reglab/housing_qa huggingface dataset:
MI Comp L § 500.1705 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17 - Chapter 17 Risk Management and Own Risk and Solvency Assessment (500.1701...500.1715)|Section 500.1705 - Orsa; Conduct.

500.1705 ORSA; conduct.Sec. 1705.  Subject to section 1709, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member. History: Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
MI Comp L § 500.1707 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17 - Chapter 17 Risk Management and Own Risk and Solvency Assessment (500.1701...500.1715)|Section 500.1707 - Orsa Summary Report.

500.1707 ORSA summary report.Sec. 1707.  (1) An insurer shall annually submit to the director an ORSA summary report, or any combination of reports that together contain the information as described in the ORSA guidance manual, applicable to the insurer, the insurance group of which it is a member, or both. Within 90 days after the effective date of the amendatory act that added this section, the insurer shall submit to the director the calendar date the insurer will annually submit the ORSA summary report required under this section. The insurer shall file the first report required under this subsection no later than the insurer's submitted calendar date in 2018. If the insurer is a member of an insurance group and if the director is the lead state regulator of the insurance group as determined under the procedures within the National Association of Insurance Commissioners Financial Analysis Handbook, as adopted by the director, the insurer shall submit a report required by this subsection.  (2) A report required under subsection (1) must include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA summary report and that a copy of the report has been provided to the insurer's board of directors or appropriate committee of the insurer's board of directors.  (3) An insurer may comply with subsection (1) by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member to a commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if the report provides information that is comparable to the information described in the ORSA guidance manual. A report in a language other than English must be accompanied by a translation of the report into the English language. History: Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
MI Comp L § 500.1711 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17 - Chapter 17 Risk Management and Own Risk and Solvency Assessment (500.1701...500.1715)|Section 500.1711 - Orsa Summary Report; Preparation; Maintenance and Availability; Review by Director.

500.1711 ORSA summary report; preparation; maintenance and availability; review by director.Sec. 1711.  (1) Subject to subsection (2), an insurer shall prepare an ORSA summary report under section 1707 consistent with the ORSA guidance manual prescribed by the director. The insurer shall maintain and make available to the director documentation and supporting information relating to the ORSA summary report.  (2) The director shall review an ORSA summary report and any additional requests for information using similar procedures used in the analysis and examination of multistate or global insurers and insurance groups. History: Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
MI Comp L § 500.1715 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17 - Chapter 17 Risk Management and Own Risk and Solvency Assessment (500.1701...500.1715)|Section 500.1715 - Failure to File Timely Orsa Summary Report; Penalty.

500.1715 Failure to file timely ORSA summary report; penalty.Sec. 1715.  An insurer that does not, without just cause, timely file an ORSA summary report as required in this chapter shall pay a civil fine of $1,000.00 for each day's delay, to be recovered by the director and paid into the general fund. The maximum civil fine under this section is $75,000.00. The director may reduce the penalty if the insurer demonstrates to the director that the penalty would cause a financial hardship to the insurer. History: Add. 2015, Act 245, Imd. Eff. Dec. 22, 2015 Popular Name: Act 218
MI Comp L § 500.1751 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17A - Chapter 17a Corporate Governance Annual Disclosure (500.1751...500.1767)|Section 500.1751 - Limitation of Chapter in Accordance With Other Applicable State Laws; Exception.

500.1751 Limitation of chapter in accordance with other applicable state laws; exception.Sec. 1751.  This chapter does not prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law. However, this chapter does not limit the director's authority, or the rights or obligations of third parties, under chapter 2. History: Add. 2018, Act 520, Eff. Jan. 1, 2020 Popular Name: Act 218
MI Comp L § 500.1753 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17A - Chapter 17a Corporate Governance Annual Disclosure (500.1751...500.1767)|Section 500.1753 - Applicability of Chapter.

