reglab/housing_qa huggingface dataset:
MI Comp L § 500.1377 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1377 - Liquidation or Rehabilitation; Recovery of Certain Distributions or Payments.

500.1377 Liquidation or rehabilitation; recovery of certain distributions or payments. Sec. 1377.  (1) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer both of the following:   (a) From any parent corporation, holding company, or person who otherwise controls the insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock if made at any time during the 3 years preceding the petition for liquidation, conservation, or rehabilitation.  (b) Any payment in the form of an extraordinary bonus, termination settlement, or lump sum salary adjustment made by the insurer or its subsidiary to a director, officer, or employee if made at any time during the 3 years preceding the petition for liquidation, conservation, or rehabilitation.  (2) A distribution or payment shall not be recoverable under this section if the parent or affiliate or the director, officer, or employee shows that when paid the distribution was lawful and reasonable and that the insurer did not know and could not reasonably have known that the distribution or payment might adversely affect the ability of the insurer to fulfill its contractual obligations. If payments were made to more than 1 director, officer, or employee, this subsection shall apply to the aggregate of those payments.  (3) A person who was a parent corporation, holding company, or a person who otherwise controlled the insurer or affiliate at the time the distribution was paid shall be liable up to the amount of distributions or payments under subsection (1) that the person received. A person who otherwise controlled the insurer at the time the distribution was declared shall be liable up to the amount of distributions he or she would have received if they had been paid immediately. If 2 or more persons are liable with respect to the same distribution, they are jointly and severally liable.  (4) The maximum amount recoverable under this section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.  (5) To the extent that any person liable under subsection (3) is insolvent or otherwise fails to pay claims due from it pursuant to subsection (3), its parent corporation, holding company, or person who otherwise controlled it at the time the distribution was paid, is jointly and severally liable for any resulting deficiency in the amount recovered from that person. History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.1378 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1378 - Failure by Commissioner to Act or Make Determination; Petition for Writ of Superintending Control.

500.1378 Failure by commissioner to act or make determination; petition for writ of superintending control. Sec. 1378.  A person aggrieved by failure of the commissioner to act or make a determination required by this chapter may petition the Ingham county circuit court for a writ of superintending control. History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218
MI Comp L § 500.1379 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)|Section 500.1379 - Violation of Chapter; Suspension, Revocation or Refusal to Renew License.

500.1379 Violation of chapter; suspension, revocation or refusal to renew license. Sec. 1379.  When it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner, after giving notice and an opportunity to be heard, may determine to suspend, revoke or refuse to renew the insurer's license or authority to do business in this state for such period as he finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusion of law. History: Add. 1970, Act 136, Imd. Eff. July 29, 1970 Popular Name: Act 218
MI Comp L § 500.1400 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1400 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1400 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section pertained to application of chapter as to agents, solicitors, adjustors, and counselors.Popular Name: Act 218
MI Comp L § 500.1401 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1401 - Definitions.

500.1401 Definitions. Sec. 1401.  As used in this chapter:   (a) "Actuary" means a person who is a member in good standing of the American academy of actuaries.  (b) "Managing general agent" or "MGA" means a person who is not listed under section 1403 and meets both of the following:   (i) Negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office.   (ii) Acts as an agent for such insurer whether known as a managing general agent or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium of not less than 5% of the policyholder surplus as reported in the last annual statement of the insurer in any 1 quarter or year and adjusts or pays claims in excess of an amount determined by the commissioner or negotiates reinsurance on behalf of the insurer.  (c) "Guaranty association" means the property and casualty guaranty association created in chapter 79 and the life and health insurance guaranty association created in chapter 77.  (d) "Underwrite" means the authority to accept or reject risk on behalf of the insurer. History: Add. 1990, Act 350, Eff. June 1, 1991 Popular Name: Act 218
MI Comp L § 500.1402 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1402 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1402 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section pertained to definition of general, district, state, or special agent.Popular Name: Act 218
MI Comp L § 500.1403 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1403 - Persons Not Considered Managing General Agents.

500.1403 Persons not considered managing general agents. Sec. 1403.  For the purposes of the chapter, the following persons are not considered managing general agents:  (a) An employee of the insurer.  (b) A United States manager of the United States branch of an alien insurer.  (c) An underwriting manager who pursuant to contract manages all the insurer's insurance operations, is under common control with the insurer, is subject to chapter 13, and whose compensation is not based on the volume of premiums written.  (d) An attorney-in-fact for a reciprocal or inter-insurance exchange. History: Add. 1990, Act 350, Eff. June 1, 1991 ;-- Am. 1991, Act 57, Imd. Eff. June 27, 1991 Popular Name: Act 218
MI Comp L § 500.1404 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1404 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1404 Repealed. 1972, Act 133, Eff. Mar. 30, 1973.  Compiler's Notes: The repealed section pertained to resident agents, definition, and licenses.Popular Name: Act 218
MI Comp L § 500.1405 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1405 - Licensing.

500.1405 Licensing. Sec. 1405.  (1) A person shall not act in the capacity of a managing general agent with respect to risks located in this state for an insurer authorized in this state unless that person is licensed as an agent in this state.  (2) A person shall not act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless that person is licensed as an agent in this state pursuant to the provisions of this chapter. History: Add. 1990, Act 350, Eff. June 1, 1991 Popular Name: Act 218
MI Comp L § 500.1407 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1407 - Bond; Errors and Omissions Policy.

500.1407 Bond; errors and omissions policy.  Sec. 1407.  The commissioner may require a managing general agent to do both of the following:  (a) Maintain a bond in an amount acceptable to the commissioner for the protection of the insurer.  (b) Maintain an errors and omissions policy. History: Add. 1990, Act 350, Eff. June 1, 1991 Popular Name: Act 218
MI Comp L § 500.1408 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1408 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1408 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section pertained to definition of solicitor.Popular Name: Act 218
MI Comp L § 500.1411 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1411 - Insurer; Duties.

500.1411 Insurer; duties. Sec. 1411.  An insurer shall comply with all of the following:  (a) Have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business.  (b) If a managing general agent establishes loss reserves for the insurer, annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This subdivision is in addition to any other required loss reserve certification.  (c) Periodically, and not less than semiannually, conduct an on-site review of the underwriting and claims processing operations of the managing general agent.  (d) Provide that binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates rests with an officer of the insurer who is not affiliated with the managing general agent.  (e) Within 30 days of entering into or terminating a contract with a managing general agent, provide written notification of the appointment or termination to the commissioner. Notices of appointment of a managing general agent shall include a statement of duties that the applicant is a licensed agent, is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.  (f) Review each quarter its books and records to determine if an agent has become a managing general agent. If the insurer determines that an agent has become a managing general agent, the insurer shall promptly notify the agent and the commissioner of this determination and the insurer and agent shall fully comply with the provisions of this chapter within 30 days.  (g) Except as to relationships governed by chapter 13, shall not appoint to the board of directors an officer, director, employee, agent, or controlling shareholder of the insurer's managing general agents. History: Add. 1990, Act 350, Eff. June 1, 1991 Popular Name: Act 218
MI Comp L § 500.1412 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1412 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1412 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section pertained to license requirement and employment of insurance agent.Popular Name: Act 218
MI Comp L § 500.1413 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1413 - Acts of Managing General Agent Deemed Acts of Insurer; Examination.

500.1413 Acts of managing general agent deemed acts of insurer; examination. Sec. 1413.  The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.  History: Add. 1990, Act 350, Eff. June 1, 1991 Compiler's Notes: Former MCL 500.1413, which pertained to action by unlicensed agent, was repealed by Act 133 of 1972, Eff. Mar. 30, 1973.Popular Name: Act 218
MI Comp L § 500.1414 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1414 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1414 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section pertained to license requirement of clerical help.Popular Name: Act 218
MI Comp L § 500.1415 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1415 - Violation; Penalties; Judicial Review; Rights of Policyholders, Claimants, and Auditors.

