reglab/housing_qa huggingface dataset:
MI Comp L § 500.5285 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5285 - Nonapplication of Sections to Certain Transactions.

500.5285 Nonapplication of sections to certain transactions. Sec. 5285.  The provisions of section 5283 shall not apply to any transaction, and the provisions of section 5284 shall not apply to any sale of an equity security of a domestic stock insurance company not then or previously held by the transferor in an investment account, by a dealer in the ordinary course of his business and incident to the establishment or maintenance by the dealer of a primary or secondary market, otherwise than on an exchange as defined in the securities exchange act of 1934, for the security. The commissioner, by such rules and regulations as he deems necessary or appropriate in the public interest, may define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market. History: Add. 1965, Act 377, Eff. Mar. 31, 1966 Popular Name: Act 218
MI Comp L § 500.5286 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5286 - Foreign or Domestic Arbitrage Transactions; Exemptions.

500.5286 Foreign or domestic arbitrage transactions; exemptions. Sec. 5286.  The provisions of sections 5282, 5283 and 5284 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner may adopt in order to carry out the purposes of this act. History: Add. 1965, Act 377, Eff. Mar. 31, 1966 Popular Name: Act 218
MI Comp L § 500.5287 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5287 - Equity Security; Definition.

500.5287 Equity security; definition. Sec. 5287.  The term "equity security" means any stock or similar security; or any security convertible, with or without consideration into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the commissioner shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security. History: Add. 1965, Act 377, Eff. Mar. 31, 1966 Popular Name: Act 218
MI Comp L § 500.5288 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5288 - Registered Equity Securities; Exemptions; Conditions.

500.5288 Registered equity securities; exemptions; conditions. Sec. 5288.  The provisions of sections 5282, 5283 and 5284 shall not apply to equity securities of a domestic stock insurance company if the securities shall be registered, or shall be required to be registered, pursuant to section 12 of the securities exchange act of 1934, as amended, or if the domestic stock insurance company shall not have any class of its equity securities held of record by 100 or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of sections 5282, 5283 and 5284 except for the provisions of this section. History: Add. 1965, Act 377, Eff. Mar. 31, 1966 Popular Name: Act 218
MI Comp L § 500.5289 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5289 - Insurance Commissioner; Regulatory Powers; Effect of Good Faith.

500.5289 Insurance commissioner; regulatory powers; effect of good faith. Sec. 5289.  The commissioner may make such rules and regulations as may be necessary for the execution of the functions vested in him by sections 5282 to 5288, and for such purpose may classify domestic stock insurance companies, securities, and other persons or matters within his jurisdiction. No provision of sections 5282, 5283 and 5284 imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the commissioner, notwithstanding that the rules or regulations may be amended or rescinded or determined by judicial or other authority to be invalid for any reason, after such act or omission. History: Add. 1965, Act 377, Eff. Mar. 31, 1966 Popular Name: Act 218Admin Rule: R 500.402 et seq. of the Michigan Administrative Code.
MI Comp L § 500.5290 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5290 - Unlawful Solicitation; Use of Name to Solicit Proxies or Consents.

500.5290 Unlawful solicitation; use of name to solicit proxies or consents. Sec. 5290.  It is unlawful for any person, in contravention of such rules and regulations as the commissioner may prescribe as necessary or appropriate in the public interest or for the protection of investors, to solicit or to permit the use of his name to solicit any proxy or consent or authorization in respect of any security of a domestic insurer not listed on a national securities exchange.  History: Add. 1965, Act 377, Eff. Mar. 31, 1966 Popular Name: Act 218
MI Comp L § 500.5400 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)|Section 500.5400 - Scope of Chapter.

500.5400 Scope of chapter. Sec. 5400.  This chapter applies only to domestic mutual life and disability insurers other than cooperative insurers as identified in chapter 64 and to mutual holding companies resulting from the reorganization of those mutual insurers. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Popular Name: Act 218
MI Comp L § 500.5402 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)|Section 500.5402 - Domestic Mutual Insurers; Formation; Reorganization.

500.5402 Domestic mutual insurers; formation; reorganization. Sec. 5402.  A domestic mutual insurer for the transaction of life insurance, or for the transaction of life and disability insurance, may be formed pursuant to chapter 50 and may be reorganized pursuant to chapters 59 and 60. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Popular Name: Act 218
MI Comp L § 500.5403 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)|Section 500.5403 - Mutual Holding Company as Domestic Mutual Insurance Company.

500.5403 Mutual holding company as domestic mutual insurance company. Sec. 5403.  A mutual holding company resulting from a reorganization under chapter 60 shall be considered a domestic mutual insurance company under this act except that the mutual holding company shall not be issued a certificate of authority to issue policies or transact the business of insurance. History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000 Popular Name: Act 218
MI Comp L § 500.5408 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)|Section 500.5408 - Prerequisites to Granting Certificate of Authority.

500.5408 Prerequisites to granting certificate of authority. Sec. 5408.  No certificate of authority shall be granted such insurer to issue policies until all of the following conditions have been met:  (a) At least 500 persons have subscribed in the aggregate for at least $1,000,000.00 of insurance if organized for the purpose of transacting life insurance, or if organized for the purpose of transacting both life and disability insurances, until 500 persons have subscribed for $1,000,000.00 of each kind of insurance as if corporations had been formed separately for each such purpose and shall each have paid in 1 full annual premium in cash upon the insurance subscribed for. No application shall exceed in amount $5,000.00 of insurance on the life of any individual or individuals jointly.  (b) The insurer has deposited with the state treasurer securities as required under section 411.  (c) The requirements of this chapter have been complied with and certified under oath to the commissioner by at least 3 of the incorporators and then not until he is satisfied that the membership list and applications are genuine and the premiums paid in cash and the applicants have agreed to accept the policies within 30 days after such certificate shall have been issued. No policy of insurance shall be issued until the commissioner has issued a certificate of authority to transact insurance. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1972, Act 360, Imd. Eff. Jan. 9, 1973 Popular Name: Act 218
MI Comp L § 500.5412 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)|Section 500.5412 - Deficiency in Insurance or Membership; Procedure.

500.5412 Deficiency in insurance or membership; procedure. Sec. 5412.  If at any time it appears from an examination of the insurer or from any statement filed by the insurer that the number of risks insured, the number of policies in force, or the number of members or the amount of premiums on insurance in force are below the number and amounts required under section 5408, the commissioner shall issue an order directing the insurer within a period of 90 days to secure bona fide applications for insurance in the insurer, together with the necessary premiums, from persons who, together with the existing members, shall equal the number of members required under section 5408 and whose insurance policies, together with those in force, cover the number of risks and provide for the amount of insurance required upon organization. If the insurer does not within this period become entitled to issue policies, the commissioner may in his or her discretion take proceedings for the liquidation of the insurer as provided in chapter 81. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2001, Act 182, Imd. Eff. Dec. 21, 2001 Popular Name: Act 218
MI Comp L § 500.5416 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)|Section 500.5416 - Mutual Life Insurer; Extension of Powers; Procedure.

500.5416 Mutual life insurer; extension of powers; procedure. Sec. 5416.  A mutual life insurer may extend its corporate powers to transact disability insurance by amending its articles of incorporation and bylaws in accordance with the provisions of section 5202: Provided, Such amendment is first approved by a vote of 2/3 of its members in person or by proxy at an annual or special meeting called for that purpose pursuant to notice given in accordance with the bylaws, which notice shall specify the additional kind of insurance which it is proposed to transact. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.5420 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)|Section 500.5420 - Mutual Life and Disability Insurers; Amendment, Adoption, and Approval of Bylaws.

500.5420 Mutual life and disability insurers; amendment, adoption, and approval of bylaws. Sec. 5420.  Bylaws not inconsistent with the articles of association may be adopted or amended at any meeting of the directors or members of the insurer held after the receipt from the commissioner of a certified copy of the certificate of incorporation. The bylaws or amendments shall not become effective until approved by and filed with the commissioner. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1961, Act 153, Eff. Sept. 8, 1961 Popular Name: Act 218
MI Comp L § 500.5424 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)|Section 500.5424 - Directors and Officers; Number; Election.

500.5424 Directors and officers; number; election. Sec. 5424.  The management of the business and affairs of such an insurer shall be vested in a board of directors. Every such insurer shall have not less than 5 nor more than 17 directors, and such officers as shall be provided for in the articles of incorporation or in the bylaws. The directors shall be elected at the annual meetings of the members but any time after the first annual meeting the directors may be divided into 3 groups as nearly equal as possible and thereafter 1 group only elected in a manner to be provided by the bylaws. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1959, Act 28, Eff. Mar. 19, 1960 Popular Name: Act 218
MI Comp L § 500.5430 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-54 - Chapter 54 Mutual Life and Disability Insurers (Domestic) (500.5400...500.5430)|Section 500.5430 - Capital Funds; Borrowing; Repayment.

500.5430 Capital funds; borrowing; repayment.  Sec. 5430.  A mutual insurer organized under this chapter may borrow or assume liability for the repayment of a sum of money sufficient to defray the reasonable expenses of its organization or to provide the securities to be deposited with the state treasurer as required under this act, or to enable it to comply with any requirement of law, upon an agreement that has first been submitted to and approved by the commissioner, that the sum shall be repaid with interest accrued in a manner and at a rate approved by the commissioner. The agreement under which the sum is obtained shall provide that any claim for its return shall be inferior and subordinate to all claims of and reserves for policyholders and creditors. Interest shall be paid and principal shall be retired only out of the surplus earnings of the insurer and with the approval of the commissioner whenever, in his or her judgment, the financial condition of the insurer warrants it, except that approval shall be withheld if repayment will reduce the surplus to an amount that is less than the amount determined adequate to comply with section 403. Any sum advanced shall not form a part of the legal liabilities of the insurer but until repaid all statements published by the insurer or filed with the commissioner shall show the amount remaining unpaid.  History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994 Popular Name: Act 218
MI Comp L § 500.5500 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-55 - Chapter 55 Domestic Stock Insurer Division (500.5500...500.5517)|Section 500.5500 - Definitions.