500.1753 Applicability of chapter.Sec. 1753.  This chapter applies to all insurers domiciled in this state. History: Add. 2018, Act 520, Eff. Jan. 1, 2020 Popular Name: Act 218
MI Comp L § 500.1755 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17A - Chapter 17a Corporate Governance Annual Disclosure (500.1751...500.1767)|Section 500.1755 - Definitions.

500.1755 Definitions.Sec. 1755.  As used in this chapter:  (a) "Corporate governance annual disclosure" or "CGAD" means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this chapter.  (b) "Insurance group" means insurers and affiliates included within an insurance holding company system.  (c) "Insurer" means that term as defined in section 1701.  (d) "NAIC" means that term as defined in section 1701.  (e) "ORSA Summary Report" means that term as defined in section 1701. History: Add. 2018, Act 520, Eff. Jan. 1, 2020 Popular Name: Act 218
MI Comp L § 500.1759 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17A - Chapter 17a Corporate Governance Annual Disclosure (500.1751...500.1767)|Section 500.1759 - Corporate Governance Policies; Information Made Available to Director.

500.1759 Corporate governance policies; information made available to director.Sec. 1759.  (1) The insurer or insurance group has discretion over the responses to the CGAD inquiries if the CGAD contains the material information necessary to permit the director to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The director may request additional information that he or she considers material and necessary to provide the director with a clear understanding of the corporate governance policies, the reporting or information system, or the controls implementing those policies.  (2) Notwithstanding subsection (1), the CGAD must be prepared as prescribed by the director. Documentation and supporting information related to the CGAD must be maintained and made available on examination or on request of the director. History: Add. 2018, Act 520, Eff. Jan. 1, 2020 Popular Name: Act 218
MI Comp L § 500.1765 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17A - Chapter 17a Corporate Governance Annual Disclosure (500.1751...500.1767)|Section 500.1765 - Failure to File Corporate Governance Annual Disclosure; Civil Fine; Waiver.

500.1765 Failure to file corporate governance annual disclosure; civil fine; waiver.Sec. 1765.  (1) An insurer or insurance group that does not, without just cause, timely file the CGAD as required in this chapter, after written notice and hearing, shall pay a civil fine of $1,000.00 for each day's delay, to be recovered by the director and paid into the general fund of this state. The maximum civil fine under this section is $75,000.00. The director may reduce or waive the penalty if the insurer demonstrates to the director that either of the following applies:  (a) The penalty would cause a financial hardship to the insurer.  (b) There is just cause for the delayed filing.  (2) On written request, the director may grant a 90-day extension for filing the CGAD. History: Add. 2018, Act 520, Eff. Jan. 1, 2020 Popular Name: Act 218
MI Comp L § 500.1767 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-17A - Chapter 17a Corporate Governance Annual Disclosure (500.1751...500.1767)|Section 500.1767 - Severability.

500.1767 Severability.Sec. 1767.  If in a final decision a court holds section 1761 of this chapter to be invalid, that section is not severable, and the entire chapter is void as of the date of the court decision. History: Add. 2018, Act 520, Eff. Jan. 1, 2020 Popular Name: Act 218
MI Comp L § 500.1803 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1803 - Risk Retention Group Chartered in State; Certificate of Authority; License; Compliance.

500.1803 Risk retention group chartered in state; certificate of authority; license; compliance. Sec. 1803.  (1) To be chartered in this state, a risk retention group shall obtain a certificate of authority from the commissioner and be licensed as a domestic stock or mutual casualty insurer.  (2) Except as otherwise provided in this chapter, a risk retention group chartered in this state shall comply with all statutes, rules, regulations, and requirements applicable to domestic stock or mutual casualty insurers.  (3) A certificate of authority issued to a risk retention group chartered in this state shall be limited to the business of insurance for liability. History: Add. 1989, Act 214, Eff. Jan. 1, 1990 Popular Name: Act 218
MI Comp L § 500.1804 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1804 - Repealed. 1980, Act 341, Eff. June 23, 1981.

