reglab/housing_qa huggingface dataset:
MI Comp L § 500.632 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-6 - Chapter 6 Kinds of Insurance; Reinsurance; Limit of Risk (500.600...500.644)|Section 500.632 - Insurers; Nonprofit Dental Care Corporation; Reinsurance; Authorization.

500.632 Insurers; nonprofit dental care corporation; reinsurance; authorization.Sec. 632.  (1) An insurer may reinsure any risk authorized to be undertaken by it and grant reinsurance on any similar risk undertaken by any other insurer. A nonprofit dental care corporation operating under 1963 PA 125, MCL 550.351 to 550.373, may reinsure any risk authorized to be undertaken by it and grant reinsurance on any similar risk undertaken by another legal entity.  (2) Subject to chapter 58, a mutual insurance company other than life may, by policy, treaty, or other agreement, cede to or accept from any insurance company or insurer reinsurance on the whole or any part of any risk, which reinsurance must be without contingent liability or participation or membership unless provided otherwise. Reinsurance must not be effected with any company or insurer disapproved by written order of the director filed in his or her office.  (3) An insurer authorized to transact multiple lines of insurance may, except with respect to policies of life and endowment insurance and contracts for the payment of annuities and pure endowments, reinsure risks of every kind or description.  (4) Reinsurance must not be ceded to or accepted by any insurer operating under the cooperative or assessment plan. Reinsurance of any insurer operating under the cooperative or assessment plan must be ceded only to insurers authorized under this act to transact a similar kind of insurance in this state and to accept reinsurance.  (5) An insurer may be specifically authorized to accept reinsurance for kinds of risks that it does not have authority to insure directly. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1962, Act 53, Eff. Mar. 28, 1963 ;-- Am. 1966, Act 221, Imd. Eff. July 11, 1966 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994 ;-- Am. 2016, Act 276, Imd. Eff. July 1, 2016 Popular Name: Act 218
MI Comp L § 500.636 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-6 - Chapter 6 Kinds of Insurance; Reinsurance; Limit of Risk (500.600...500.644)|Section 500.636 - Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.

500.636 Repealed. 1994, Act 226, Imd. Eff. June 27, 1994. Compiler's Notes: The repealed section pertained to reinsurance by domestic stock or mutual insurers.Popular Name: Act 218
MI Comp L § 500.644 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-6 - Chapter 6 Kinds of Insurance; Reinsurance; Limit of Risk (500.600...500.644)|Section 500.644 - Life, Disability, and Loss of Position Insurers; Limit of Risk.

500.644 Life, disability, and loss of position insurers; limit of risk. Sec. 644.  For provisions as to limit of risk applicable to life, disability, and loss of position insurers operating on the cooperative or assessment plan see section 6446. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.702 (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 500.702 - Health Insurance Reserves; Determination of Adequacy; Basis.

500.702 Health insurance reserves; determination of adequacy; basis. Sec. 702.  The adequacy of an insurer's health insurance reserves shall be determined only on the combined basis of claim, premium, and contract reserves and not on any 1 or 2 of these categories alone. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.703 (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 500.703 - Claim Reserves and Claim Expense Reserves Required; Conditions; Testing for Adequacy and Reasonableness.

500.703 Claim reserves and claim expense reserves required; conditions; testing for adequacy and reasonableness. Sec. 703.  (1) Claim reserves are required for all incurred but unpaid claims on all health insurance policies and certificates.   (2) Appropriate claim expense reserves are required with respect to the estimated expense of settlement of all incurred but unpaid claims on health insurance policies and certificates.  (3) All claim reserves on health insurance policies and certificates for prior valuation years are to be tested for adequacy and reasonableness consistent with claim runoff schedules in accordance with the insurer's annual statutory financial statement including consideration of any residual unpaid liability.  History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.705 (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 500.705 - Disability Income Claim Reserves; Maximum Interest Rate; Morbidity Standards Specified in Rules; Exception; Group Disability Income Claim Reserves; Duration From Date of Disablement 2 Years or More but Less Than 5 Years; Basis; Request for Modification Plan Approval; Elimination Period; Measurement of Disablement Duration.