500.1415 Violation; penalties; judicial review; rights of policyholders, claimants, and auditors. Sec. 1415.  (1) If the commissioner finds after a hearing conducted in accordance with the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, that any person has violated any provision of this chapter, the commissioner may order the following:  (a) For each separate violation, a civil fine in an amount that does not exceed $25,000.00.  (b) Revocation or suspension of the agent's license.  (c) Restitution by the managing general agent to reimburse the insurer, the rehabilitator, liquidator of the insurer, or the guaranty associations for any losses incurred by the insurer or the guaranty associations because of a violation of this chapter.  (2) The decision, determination, or order of the commissioner pursuant to subsection (1) shall be subject to judicial review pursuant to Act No. 306 of the Public Acts of 1969.  (3) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in this act.  (4) Nothing contained in this chapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, and auditors. History: Add. 1990, Act 350, Eff. June 1, 1991 Popular Name: Act 218
MI Comp L § 500.1416 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1416 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1416 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section pertained to requisition of agent's license by insurer.Popular Name: Act 218
MI Comp L § 500.1417 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1417 - Rules and Regulations.

500.1417 Rules and regulations. Sec. 1417.  The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this chapter. History: Add. 1990, Act 350, Eff. June 1, 1991 Compiler's Notes: Former MCL 500.1417, which pertained to license, application, form, and examination fee, was repealed by Act 133 of 1972, Eff. Mar. 30, 1973.Popular Name: Act 218
MI Comp L § 500.1419 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1419 - Effective Date of Chapter.

500.1419 Effective date of chapter. Sec. 1419.  This chapter shall take effect on June 1, 1991. An insurer shall not use the services of a managing general agent on and after June 1, 1991, unless such use is in compliance with this chapter. History: Add. 1990, Act 350, Eff. June 1, 1991 Popular Name: Act 218
MI Comp L § 500.1420-500.1450 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)|Section 500.1420-500.1450 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1420-500.1450 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed sections pertained to agents and solicitors.Popular Name: Act 218
MI Comp L § 500.1451 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14A - Chapter 14a Producer Controlled Insurers (500.1451...500.1474)|Section 500.1451 - “Producer” Defined.

500.1451 “Producer” defined.  Sec. 1451.  As used in this chapter, "producer" means an insurance agent or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of an insurance contract on behalf of an insured other than the person, firm, association, or corporation. History: Add. 1994, Act 227, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.1452 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14A - Chapter 14a Producer Controlled Insurers (500.1451...500.1474)|Section 500.1452 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1452 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section, formerly compiled in Chapter 14 of this act, pertained to reward prohibited for procurement of business by unlicensed person.Popular Name: Act 218
MI Comp L § 500.1453 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14A - Chapter 14a Producer Controlled Insurers (500.1451...500.1474)|Section 500.1453 - Exceptions to Provisions of Chapter.

500.1453 Exceptions to provisions of chapter.  Sec. 1453.  The provisions of this chapter do not apply to the following:  (a) Risk retention groups as defined in section 1801.  (b) Captive insurers owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, owned by the insureds whose exclusive purpose is to insure risks of member organizations or group members and their affiliates. History: Add. 1994, Act 227, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.1454 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14A - Chapter 14a Producer Controlled Insurers (500.1451...500.1474)|Section 500.1454 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1454 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section, formerly compiled in Chapter 14 of this act, pertained to penalty for violations and suspension of license.Popular Name: Act 218
MI Comp L § 500.1456 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14A - Chapter 14a Producer Controlled Insurers (500.1451...500.1474)|Section 500.1456 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1456 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section, formerly compiled in Chapter 14 of this act, pertained to agent, solicitor, or broker as fiduciary and intent to embezzle.Popular Name: Act 218
MI Comp L § 500.1457 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14A - Chapter 14a Producer Controlled Insurers (500.1451...500.1474)|Section 500.1457 - Notice of Relationship Between Producer and Controlled Insurer; Exception; Applicability of Section to Policies Written or Renewed 60 Days After Effective Date of Chapter.

500.1457 Notice of relationship between producer and controlled insurer; exception; applicability of section to policies written or renewed 60 days after effective date of chapter. Sec. 1457.  (1) The controlling producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain a record of a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured.  (2) This section applies to all policies written or renewed on or after 60 days after the effective date of this chapter. History: Add. 1994, Act 227, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.1458 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-14A - Chapter 14a Producer Controlled Insurers (500.1451...500.1474)|Section 500.1458 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.

500.1458 Repealed. 1972, Act 133, Eff. Mar. 30, 1973. Compiler's Notes: The repealed section, formerly compiled in Chapter 14 of this act, pertained to insurers' adjuster, license, and licensed agents for fire insurers.Popular Name: Act 218