500.5500 Definitions.Sec. 5500.  As used in this chapter:  (a) "Assets" means property, whether real, personal, mixed, tangible, or intangible, and any right or interest in the property, including all rights under contracts and other agreements.  (b) "Capital" means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions.  (c) "Divide" or "division" means the act by operation of law by which a domestic stock insurer divides into 2 or more resulting insurers in accordance with a plan of division and this chapter.  (d) "Dividing insurer" means a domestic stock insurer that approves a plan of division pursuant to section 5505.  (e) "Domestic stock insurer" means a domestic stock insurer organized or created under the laws of this state.  (f) "Insurer" means a corporation engaged or attempting to engage in the business of making insurance or surety contracts.  (g) "Liability" means any liability or obligation of any kind, character, or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, determined, determinable, or otherwise.  (h) "New insurer" means a domestic stock insurer that is created by a division occurring on or after the effective date of the amendatory act that added this chapter.  (i) "Plan of division" means a plan of division approved by a dividing insurer in accordance with section 5505.  (j) "Resulting insurer" means a domestic stock insurer created by a division or a dividing insurer that survives a division.  (k) "Shareholder" means the person in whose name a share is registered in the records of a corporation or the beneficial owner of a share to the extent of the rights granted by a nominee certificate on file with a corporation.  (l) "Sign" or "signature" includes a manual, facsimile, conformed, or electronic signature.  (m) "Surplus" means total statutory surplus less capital, calculated in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions.  (n) "Transfer" includes an assignment, assumption, conveyance, sale, lease, encumbrance, including a mortgage or security interest, gift, or transfer by operation of law. History: Add. 2018, Act 421, Imd. Eff. Dec. 20, 2018 Popular Name: Act 218
MI Comp L § 500.5505 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-55 - Chapter 55 Domestic Stock Insurer Division (500.5500...500.5517)|Section 500.5505 - Filing Plan of Division With the Department; Approval by Board of Directors and Shareholders; Effectiveness of Certain Provisions; Reasonable Notice.

500.5505 Filing plan of division with the department; approval by board of directors and shareholders; effectiveness of certain provisions; reasonable notice.Sec. 5505.  (1) A domestic stock insurer shall not file a plan of division with the director of the department unless the plan of division has been approved in accordance with all provisions of its articles of incorporation and bylaws and by the board of directors and shareholders of the dividing insurer.  (2) If a provision of the articles of incorporation or bylaws of a domestic stock insurer adopted before the effective date of the amendatory act that added this chapter requires that a specific number or percentage of the board of directors or shareholders approve the proposal or adoption of a plan of merger, or imposes other special procedures for the proposal or adoption of a plan of merger, the domestic stock insurer shall adhere to the provision in proposing or adopting a plan of division. If a provision of the articles of incorporation or bylaws of a domestic stock insurer is amended on or after the effective date of the amendatory act that added this chapter, the provision applies to a division only in accordance with its express terms.  (3) Within 10 business days after filing the plan of division with the director of the department, the dividing insurer shall provide reasonable notice of the filing to each reinsurer that is a party to a reinsurance contract allocated in the plan of division. History: Add. 2018, Act 421, Imd. Eff. Dec. 20, 2018 Popular Name: Act 218
MI Comp L § 500.5509 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-55 - Chapter 55 Domestic Stock Insurer Division (500.5500...500.5517)|Section 500.5509 - Certificate of Division; Contents; Effective Date.

500.5509 Certificate of division; contents; effective date.Sec. 5509.  (1) After a plan of division has been adopted and approved under sections 5503 to 5507, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division. The certificate of division is a public document.  (2) The certificate of division must set forth all of the following:  (a) The name of the dividing insurer.  (b) A statement disclosing whether the dividing insurer will survive the division.  (c) The name of each new insurer that will be created by the division.  (d) The date on which the division is to be effective, which must not be more than 90 days after the dividing insurer has filed the certificate of division with the department.  (e) A statement that the division was approved by the director of the department in accordance with section 5507.  (3) The articles of incorporation and bylaws of each new insurer must satisfy the requirements of the laws of this state.  (4) A certificate of division is effective when filed with the department as provided in this section or on another date specified in the plan of division, whichever is later. However, a certificate of division must become effective not more than 90 days after the related plan of division has been approved by the department. A division is effective when the relevant certificate of division is effective. History: Add. 2018, Act 421, Imd. Eff. Dec. 20, 2018 Popular Name: Act 218
MI Comp L § 500.5515 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-55 - Chapter 55 Domestic Stock Insurer Division (500.5500...500.5517)|Section 500.5515 - Record Shareholder of Non-Surviving Insurer Right to Dissent and Obtain Payment.

500.5515 Record shareholder of non-surviving insurer right to dissent and obtain payment.Sec. 5515.  If the dividing insurer does not survive the division, a record shareholder of a dividing insurer is entitled to dissent from and obtain payment of the fair value of that shareholder's shares, in the same manner and to the extent provided for under sections 1762 to 1774 of the business corporation act, 1972 PA 284, MCL 450.1762 to 450.1774. History: Add. 2018, Act 421, Imd. Eff. Dec. 20, 2018 Popular Name: Act 218