500.705 Disability income claim reserves; maximum interest rate; morbidity standards specified in rules; exception; group disability income claim reserves; duration from date of disablement 2 years or more but less than 5 years; basis; request for modification plan approval; elimination period; measurement of disablement duration. Sec. 705.  (1) The maximum interest rate for claim reserves related to disability income is that rate specified in section 733.  (2) Minimum standards with respect to morbidity are those specified in rules promulgated pursuant to this chapter except that, at the option of the insurer, for claims with a duration from date of disablement of less than 2 years, reserves may be based upon the insurer's experience, if such experience is considered credible, or upon other assumptions designed to place a sound value on the liabilities.  (3) For group disability income claims with a duration from date of disablement of 2 years or more but less than 5 years, reserves may, with the approval of the commissioner, be based on the insurer's experience for which the insurer maintains underwriting and claim administration control. The request for approval of a plan of modification to the reserve basis shall include all of the following:  (a) An analysis of the credibility of the experience.  (b) A description of how all of the insurer's experience is proposed to be used in setting reserves.  (c) A description and quantification of the margins to be included.  (d) A summary of the financial impact that the proposed plan of modification would have had on the insurer's last filed annual statement.  (e) A copy of the approval of the proposed plan of modification by the commissioner.  (f) Any other information considered necessary by the commissioner.  (4) For health insurance policies and certificates with an elimination period, the duration of disablement shall be measured as dating from the time that benefits would have begun to accrue if there had not been an elimination period. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.707 (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 500.707 - Health Insurance Benefits Other Than Disability Income; Claim Reserves Maximum Interest Rate; Basis of Claim Reserve.

500.707 Health insurance benefits other than disability income; claim reserves maximum interest rate; basis of claim reserve. Sec. 707.  (1) The maximum interest rate for claim reserves related to health insurance benefits other than disability income is that rate specified in section 733.  (2) The claim reserve shall be based upon the insurer's experience if such experience is considered credible or upon other assumptions designed to place a sound value on the liabilities. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.709 (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 500.709 - Estimation of Claim Liabilities; Methods.

500.709 Estimation of claim liabilities; methods. Sec. 709.  Except as otherwise provided in this chapter, any generally accepted or reasonable actuarial method or combination of methods may be used to estimate all claim liabilities. The methods used for estimating liabilities generally may be aggregate methods or various reserve items may be separately valued. Approximations based on groupings and averages may also be employed, provided, however, that the adequacy of the claim reserves shall be determined in the aggregate. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.711 (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 500.711 - Unearned Premium Reserves; Treatment of Premiums Due and Unpaid; Discount of Certain Gross Premiums Paid in Advance.

500.711 Unearned premium reserves; treatment of premiums due and unpaid; discount of certain gross premiums paid in advance.  Sec. 711.  (1) Unearned premium reserves are required for all health insurance policies and certificates with respect to the period of coverage for which premiums, other than premiums paid in advance, have been paid beyond the date of valuation.  (2) If premiums due and unpaid are carried as an asset, such premiums shall be treated as premiums in force, subject to unearned premium reserve determination. The value of unpaid commissions, premium taxes, and the cost of collection associated with due and unpaid premiums shall be carried as an offsetting liability.  (3) The gross premiums paid in advance for a period of coverage commencing after the next premium due date that follows the date of valuation may be appropriately discounted to the valuation date and shall be held either as a separate liability or as an addition to the unearned premium reserve that would otherwise be required as a minimum. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.713 (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 500.713 - Minimum Unearned Premium Reserve; Basis; Sum of Unearned Premium and Contract Reserves; Limitation.