500.1804 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler's Notes: The repealed section pertained to void contracts of fire insurance.Popular Name: Act 218
MI Comp L § 500.1805 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1805 - Risk Retention Group Chartered in State; Summary Form of Required Information.

500.1805 Risk retention group chartered in state; summary form of required information. Sec. 1805.  To be chartered in this state, a risk retention group shall provide to the commissioner in summary form, at the time of its application for a certificate of authority, all of the following:  (a) The identity of the initial members of the risk retention group.  (b) The identity of those individuals who organized the risk retention group or who will provide administrative services or otherwise influence or control the activities of the group.  (c) The amount and nature of initial capitalization.  (d) The coverages to be afforded.  (e) The states in which the risk retention group intends to operate. History: Add. 1989, Act 214, Eff. Jan. 1, 1990 Compiler's Notes: Former MCL 500.1805, which provided a penalty for fire insurance with unauthorized insurer, was repealed by Act 341 of 1980, Eff. June 23, 1981.Popular Name: Act 218
MI Comp L § 500.1806 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1806 - Repealed. 1980, Act 341, Eff. June 23, 1981.

500.1806 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler's Notes: The repealed section provided penalty for agents' solicitation of fire insurance with unauthorized insurer. Popular Name: Act 218
MI Comp L § 500.1807 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1807 - Risk Retention Group Chartered in State; Plan of Operation or Feasibility Study.

500.1807 Risk retention group chartered in state; plan of operation or feasibility study. Sec. 1807.  Before it may offer insurance in this state, a risk retention group chartered in this state shall submit to the commissioner for approval a plan of operation or feasibility study and, within 10 days of a change, shall submit an appropriate revision if a subsequent material change in an item of the plan of operation or feasibility study occurs. The risk retention group shall not offer any additional kinds of liability insurance until a revision of the plan of operation or feasibility study is approved by the commissioner. History: Add. 1989, Act 214, Eff. Jan. 1, 1990 Popular Name: Act 218
MI Comp L § 500.1809 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1809 - Risk Retention Group Chartered in State; Name.

500.1809 Risk retention group chartered in state; name. Sec. 1809.  The name under which a risk retention group chartered in this state may be authorized as a domestic casualty insurer shall be a brief description of the risk retention group's membership followed by the phrase "risk retention group". History: Add. 1989, Act 214, Eff. Jan. 1, 1990 Popular Name: Act 218
MI Comp L § 500.1810 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1810 - Repealed. 1980, Act 341, Eff. June 23, 1981.

500.1810 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler's Notes: The repealed section provided penalty for life insurance with unauthorized insurer.Popular Name: Act 218
MI Comp L § 500.1811 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1811 - Risk Retention Group Not Chartered in State; Submission of Information to Commissioner.

500.1811 Risk retention group not chartered in state; submission of information to commissioner. Sec. 1811.  A risk retention group not chartered in this state shall submit to the commissioner all of the following:  (a) Before offering insurance in this state, a statement identifying any state in which the risk retention group is chartered as a liability insurance company, the date on which it was chartered, and its principal place of business.  (b) Before offering insurance in this state, a copy of the risk retention group's plan of operation or feasibility study and revisions of the plan or study submitted to the state in which the risk retention group is chartered. However, the submission of a plan of operation or feasibility study shall not apply with respect to any line or classification of liability insurance which was defined in the liability risk retention act of 1986 before the October 27, 1986 amendments to that act and was offered before October 27, 1986 by a risk retention group which had been chartered and operating for not less than 3 years before October 27, 1986. A revision to the risk retention group's plan of operation or feasibility study submitted under this subdivision shall be submitted at the same time the revision is submitted to the commissioner of the risk retention group's chartering state.  (c) Before offering insurance in this state and by March 1 of each year thereafter, a copy of the risk retention group's financial statement submitted to the state in which the risk retention group is chartered. The financial statement shall be certified by an independent public accountant and contain a statement of opinion on loss and loss adjustment expense reserves made by a member of the American Academy of Actuaries or a qualified loss reserve specialist.   (d) A copy of the most recent examination of the risk retention group and upon request by the commissioner, any examination of the risk retention group, as certified by the commissioner or public official conducting the examination.   (e) Upon request by the commissioner, a copy of any audit performed with respect to the risk retention group and other information as considered necessary by the commissioner in order to determine the risk retention group's financial condition.  (f) Before offering insurance in this state, a $25.00 registration fee and, on a form prescribed by the commissioner, a statement of registration which designates the commissioner as its agent for the purpose of receiving service of legal documents or process.  (g) Other information as may be required to verify the risk retention group's continuing qualification as a risk retention group. History: Add. 1989, Act 214, Eff. Jan. 1, 1990 Popular Name: Act 218
MI Comp L § 500.1812 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1812 - Repealed. 1980, Act 341, Eff. June 23, 1981.

500.1812 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler's Notes: The repealed section provided penalty for disability, casualty, title, or surety insurance with unauthorized insurer.Popular Name: Act 218
MI Comp L § 500.1813 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1813 - Risk Retention Group Without Certificate of Authority Issued by Commissioner; Tax; Regulatory Fee; Report.

500.1813 Risk retention group without certificate of authority issued by commissioner; tax; regulatory fee; report. Sec. 1813.  A risk retention group that does not have a certificate of authority issued by the commissioner shall be liable for the payment of a tax of 2% on direct business for a risk resident or located within this state and, instead of the costs and expenses that may be imposed by the commissioner pursuant to this chapter, an additional regulatory fee of 0.5% on direct business for a risk resident or located within this state and shall report to the commissioner the net direct premiums written for that business. History: Add. 1989, Act 214, Eff. Jan. 1, 1990 ;-- Am. 1994, Act 228, Imd. Eff. June 30, 1994 Popular Name: Act 218
MI Comp L § 500.1815 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1815 - Risk Retention Group Not Chartered in State and Doing Business in State; Compliance Required; Examination of Financial Condition.

500.1815 Risk retention group not chartered in state and doing business in state; compliance required; examination of financial condition. Sec. 1815.  (1) A risk retention group, not chartered in this state and doing business in this state, and the risk retention group's agents and representatives, shall comply with chapter 20.  (2) A risk retention group not chartered in this state and doing business in this state shall submit to an examination by the commissioner to determine its financial condition if the commissioner of the charter state has not initiated an examination or does not initiate an examination within 60 days after a request by the commissioner of this state. An examination under this subsection should be coordinated with examination requests in other states to avoid unjustified repetition and conducted in an expeditious manner in accordance with generally accepted auditing standards. History: Add. 1989, Act 214, Eff. Jan. 1, 1990 Popular Name: Act 218
MI Comp L § 500.1817 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1817 - Risk Retention Group Not Chartered in State and Doing Business in State; Voluntary Dissolution or Delinquency Proceeding.

500.1817 Risk retention group not chartered in state and doing business in state; voluntary dissolution or delinquency proceeding. Sec. 1817.  A risk retention group not chartered in this state and doing business in this state shall comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by the commissioner if there has been a finding of financial impairment after an examination performed under section 1815(2). History: Add. 1989, Act 214, Eff. Jan. 1, 1990 Popular Name: Act 218
MI Comp L § 500.1819 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1819 - Notice Required on Application Form and Front and Declaration Pages of Policy.

500.1819 Notice required on application form and front and declaration pages of policy. Sec. 1819.  An application form for insurance from a risk retention group chartered or doing business in this state, as well as the front and declaration pages of a policy issued by a risk retention group, shall contain in 10-point type the following notice:  "NOTICE  This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group." History: Add. 1989, Act 214, Eff. Jan. 1, 1990 Popular Name: Act 218
MI Comp L § 500.1820 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-18 - Chapter 18 (500.1801...500.1864)|Section 500.1820 - Repealed. 1980, Act 341, Eff. June 23, 1981.

500.1820 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler's Notes: The repealed section contained a short title.Popular Name: Act 218