reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.415 - Rules.

500.415 Rules.
Sec. 415.
The commissioner shall promulgate rules pursuant to 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, to carry out the purposes of sections 412 to 414.
History:
Add. 1989, Act 92, Imd. Eff. June 20, 1989
Compiler's Notes:
Former MCL 500.415, which pertained to deposits required to transact insurance business, was repealed by Act 137 of 1966, Eff. Mar. 10, 1967.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.416 - Special Deposit.

500.416 Special deposit.
Sec. 416.
As a condition of qualifying for and maintaining authority to transact insurance in this state or for qualifying as an eligible unauthorized insurer, the commissioner may require an insurer to maintain a special deposit with the state treasurer in such amount as the commissioner considers necessary for the protection of Michigan policyholders and claimants. The special deposit is subject to special deposit claims pursuant to section 8141a.
History:
Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Compiler's Notes:
Former MCL 500.416, which pertained to deposits required to transact business was repealed by Act 360 of 1972, Imd. Eff. Jan. 9, 1973.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.417 - Repealed. 1966, Act 137, Eff. Mar. 10, 1967.

500.417 Repealed. 1966, Act 137, Eff. Mar. 10, 1967.
Compiler's Notes:
The repealed section made provisions of code pertaining to stock life insurers relative to deposit of securities governing domestic automobile insurers.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.418 - Identification of Payers Subject to Child Support Arrearages; "Title Iv-D Agency" Defined.

500.418 Identification of payers subject to child support arrearages; "title IV-D agency" defined.
Sec. 418.
(1) An insurer may voluntarily cooperate with a title IV-D agency and the child support lien network in identifying payers subject to child support arrearages who may be entitled to money to be paid under a liability insurance policy or the liability coverage portion of a multiperil insurance policy.
(2) As used in this section, "title IV-D agency" means that term as defined in section 2 of the support and parenting time enforcement act, 1982 PA 295, MCL 552.602.
History:
Add. 2004, Act 482, Imd. Eff. Dec. 28, 2004
Compiler's Notes:
Former MCL 500.418, which pertained to deposits required to transact insurance business, was repealed by Act 360 of 1972, Eff. Jan. 9, 1973.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.422 - Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.

500.422 Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.
Compiler's Notes:
The repealed section pertained to competition agreements by foreign or alien fire, marine, or inland insurers.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.424 - Admission of Foreign or Alien Insurer to State; Application; Report of Financial Standing; Issuance of Certificate of Authority; Filing Fees.

500.424 Admission of foreign or alien insurer to state; application; report of financial standing; issuance of certificate of authority; filing fees.
Sec. 424.
(1) A foreign or alien insurer shall not be admitted to this state until the insurer files with the commissioner an application for admission upon a form as prescribed by the commissioner. The application shall be accompanied by a copy of the insurer's charter, compact, or articles of incorporation or agreement, and bylaws, duly certified by the commissioner of insurance or corresponding officer of the state of origin or entry, together with a sworn statement of the insurer's business affairs up to any date required by the commissioner to be furnished and any other information, under oath or otherwise, that the commissioner may demand of the applicant.
(2) In addition to subsection (1), an alien insurer shall make and execute under oath a report of its financial standing and of its deposit together with a full statement of its business in the United States for the year preceding the statement pursuant to section 438.
(3) The commissioner shall examine the application and if satisfied that the applicant is safe, reliable, and entitled to public confidence and meets the same financial conditions required of like insurers organized in this state, is authorized to do the kind or class of insurance it seeks to transact, and has complied in all other respects with the applicable laws of this state, the commissioner shall issue a certificate of authority to the applicant.
(4) The applicant shall pay the filing fees as provided by sections 223 and 240.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1972, Act 360, Imd. Eff. Jan. 9, 1973 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.425, 500.426 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

500.425, 500.426 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
Compiler's Notes:
The repealed sections pertained to admission of foreign mutual insurers to doing business and to application by foreign reciprocal insurer for application for certificate of authority to transact business.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.430 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

500.430 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
Compiler's Notes:
The repealed section pertained to a foreign or alien life or sickness and accident insurer on cooperative assessment plan.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.431 - Definitions.