500.713 Minimum unearned premium reserve; basis; sum of unearned premium and contract reserves; limitation. Sec. 713.  (1) The minimum unearned premium reserve with respect to any health insurance policy or certificate is the pro rata unearned modal premium that applies to the premium period beyond the valuation date, with such premium determined on the basis of either of the following:   (a) The valuation net modal premium on the contract reserve basis applying to the health insurance policy or certificate.  (b) The gross modal premium for the health insurance policy or certificate if no contract reserve applies.  (2) The sum of the unearned premium and contract reserves for all health insurance policies and certificates of the insurer subject to contract reserve requirements shall not be less than the gross modal unearned premium reserve on all such health insurance policies and certificates, as of the date of valuation. This reserve shall not be less than the expected claims for the period beyond the valuation date represented by the unearned premium reserve, to the extent not provided for under this chapter. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.715 (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 500.715 - Premium Reserves; Computation.

500.715 Premium reserves; computation. Sec. 715.  The insurer may employ suitable approximations and estimates in computing premium reserves including, but not limited to, groupings, averages, and aggregate estimation. The insurer should test periodically the approximations or estimates to determine their continuing adequacy and reliability. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.717 (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 500.717 - Contract Reserves; Required for Certain Policies and Certificates; Exception; Addition to Claim and Premium Reserves; Methods and Procedures; Date of Incurral Defined.

500.717 Contract reserves; required for certain policies and certificates; exception; addition to claim and premium reserves; methods and procedures; date of incurral defined. Sec. 717.  (1) Except as otherwise provided for in subsection (2), contract reserves are required for both of the following:   (a) All health insurance policies and certificates that use level premiums.  (b) All health insurance policies and certificates with respect to which, due to the gross premium pricing structure at issue, the value of the future benefits at any time exceeds the value of any appropriate future valuation net premiums at that time. The values specified in this subdivision shall be determined in the manner provided for in section 719.  (2) Health insurance policies and certificates not requiring a contract reserve include the following:  (a) Policies and certificates that cannot be continued after 1 year from issue.  (b) Policies and certificates already in force on the effective date of this chapter for which a contract reserve was not required under standards in effect before the effective date of this chapter.  (3) The contract reserve is in addition to claim reserves and premium reserves.  (4) The methods and procedures for contract reserves shall be consistent with those methods and procedures for claim reserves for any health insurance policy or certificate, or else appropriate adjustment shall be made when necessary to assure provision for the aggregate liability. The definition of the date of incurral shall be the same in both determinations. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.721 (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 500.721 - Application of Alternative Method or Basis to Contract Reserve; Assumptions; Methods to Determine Sound Value of Liabilities.

500.721 Application of alternative method or basis to contract reserve; assumptions; methods to determine sound value of liabilities. Sec. 721.  (1) If the contract reserve on all health insurance policies and certificates to which an alternative method or basis is applied is not less in the aggregate than the amount determined according to the applicable standards specified in this chapter, an insurer may use any reasonable assumptions as to interest rates, termination, and mortality rates, and rates of morbidity or other contingency.  (2) Subject to subsection (1), the insurer may employ other methods in determining a sound value of its liabilities under health insurance policies and certificates, including, but not limited to, the following:  (a) The net level premium method.  (b) The 1-year full preliminary term method.  (c) Prospective valuation on the basis of actual gross premiums with reasonable allowance for future expenses.  (d) The use of approximations such as those involving age groupings, groupings of several years of issue, average amounts of indemnity, and grouping of similar contract forms.  (e) The computation of the reserve for 1 contract benefit as a percentage of, or by other relation to, the aggregate contract reserves exclusive of the benefit or benefits so valued.  (f) The use of a composite annual claim cost for all or any combination of the benefits included in the policies or certificates valued. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.723 (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 500.723 - Tabular Reserves; Annual Review; Increments; Restriction of Future Gross Premiums; Establishment of Contract Reserves for Insufficiency in Aggregate.

