurer issuing the kinds of insurance in subdivisions (1) (disability) and/or (2) (loss of position) of section 6406 may issue a nonassessable policy, which may be so described on the face of the policy, while it has contingency reserves in the amount of at least $200,000.00, and in no event shall the holder of any such policy, or any renewal thereof, be liable for a greater amount than the premiums expressed in the policy: Provided further, That no such nonassessable policy shall be issued until the commissioner shall, after examination of the insurer, determine that the insurer has contingency reserves of at least $200,000.00, and authorizes the insurer, in writing, to issue such nonassessable policies. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218