500.431 Definitions.
Sec. 431.
As used in sections 432 through 434:
(a) "Claimant" means any person or entity, supervisor, receiver, liquidator, rehabilitator, or conservator appointed for an alien insurer, and any guaranty association responsible for the payment of claims against the insurer, who has claims for costs and expenses of investigation or supervision pursuant to section 8109(11) or for receivership, liquidation, or payments of policyholders' claims.
(b) "Policy" means either of the following:
(i) Any contract of insurance or any agreement containing a covenant to insure that an alien insurer may be authorized to issue in any state and that is made by an alien insurer and delivered in or issued for delivery in the United States to any person resident in the United States at the time of issue, including any life insurance contract, annuity contract, disability insurance contract, guaranteed investment contract, reinsurance contract, and any contract issued on the maturity of and pursuant to any of the previously listed contracts, but excluding any contract, agreement, or portion of a contract or agreement either not guaranteed by an alien insurer or under which the risk is borne by the policyholder or claimant or where the recourse of policyholders or claimants for claims is limited to separate accounts.
(ii) For separate accounts, any group annuity or deposit contract or any other contract that an alien insurer is authorized to issue in any state, made by an alien insurer and delivered in or issued for delivery in the United States to any person resident in the United States at the time of issue that provides the right to allocate amounts to a particular trust as a separate account, including any contract issued on the maturity of and pursuant to a group annuity or deposit contract or any other contract that an alien insurer is authorized to issue in any state.
(c) "Policyholder" means the owner of, the certificate holder under, or the beneficiary under, a policy, including any other insurer if an alien insurer has issued to that insurer a reinsurance contract, and any pledgee, assignee, or other creditor having a security interest in the obligation arising out of a policy.
(d) "Qualified United States financial institution" means a state or nationally chartered bank or trust company, organized under the laws of any state or of the United States that has been granted authority to operate with fiduciary powers.
(e) "U.S. branch" means the business unit through which insurance is transacted within the United States by an alien insurer and the assets and liabilities of the insurer within the United States.
History:
Add. 1994, Act 227, Imd. Eff. June 27, 1994
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.431a - State of Entry by Alien Insurer Through u.s. Branch; Requirements.

500.431a State of entry by alien insurer through U.S. branch; requirements.
Sec. 431a.
(1) An alien insurer may use this state as a state of entry to transact insurance in the United States through a U.S. branch by qualifying as an insurer licensed to do business in this state and establishing a trust account pursuant to a trust agreement approved by the commissioner with a qualified United States financial institution approved by the commissioner, in an amount at least equal to the amount required by section 431c. With the prior approval of the commissioner, an alien insurer may establish more than 1 trust account pursuant to 1 or more trust agreements, provided that the aggregate of all amounts held in such trust accounts is at least equal to the amount required by section 431c.
(2) Before authorizing the entry through this state of a U.S. branch of an alien insurer, the commissioner shall require the alien insurer to do all of the following:
(a) Submit a copy of the proposed trust indenture for the commissioner's approval.
(b) Submit a copy of its charter, any current bylaws, and any other documents necessary to show the kinds of business that it is authorized to do in its domiciliary jurisdiction, attested to as accurate and complete by the insurance supervisory official in its domiciliary jurisdiction.
(c) Submit a full statement, subscribed and affirmed as true under the penalties of perjury by 2 officers or equivalent responsible representatives in such manner as the commissioner prescribes, of its financial condition as of the close of its latest fiscal year, showing its assets, liabilities, income, disbursements, business transacted, and other facts required to be shown in its annual statement, as reported to the insurance supervisory official in its domiciliary jurisdiction, together with an English language translation, as necessary, of any of the documents required.
(d) Submit to an examination of the insurer's affairs at its principal office within the United States unless the commissioner instead accepts a report of the insurance supervisory official of the insurer's domiciliary jurisdiction.
History:
Add. 1994, Act 227, Imd. Eff. June 27, 1994
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.431b - u.s. Branch Using State as State of Entry to Transact Insurance; Compliance.

500.431b U.S. branch using state as state of entry to transact insurance; compliance.
Sec. 431b.
A U.S. branch using this state as a state of entry to transact insurance in the United States is subject to all laws applicable to an insurer domiciled in this state except as otherwise provided. A U.S. branch using this state as a state of entry to transact insurance in the United States shall comply with all of the following requirements:
(a) Provide the commissioner, at intervals and in such form as the commissioner may require, having stated the reason for the requirement, with complete and accurate copies, current to within 10 days, of any of its books, records, and files requested by the commissioner, including all of the following:
(i) Corporate accounting records.
(ii) Records of its securities, notes, mortgages, and other evidences of indebtedness, representing investment of funds.
(iii) Minutes of meetings and resolutions of the board of directors, any committee of the board of directors, and the audit committee.
(iv) Records of current premium billing and collection processing and active claims inventory.
(v) Records of all policies held by policyholders of the U.S. branch, including policy type, amount of reserve, riders, dividend accumulation, unit values, endowment, and policy loan balances.
(b) Upon the commissioner's request, provide the commissioner, for the commissioner's regulatory use, with appropriate waivers for the commissioner concerning rights in the information, including copyright or goodwill, information, manuals, and documentation sufficient for regulatory purposes concerning the computer system and software through which the insurer maintains its books, records, and files for its business in the United States.
(c) Upon the commissioner's request, obtain for the commissioner the right to use, at no additional charge, the computer software employed to maintain the books, records, and files listed in subdivision (a). This right of use shall be irrevocable and unconditional and shall include all revisions and upgrades, notwithstanding the insolvency or reorganization of the insurer.
(d) Arrange for testing to the commissioner's reasonable satisfaction of the processing of copies of the books, records, and files of the insurer listed in subdivision (a). This testing shall be performed annually or more frequently if requested by the commissioner at the office of the commissioner or at a business office of the insurer where such testing may take place at reasonable cost to the insurer.
History:
Add. 1994, Act 227, Imd. Eff. June 27, 1994
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.431c - Trusteed Assets; Value.

500.431c Trusteed assets; value.
Sec. 431c.
The assets in the trust accounts shall be known as trusteed assets. The total value of trusteed assets shall at all times be at least equal to the sum of the U.S. branch's reserves and other liabilities, the minimum capital and surplus required to be maintained by section 410, and any additional amounts considered necessary by the commissioner. The trusteed assets shall be valued and limited in accordance with section 901.
History:
Add. 1994, Act 227, Imd. Eff. June 27, 1994
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.432a - Certificate of Authority to Do Business; Issuance or Amendment to u.s. Branch; Proof That Insurer Will Not Violate Act or Charter; Noncompliance.

500.432a Certificate of authority to do business; issuance or amendment to U.S. branch; proof that insurer will not violate act or charter; noncompliance.
Sec. 432a.
(1) Before issuing or amending a certificate of authority to do business to any U.S. branch, the commissioner may require satisfactory proof, either in the alien insurer's charter or by an agreement evidenced by a duly certified resolution of its board of directors or otherwise as the commissioner requires, that the insurer will not engage in any insurance business that violates this act or that is not authorized by its charter.
(2) A U.S. branch that does outside of this state any kind or combination of kinds of insurance business not permitted to be done in this state by similar domestic insurers hereafter organized, shall not be or continue to be authorized to do any insurance business in this state, unless in the commissioner's judgment the doing of those kinds of insurance outside of this state will not be prejudicial to the best interests of the residents of this state.
(3) Except as otherwise specifically provided, a U.S. branch, entering through this state or another state, shall not be or continue to be authorized to do the business of insurance in this state if it fails to comply substantially with any requirement or limitation of this act applicable to similar domestic insurers hereafter organized that in the judgment of the commissioner is reasonably necessary to protect the interest of the policyholders.
History:
Add. 1994, Act 227, Imd. Eff. June 27, 1994
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.433 - Trusteed Assets Below Minimum Required; Proceeding Against Alien Insurer.

500.433 Trusteed assets below minimum required; proceeding against alien insurer.
Sec. 433.
If it appears to the commissioner from any annual or quarterly statement or any other report that a U.S. branch's trusteed assets are below the minimum required to be maintained pursuant to section 431c, the commissioner may proceed against the alien insurer pursuant to the provisions of chapter 81 as an insurer whose condition no longer meets the requirements of section 403.
History:
Add. 1994, Act 227, Imd. Eff. June 27, 1994
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.434 - Repealed. 1972, Act 360, Imd. Eff. Jan. 9, 1973.

500.434 Repealed. 1972, Act 360, Imd. Eff. Jan. 9, 1973.
Compiler's Notes:
The repealed section pertained to grounds for revocation of certificates of authority.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.435 - Certificate of Authority as Evidence of Authority to Transact Insurance; Duration of Certificate; Certificate as Property of State; Prerequisites to Termination of Certificate.

500.435 Certificate of authority as evidence of authority to transact insurance; duration of certificate; certificate as property of state; prerequisites to termination of certificate.
Sec. 435.
(1) The certificate of authority issued by the commissioner to an insurer is evidence of its authority to transact the kind or kinds of insurance specified in the certificate in this state.
(2) A certificate of authority shall remain in force until terminated at the request of the insurer or suspended or revoked by the commissioner.
(3) A certificate of authority at all times remains the property of the state. Upon termination at the request of the insurer or revocation by the commissioner, the certificate of authority shall be delivered promptly by the insurer to the commissioner.
(4) The commissioner shall not grant the request of an insurer to terminate its certificate of authority as long as the insurer has any obligations outstanding under a policy of insurance to policyholders or claimants who are residents of this state unless either of the following occurs:
(a) The insurer has deposited with the state treasurer securities acceptable to the commissioner in an amount equal to its liabilities including its reserves as required by this act in respect to its business in this state, as computed by the commissioner, for the sole benefit of its policyholders and creditors resident in this state. The deposits shall be held by the state treasurer and administered as directed by section 464.
(b) The insurer has made other provisions satisfactory to the commissioner to secure obligations to Michigan policyholders or claimants.
History:
Add. 1972, Act 360, Imd. Eff. Jan. 9, 1973 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.436 - Conditions for Suspension, Revocation, or Limitation of Certificate of Authority; "Insurer" Defined.

500.436 Conditions for suspension, revocation, or limitation of certificate of authority; "insurer" defined.
Sec. 436.
(1) The director may suspend, revoke, or limit the certificate of authority of an insurer if he or she determines that any of the following conditions exist:
(a) The insurer no longer meets the requirements of this act respecting capital, surplus, deposits, or assets.
(b) The insurer's condition is such that it is no longer safe, reliable, or entitled to public confidence or is unsound, or the insurer is using financial methods and practices in the conduct of its business that render further transaction of insurance by the insurer in this state hazardous to policyholders, creditors, or the public.
(c) The insurer's certificate of authority to transact business in its state of domicile, or in the case of an alien insurer, in its state of entry, has been suspended or revoked.
(d) The insurer has failed, after written request by the director, to remove or discharge an officer or director whose record of business conduct does not satisfy the requirements of section 436a(1)(k) or 1315(1)(f) or who has been convicted of any crime involving fraud, dishonesty, or like moral turpitude.
(e) The insurer fails to promptly comply with sections 222 or 438.
(f) The insurer has failed for an unreasonable period to pay any final judgment rendered against it in this state on any policy, bond, recognizance, or undertaking issued or guaranteed by it.
(g) The insurer has failed, within 30 days after notice of delinquency from the director, to cure its failure to pay the taxes, fees, assessments, or expenses required by this act.
(h) The insurer has violated any other provision of this act that provides for suspension or revocation of its certificate of authority.
(2) As used in this section, "insurer" includes a nonprofit dental care corporation operating under 1963 PA 125, MCL 550.351 to 550.373.
History:
Add. 1972, Act 360, Imd. Eff. Jan. 9, 1973 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 ;-- Am. 2016, Act 276, Imd. Eff. July 1, 2016
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.436b - Certificate of Authority Limited by Order of Commissioner.

500.436b Certificate of authority limited by order of commissioner.
Sec. 436b.
If the commissioner finds on the basis of appropriate investigation and public hearings that a type of insurance or a subset of a type of insurance or of other contracts entered into by insurers authorized to do business in this state present a degree of risk or hazard to the insurer not adequately taken into account by insurance accounting techniques or normal methods of measuring insurance or other contractual risk, the commissioner may conclude that only those authorized insurers possessed of a sufficient degree of financial strength, measured by relevant methods, techniques, analysis, rating systems, and other appropriate financial standards uniformly applied, may engage with safety to policyholders, creditors, or the public in assuming obligations of such a type or subset of a type of insurance or other contracts. In these circumstances, the commissioner may limit by appropriate order the certificate of authority of an insurer that does not possess such a sufficient degree of financial strength so as to preclude prospectively the authority of the insurer to engage in assuming obligations in this state of such a type or subset of a type of insurance or other contracts.
History:
Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.437 - Proceeding for Suspension, Revocation, or Limitation of Certificate of Authority; Notice; Imposition of Conditions in Order of Limitation.

500.437 Proceeding for suspension, revocation, or limitation of certificate of authority; notice; imposition of conditions in order of limitation.
Sec. 437.
(1) A proceeding to suspend, revoke, or limit an insurer's certificate of authority shall be initiated by the commissioner by granting the insurer an opportunity to show compliance with all lawful requirements as provided under section 92 of the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being section 24.292 of the Michigan Compiled Laws. If the commissioner subsequently determines pursuant to section 436 to suspend, revoke, or limit the insurer's certificate of authority, the determination and the reasons for the determination shall be stated in the order of suspension, revocation, or limitation.
(2) The insurer aggrieved by the commissioner's determination and order issued under section 436 shall be entitled to a contested case hearing pursuant to Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws. During the pendency of the contested case proceeding, the commissioner's order shall remain in effect, except as modified by the commissioner or as stayed by a court pursuant to section 244.
(3) The commissioner's order and determination may be confirmed or modified by the commissioner as the result of a contested case hearing and shall be the final decision or order in the contested case.
(4) Upon suspension, revocation, or limitation of an insurer's certificate of authority, if the commissioner considers it necessary or desirable for the protection of the public, he or she may mail notice of the action to the insurer's agents and publish notice of the suspension, revocation, or limitation in 1 or more newspapers of general circulation in the state.
(5) The commissioner's order of limitation may restrict the solicitation of new business within the state, may restrict the renewal of business in force within the state, may require the reinsurance of business in force within the state and, if reinsurance is not effected within 30 days after the order requiring reinsurance is issued, may require cancellation of business in force within the state and may impose such other conditions to continued authorization as are reasonably necessary to protect policyholders, creditors, and the public.
History:
Add. 1972, Act 360, Imd. Eff. Jan. 9, 1973 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.438a - Domestic, Foreign, and Alien Insurers; Filing Annual Statement With National Association of Insurance Commissioners; Foreign Insurers Considered in Compliance With Section; Agents of Commissioner; Confidentiality of Information.

500.438a Domestic, foreign, and alien insurers; filing annual statement with national association of insurance commissioners; foreign insurers considered in compliance with section; agents of commissioner; confidentiality of information.
Sec. 438a.
(1) Each domestic, foreign, and alien insurer authorized to transact insurance in this state shall file annually on or before March 1 of each year, with the national association of insurance commissioners a copy of its annual statement along with additional filings for the preceding year as prescribed by the commissioner. The information filed with the national association of insurance commissioners shall be in the same format and scope as that required by the commissioner and shall include the signed jurat page and any actuarial certification. An amendment or addendum to the annual statement filing subsequently filed with the commissioner shall also be filed with the national association of insurance commissioners.
(2) A foreign insurer that is domiciled in a state that has a law substantially similar to subsection (1) shall be considered in compliance with this section.
(3) In the absence of actual malice, members of the national association of insurance commissioners, their duly authorized committees, subcommittees, and task forces, their delegates, national association of insurance commissioners employees, and all others charged with the responsibility of collecting, reviewing, analyzing, and disseminating the information developed from the filing of an annual statement shall be acting as the commissioner's agents under the authority of this act and shall not be subject to civil liability for libel, slander, or any other cause of action because of their collection, review, and analysis or dissemination of the data and information collected from the filings.
(4) All financial analysis ratios and examination synopses concerning insurers that are submitted to the commissioner by the national association of insurance commissioners' insurance regulatory information system are confidential and may not be disclosed by the commissioner or those acting under the commissioner's authority.
History:
Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.439 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

500.439 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
Compiler's Notes:
The repealed section pertained to reciprocal insurers, annual report, and fee.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.440 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

500.440 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
Compiler's Notes:
The repealed section pertained to specific premium tax on business written by foreign insurer.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.440a - Credit Against Tax Imposed by MCL 500.476a; Claim; Refund; Retroactive Application.

500.440a Credit against tax imposed by MCL 500.476a; claim; refund; retroactive application.
Sec. 440a.
(1) Beginning August 3, 1987, an insurer that is subject to the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.101 to 418.941, may credit against the tax imposed by section 476a an amount equal to the amount paid during that tax year by the insurer under section 352 of the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.352, as certified by the director of the bureau of worker's disability compensation under section 391 of the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.391.
(2) The credit under this section shall be claimed in the manner prescribed by the revenue commissioner.
(3) A taxpayer claiming a credit under this section shall claim a portion of the credit allowed by this section equal to the payments made during a calendar quarter pursuant to section 352 of the worker's disability compensation act of 1969, 1969 PA 317, MCL 418.352, against the quarterly payments required under section 443. The state treasurer shall refund a credit in excess of a quarterly payment to the taxpayer on a quarterly basis within 60 days after receipt of a properly completed quarterly filing as required by this act. A subsequent increase or decrease in the amount claimed for payments made by the insurer or self-insurer shall be reflected in the amount of the credit taken for the calendar quarter in which the amount of the adjustment is finalized.
(4) Except as otherwise provided in this subsection, the state treasurer shall refund, without interest, a credit under this section that is in excess of the insurer's tax liability for the calendar year to the insurer within 60 days after receipt of a properly completed annual tax return as required by this act. The state treasurer shall only make a refund to an insurer whose tax liability or fee amount under this act is greater than its tax liability under the former single business tax act, 1975 PA 228, or the Michigan business tax act, 2007 PA 36, MCL 208.1101 to 208.1601.
(5) This section shall be applied retroactively to August 3, 1987.
History:
Add. 1990, Act 256, Imd. Eff. Oct. 15, 1990 ;-- Am. 2007, Act 187, Imd. Eff. Dec. 21, 2007
Compiler's Notes:
Former MCL 500.440a, which pertained to credit against premium tax by foreign insurer, was repealed by Act 261 of 1987, Imd. Eff. Dec. 28, 1987.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.441, 500.442 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

500.441, 500.442 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
Compiler's Notes:
The repealed sections pertained to tax on premiums, deductions, and deposit premiums.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.443 - Foreign Insurer; Payment of Quarterly Installments of Estimated Tax; Filing Statement With Revenue Commissioner.

500.443 Foreign insurer; payment of quarterly installments of estimated tax; filing statement with revenue commissioner.
Sec. 443.
(1) Before April 30, July 31, October 31, and January 31 of each year, each foreign insurer admitted to do insurance business in this state and subject to the tax prescribed in section 476a shall pay to the state treasurer, accompanied by forms prescribed by the revenue commissioner, quarterly installments of the insurer's total estimated tax for the current year. Failure of an insurer to make quarterly payments of at least 1/4 of either of the following shall subject the insurer to the penalty and interest prescribed in 1941 PA 122, MCL 205.1 to 205.31:
(a) If the preceding year's liability was $20,000.00 or less, the total tax liability of the insurer for the previous calendar year. For purposes of this subdivision, an insurer's tax liability for the previous calendar year shall be considered to be the amount of tax imposed that year under section 476a or under the former single business tax act, 1975 PA 228, or the Michigan business tax act, 2007 PA 36, MCL 208.1101 to 208.1601, whichever is greater.
(b) Eighty-five percent of the actual tax liability of the insurer for the current calendar year.
(2) Annually before March 1, each insurer described in subsection (1) shall make and file with the revenue commissioner its statement showing all of the data necessary for computation of its taxes under this chapter, upon forms and including information that the revenue commissioner prescribes, and shall pay any additional amount due for the preceding calendar year. The failure to file the statement with the revenue commissioner does not excuse or relieve an insurer from the payment of the tax that is justly due.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1959, Act 37, Eff. Mar. 19, 1960 ;-- Am. 1971, Act 54, Imd. Eff. June 30, 1971 ;-- Am. 1981, Act 110, Imd. Eff. July 17, 1981 ;-- Am. 1987, Act 261, Imd. Eff. Dec. 28, 1987 ;-- Am. 1990, Act 256, Imd. Eff. Oct. 15, 1990 ;-- Am. 2007, Act 187, Imd. Eff. Dec. 21, 2007
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.444 - Collection of Delinquent Taxes With Interest or Penalty.

500.444 Collection of delinquent taxes with interest or penalty.
Sec. 444.
The taxes prescribed in this code may be collected, in case of delinquency, together with any interest or penalty on those taxes, by the revenue commissioner, out of money or by the sale of securities, deposited with the state treasurer by the delinquent insurer or if securities or money are not deposited, by an action in a court of competent jurisdiction as for the collection of a debt to the state. In such an action the computation of the revenue commissioner duly sworn to is prima facie evidence of the amount of the computation.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1959, Act 37, Eff. Mar. 19, 1960 ;-- Am. 1967, Act 111, Eff. Nov. 2, 1967 ;-- Am. 1971, Act 54, Imd. Eff. June 30, 1971 ;-- Am. 1990, Act 256, Imd. Eff. Oct. 15, 1990
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.445 - Delinquency as Bar to Granting Certificate of Authority.

500.445 Delinquency as bar to granting certificate of authority.
Sec. 445.
A certificate of authority shall not be granted to an insurer or to its agents if the insurer is delinquent in the payment of the taxes or penalties prescribed in this chapter.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1967, Act 111, Eff. Nov. 2, 1967 ;-- Am. 1971, Act 54, Imd. Eff. June 30, 1971 ;-- Am. 1981, Act 110, Imd. Eff. July 17, 1981 ;-- Am. 1990, Act 256, Imd. Eff. Oct. 15, 1990
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.446 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

500.446 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
Compiler's Notes:
The repealed section pertained to premium tax on foreign reciprocal insurer.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.448, 500.449 - Repealed. 1975, Act 232, Eff. July 2, 1976.

500.448, 500.449 Repealed. 1975, Act 232, Eff. July 2, 1976.
Compiler's Notes:
The repealed sections pertained to privilege fees of domestic insurers.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.450 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

500.450 Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
Compiler's Notes:
The repealed section pertained to penalty for delinquency in payment of privilege fee.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.451 - Taxes on Unauthorized Insurers; Regulatory Fee; Payment; Delinquency.

500.451 Taxes on unauthorized insurers; regulatory fee; payment; delinquency.
Sec. 451.
Any unauthorized insurer transacting insurance in this state shall be subject to a tax of 2% of premiums written in this state and to an additional regulatory fee of 0.5% on premiums written in this state. The tax required by this section shall be considered delinquent if not paid within 30 days after a copy of the computation of the tax by the commissioner is delivered to the insurer in the manner prescribed by law for the service of process.
History:
Add. 1967, Act 111, Eff. Nov. 2, 1967 ;-- Am. 1987, Act 261, Imd. Eff. Dec. 28, 1987 ;-- Am. 1994, Act 228, Imd. Eff. June 30, 1994
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.454 - Name of Insurer.

500.454 Name of insurer.
Sec. 454.
(1) Except as otherwise provided in this section, the department shall not authorize an insurer to do business in this state if its name is the same as or closely resembles the name of another insurer organized under or authorized to do business under the laws of this state. However, the department may authorize an insurer to do business in this state if it adds to its corporate name a word, abbreviation, or other distinctive and distinguishing element.
(2) The department shall issue a certificate of authority to an insurer in the name applied for, and the insurer shall use that name in all its dealings with the department and in the conduct of its affairs in this state. An insurer shall identify the incorporated name of the insurer in any document used or advertising offered in this state.
(3) The director may disapprove the use of a name of an insurer or health maintenance organization if the director determines that the name is deceptive or misleading.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1987, Act 168, Imd. Eff. Nov. 9, 1987 ;-- Am. 2016, Act 276, Imd. Eff. July 1, 2016
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.456 - Legal Process Served on Resident Agent Effective as Personal Service on Company, Association, or Group; Stipulation; Filing Copy of Appointment; Fee; Duration of Appointment; Service of Process.

500.456 Legal process served on resident agent effective as personal service on company, association, or group; stipulation; filing copy of appointment; fee; duration of appointment; service of process.
Sec. 456.
(1) Every insurance company, association, risk retention group, or purchasing group not organized under the statutes of this state shall file with the commissioner, as a condition precedent to doing business in this state, the name and address of a resident agent upon which any local process affecting the company, association, or group may be served. Service upon the resident agent designated under this section is service on the company, association, or group. This designation shall remain in force as long as any liability remains within this state.
(2) As a condition of doing business in this state, an unauthorized insurer who does not have a resident agent shall file with the commissioner an irrevocable written stipulation agreeing that any legal process affecting the company, association, or group that is served upon the commissioner or his or her designee has the same effect as if personally served upon the company, association, or group. A copy of the appointment shall be filed with the commissioner. Service upon the commissioner is service upon the company, association, or group and the fee for service is $10.00 payable at time of service. This appointment remains in force as long as any liability remains within this state.
(3) Every insurance company not organized under the statutes of this state that provides a surety bond required or permitted under the laws of the United States shall irrevocably appoint the commissioner or his or her designee as the company's agent to receive service of process in any action in United States district court on the surety bond. Service upon the commissioner is service upon the company, and the commissioner may establish a reasonable fee, payable at the time of service, for the acceptance of service. Upon receipt of service of process, the commissioner or his or her designee shall forward the service of process to the resident agent designated under subsection (1). Service of process on the commissioner under this subsection only applies for a bond provided within this state and is in addition to and not in place of any other method of service authorized by law or court rule.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1981, Act 1, Imd. Eff. Mar. 30, 1981 ;-- Am. 1989, Act 214, Eff. Jan. 1, 1990 ;-- Am. 2002, Act 26, Imd. Eff. Mar. 6, 2002 ;-- Am. 2002, Act 664, Eff. Mar. 31, 2003
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.457 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

500.457 Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.
Compiler's Notes:
The repealed section pertained to service of process on insurance commissioner.
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 500 - Insurance Code of 1956 › Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302) › 218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480) › Section 500.460 - Insurance Producer to Write or Place Insurance Policies.

500.460 Insurance producer to write or place insurance policies.
Sec. 460.
Except as otherwise provided in section 1202, an insurer authorized to transact business in this state shall not write, place, or cause to be written or placed an insurance policy or insurance contract in this state, except through an insurance producer.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1963, Act 37, Eff. Sept. 6, 1963 ;-- Am. 1972, Act 133, Eff. Mar. 30, 1973 ;-- Am. 2016, Act 276, Imd. