reglab/housing_qa huggingface dataset:
MI Comp L § 500.912 (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 500.912 - Qualified Assets; Description; Limitation on Governmental Securities.

500.912 Qualified assets; description; limitation on governmental securities.Sec. 912.  (1) Qualified assets for purposes of section 901 include all of the following:  (a) In the bonds or other evidences of indebtedness of the United States or Canada, or any state, province, territory, or public instrumentality of the United States or Canada, or in the valid public debt, bonds, or other evidence of indebtedness of any city, county, township, village, school district, or any other political subdivision having the power to levy taxes or of any state or territory of the United States or province of Canada, if the state, province, municipality, or other political subdivision has not, in the 3 years preceding the time of the investment, failed to pay its debt or any part of its debt, the interest due on the debt, or any part of the interest due on the debt. Delay, not exceeding 6 months, in the payment of any installment of principal or interest is not considered failure to pay.  (b) In the bonds or other evidences of indebtedness of any political subdivision of the United States, any state or county in the United States, any agency, public instrumentality, or authority created by the United States, or any state or county in the United States or any political subdivision of the state or county, if, by statutory or other legal requirements, those obligations are payable, as to both principal and interest, from adequate special revenues pledged or otherwise appropriated or by law required to be provided for the purpose of payment.  (c) In governmental bonds or governmental securities of this or any foreign government, or governmental subdivisions or authorities or instrumentalities, not otherwise provided for in this section subject to the limitations in subdivisions (a) and (b) prescribed for other governmental securities.  (2) A domestic insurer's investment in governmental securities is subject to the limitations in section 901(2)(f). History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 ;-- Am. 2014, Act 141, Eff. Mar. 31, 2015 Popular Name: Act 218
MI Comp L § 500.914 (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 500.914 - Qualified Assets as Guaranteed Interest Bonds.

500.914 Qualified assets as guaranteed interest bonds. Sec. 914.  Qualified assets for purposes of section 901 include bonds or other securities, the interest of which is guaranteed by the United States government pursuant to any act of congress enacted before, on, or after January 1, 1957. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.916 (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 500.916 - Qualified Assets as Federal Financing Agency Stock.

500.916 Qualified assets as federal financing agency stock. Sec. 916.  If any agency or corporation is established by the federal government with authority to purchase, discount, or loan money upon the security of real estate mortgages but requiring membership or ownership of capital stock in that federal agency or corporation for any insurer organized under the laws of this state to avail itself of the full privileges of selling, rediscounting, or borrowing money upon those mortgages, then qualified assets for purposes of section 901 include the amount of capital stock that is required by the federal law or the rules of the governing body of the federal agency or corporation. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 91, Eff. Sept. 27, 1957 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.917 (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 500.917 - Mortgage-Backed Securities; Certain Securities Described in Secondary Mortgage Market Enhancement Act of 1984 Subject to Limitations; Definition.

500.917 Mortgage-backed securities; certain securities described in secondary mortgage market enhancement act of 1984 subject to limitations; definition. Sec. 917.  (1) Qualified assets for purposes of section 901 include mortgage-backed securities backed by pools of residential mortgages and rated investment grade by a securities rating organization approved by the commissioner. Any securities described in section 106 of title I of the secondary mortgage market enhancement act of 1984, Public Law 98-440, 15 U.S.C. 77r-1, shall be subject to all the limitations prescribed by this chapter for investments not guaranteed by the full faith and credit of the United States.  (2) As used in this section, "mortgage-backed securities" means securities representing an ownership interest in, or as to which payments are secured directly or indirectly by, a pool of mortgages or by the cash flows generated by a pool of mortgages and shall include, but are not limited to, mortgage pass-through securities and collateralized mortgage obligations. History: Add. 1991, Act 106, Imd. Eff. Oct. 3, 1991 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.917a (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 500.917a - Definitions; Asset-Backed Securities.

500.917a Definitions; asset-backed securities. Sec. 917a.  (1) As used in this section:  (a) "Asset-backed securities" means securities, other than those governed by section 917, representing loans to, participations in loans to, or equity interests in a person that has as its primary activity the acquisition and holding of assets, directly or through a trustee, for the benefit of its debt or equity holders and includes, but is not limited to, structured securities, pass-through certificates, and other securitized obligations.  (b) "Assets" means pools of assets consisting of either interest bearing obligations or contractual obligations representing the right to receive payment from the assets.  (c) "Structured securities" means asset-backed securities that have been divided into 2 or more classes where the payment of interest on or principal of any class of the securities has been allocated in a manner that may not be directly proportional to interest or principal received by the issuer of the securities on the underlying assets.  (d) "Pass-through certificate" means an asset-backed security, whether or not mortgage-related, where the payment of interest or principal on the security is directly proportional to interest or principal received by the issuer of the security on the underlying assets.  (2) Qualified assets for purposes of section 901 include asset-backed securities that are rated investment grade by a securities rating organization approved by the commissioner. Asset-backed securities that are secured by or represent an undivided interest in a single asset or pool of assets or in the cash flows generated by those assets, including without limitation, structured securities and pass-through certificates, are subject to all the limitations prescribed by this chapter for investments not guaranteed by the full faith and credit of the United States. History: Add. 1994, Act 226, Imd. Eff. June 27, 1994 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.918 (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 500.918 - Qualified Assets by Solvent Institution; Authorization; Mortgage Loans; Equipment Trust Certificates; Fixed Interest Bearing Obligations.