500.723 Tabular reserves; annual review; increments; restriction of future gross premiums; establishment of contract reserves for insufficiency in aggregate. Sec. 723.  (1) A review shall be made annually of the insurer's prospective contract liabilities on health insurance policies and certificates valued by tabular reserves, to determine the continuing adequacy and reasonableness of the tabular reserves giving consideration to future gross premiums. The insurer shall make appropriate increments to the tabular reserves if the tests indicate that the basis of the reserves is no longer adequate, subject to the minimum standards of section 719.  (2) If an insurer has a health insurance policy or certificate for which future gross premiums will be restricted by contract, insurance bureau regulations, or for other reasons, such that the future gross premiums reduced by expenses for administration, commissions, and taxes will be insufficient to cover future claims, the insurer shall establish contract reserves for the insufficiency in the aggregate. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.725 (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 500.725 - Reinsurance; Determination of Increases To, or Credit Against, Reserves.

500.725 Reinsurance; determination of increases to, or credit against, reserves. Sec. 725.  Increases to, or credits against, reserves carried arising because of reinsurance assumed or reinsurance ceded, shall be determined in a manner consistent with minimum reserve standards described in this chapter and with all applicable provisions of the reinsurance contracts that affect the insurer's liabilities. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.729 (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 500.729 - Individual Insurance Policies; Minimum Morbidity Standards for Disability Income Benefits; Basis of Contract Reserve Standards for Certain Hospital, Surgical, and Maternity Benefits; Basis of Contract Reserve Standards for Certain Cancer Expense Benefits and Accidental Death Benefits.

500.729 Individual insurance policies; minimum morbidity standards for disability income benefits; basis of contract reserve standards for certain hospital, surgical, and maternity benefits; basis of contract reserve standards for certain cancer expense benefits and accidental death benefits. Sec. 729.  (1) The following minimum morbidity standards for disability income benefits for individual health insurance policies shall be used:  (a) For contract reserves for policies issued on or after the effective date of this chapter, the 1985 commissioners individual disability tables A (85 C.I.D.A.) or the 1985 commissioners individual disability tables B (85 C.I.D.B.) and for policies issued on or after January 1, 1965, and before the effective date of this chapter, the insurer may use either of those tables or the 1964 commissioners disability table (64 C.D.T.). Each insurer shall elect, with respect to all individual policies issued in any 1 annual statement year, whether it will use tables A or tables B as the minimum standard. The insurer may, however, elect to use the other tables with respect to any subsequent annual statement year.  (b) For claim reserves, the minimum morbidity standard in effect for contract reserves as of the date the claim is incurred.  (2) Contract reserve standards for hospital, surgical, and maternity benefits for scheduled or fixed-time period benefits for individual health insurance policies issued on or after January 1, 1955 and before January 1, 1982, shall be based on the 1956 intercompany hospital-surgical tables and for policies issued on or after January 1, 1982, the 1974 medical expense tables, table A,Transactions of the Society Actuaries, volume XXX, page 63.  (3) The contract reserve standards for scheduled or fixed-time period cancer expense benefits shall be based on the 1985 N.A.I.C. cancer claim cost tables for policies issued on or after January 1, 1986.  (4) Contract reserve standards for accidental death benefits shall be based on the 1959 accidental death benefits table for policies issued on or after January 1, 1965. History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218
MI Comp L § 500.731 (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 500.731 - Disability Benefits for Group Health Insurance Certificates; Minimum Morbidity Standards.

500.731 Disability benefits for group health insurance certificates; minimum morbidity standards. Sec. 731.  The following minimum morbidity standards for disability benefits for group health insurance certificates shall be used:  (a) For contract reserves for policies and certificates issued on or after the effective date of this chapter, the 1987 commissioners group disability income table (87 C.G.D.T.).  (b) For claim reserves for claims incurred prior to, on, or after the effective date of this chapter, the 1987 commissioners group disability income table (87 C.G.D.T.). History: Add. 1994, Act 148, Imd. Eff. June 7, 1994 Popular Name: Act 218