500.918 Qualified assets by solvent institution; authorization; mortgage loans; equipment trust certificates; fixed interest bearing obligations. Sec. 918.  Qualified assets for purposes of section 901 include lawfully authorized obligations issued, assumed, or guaranteed by any solvent institution created or existing under the laws of the United States or of any state, district, or territory of the United States, or of Canada or any province of Canada, that are not in default as to principal or interest and that are qualified under any of the following clauses:  (a) Obligations secured by the mortgage of property or the pledge of adequate collateral if, during any 3, including the last 2, of the 5 fiscal years next preceding the time of investment, the net earnings of the issuing, assuming, or guaranteeing institution available for fixed charges, as determined in accordance with standard accounting practice, have been not less than the total of its fixed charges for such year on an overall basis nor less than 1-1/2 times its fixed charges for such year on a priority basis after excluding interest requirements on obligations junior to such issue as to security.   (b) In equipment trust certificates of railroad companies organized under the laws of any state of the United States or of Canada or of any province of Canada, payable within 20 years from their date of issue, in annual or semiannual installments, beginning not later than the fifth year after such date, and which certificates are a first lien on the specific equipment pledged as security for the payment which are either the direct obligations of the railroad companies or guaranteed by them, or are executed by trustees holding title to the equipment.   (c) Fixed interest bearing obligations other than those described in subdivisions (a) and (b), if the net earnings of the issuing, assuming, or guaranteeing institution available for fixed charges during each of any 3, including the last 2, of the 5 fiscal years next preceding the time of investment, shall have been not less than 1-1/2 times the total of its fixed charges for such year. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.920 (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 500.920 - Net Earnings Available for Fixed Charges; Definition.

500.920 Net earnings available for fixed charges; definition. Sec. 920.  For the purposes of this chapter, the term "net earnings available for fixed charges" means net income after deducting operating and maintenance expenses, taxes other than federal and state income taxes, depreciation and depletion, but excluding extraordinary nonrecurring items of income and expenses appearing in the regular financial statements of the issuing company. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.922 (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 500.922 - Qualified Assets in Stocks, Bonds, or Evidences of Corporate Indebtedness; Authorization.

500.922 Qualified assets in stocks, bonds, or evidences of corporate indebtedness; authorization. Sec. 922.  Qualified assets for purposes of section 901 include stocks, bonds, and other evidence of indebtedness of solvent corporations as approved by its board of directors or a committee of the board entrusted with the investment of the company's funds. The insurer may hold the stocks, bonds, and other evidences of indebtedness as an investment. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 91, Eff. Sept. 27, 1957 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 1991, Act 79, Imd. Eff. July 18, 1991 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.924 (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 500.924 - Qualified Assets in Preferred Stock; Conditions.

500.924 Qualified assets in preferred stock; conditions.Sec. 924.  Qualified assets for purposes of section 901 include preferred stocks of any company organized under the laws of the United States, a state of the United States, the District of Columbia, Canada, or a province or territory of Canada, if the company has continuously and regularly paid the dividends provided for by the preferred stock during the 5 years preceding the investment; except that with respect to preferred stocks issued within the 5-year period, the dividend payments requirement applies only from the date of issuance, and in those cases the net earnings of the company and its subsidiaries available for fixed charges of the company and its subsidiaries and the net earnings of any predecessor organizations and their subsidiaries, if any, available for fixed charges of the predecessor organizations and their subsidiaries, must have averaged an amount per annum for the 5 fiscal years preceding the making of the investment at least equal to 2 times the total of the annual interest charges, including amortization of debt discount and expense, and dividends guaranteed, if any, and the preferred dividend requirement on a pro forma basis. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 ;-- Am. 2014, Act 141, Eff. Mar. 31, 2015 Popular Name: Act 218
MI Comp L § 500.926-500.931 (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 500.926-500.931 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.926-500.931 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed sections pertained to investments by insurers.Popular Name: Act 218
MI Comp L § 500.932 (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 500.932 - Qualified Assets in Shares of Savings and Loan Associations.

500.932 Qualified assets in shares of savings and loan associations. Sec. 932.  Qualified assets for purposes of section 901 include shares of any building and loan association or savings and loan association, either state chartered or federally chartered. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.933 (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 500.933 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.933 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed section pertained to investments by insurers. Popular Name: Act 218
MI Comp L § 500.934 (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 500.934 - Qualified Assets in Farm Loan Bonds, Intermediate Credit Bank Loans, Central Bank for Cooperatives, Home Loan Banks, Federal Savings and Loan Insurance Corporation Obligations; Authorization.

500.934 Qualified assets in farm loan bonds, intermediate credit bank loans, central bank for cooperatives, home loan banks, federal savings and loan insurance corporation obligations; authorization. Sec. 934.  Qualified assets for purposes of section 901 include farm loan bonds, consolidated or otherwise, issued by the federal land banks pursuant to the federal farm loan act, as amended; in collateral trust debentures or other similar obligations, consolidated or otherwise, issued by federal intermediate credit banks pursuant to the federal farm loan act, as amended; in debentures, consolidated or otherwise, issued by the central bank for cooperatives or banks for cooperatives pursuant to the farm credit act of 1933, as amended; in obligations issued pursuant to the provisions of the federal home loan bank act, approved July 22, 1932, as amended; and in interest-bearing obligations of the federal savings and loan insurance corporation issued pursuant to title 4 of the national housing act, approved June 27, 1934, as amended. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1958, Act 118, Eff. Sept. 13, 1958 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.938 (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 500.938 - Qualified Assets.

500.938 Qualified assets. Sec. 938.  Qualified assets for purposes of section 901 include all of the following:  (a) Any negotiable paper or other evidence of indebtedness secured by any of the classes of securities in which insurance companies may lawfully invest funds pursuant to sections 912 and 918.  (b) Negotiable notes secured by pledge of stock of national or state banks, which have a surplus equal in amount to 25% of the paid in capital stock provided those loans do not exceed 85% of the market value of the stock and the total amount of the loan on bank secured collateral does not exceed 15% of the capital and surplus of the insurance company.  (c) For other than a life insurer, loans secured as collateral by corporate stocks and securities eligible for investment under section 922 but no loan shall be made of more than 50% of the fair market value of those stocks and securities. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 91, Eff. Sept. 27, 1957 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.944 (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 500.944 - Accounts Receivable; Includable as Qualified Assets.

500.944 Accounts receivable; includable as qualified assets. Sec. 944.  Qualified assets for purposes of section 901 include the value of any amounts receivable from insurers authorized to transact insurance in this state. History: Add. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.945 (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 500.945 - Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.

500.945 Repealed. 1994, Act 226, Imd. Eff. June 27, 1994. Compiler's Notes: The repealed section pertained to investments or loans meeting trusted depository requirements.Popular Name: Act 218
MI Comp L § 500.946 (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 500.946 - Home Office, Lands, and Buildings; Includable as Qualified Assets.

500.946 Home office, lands, and buildings; includable as qualified assets. Sec. 946.  (1) Subject to the limitations in section 901, qualified assets for purposes of section 901 include a home office, lands, and buildings as follows:  (a) A building in which the insurer has its principal home office and the land upon which the building stands.  (b) Real estate requisite for its accommodation in the convenient transaction of its business.  (c) Other real estate requisite or desirable for the protection or enhancement of the value of real estate described under subdivisions (a) and (b).  (2) Any parcel of real estate acquired under this section may include excess space for rental to others or if the excess is reasonably required in order to have a building that would be an economic unit.  (3) Real estate under this section may be subject to a mortgage.  (4) Any real estate investment under this section that would result in a total real estate investment in excess of 10% of a domestic insurer's capital and surplus shall not be made until a certificate of permission for the purchase or construction of the property is granted by the commissioner. The commissioner may require an appraisal of the property considered for investment by 3 qualified appraisers, appointed by the commissioner for the purpose of the appraisal, and their certification to the commissioner of a valuation of the property at least equal to the amount that is proposed to be invested in the property by the insurer. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 91, Eff. Sept. 27, 1957 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.947 (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 500.947 - Income Producing Real Estate and Housing Projects; Includable as Qualified Assets.

500.947 Income producing real estate and housing projects; includable as qualified assets. Sec. 947.  (1) Subject to the limitations in section 901, qualified assets for purposes of section 901 include real estate or any interest in real estate, acquired by the insurer for the purpose, under its franchise, of construction, development, maintenance, operation, or lease as an investment for the production of income, or for the purpose, under its franchise, of constructing, maintaining, or operating housing projects including incidental retail and service facilities.  (2) Subject to the limitations in section 901, qualified assets for purposes of section 901 include real estate conveyed or mortgaged in good faith, by way of security for debts or in satisfaction for debts, or purchased at sales on judgments, decrees, or mortgages in favor of the insurer or acquired in the process of settling claims asserted under its policies. History: Add. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 Popular Name: Act 218
MI Comp L § 500.948 (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 500.948 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.948 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed section pertained to investments by insurers. Popular Name: Act 218
MI Comp L § 500.950, 500.951 (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 500.950, 500.951 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

500.950, 500.951 Repealed. 1969, Act 318, Eff. Mar. 20, 1970. Compiler's Notes: The repealed sections pertained to investments by insurers.Popular Name: Act 218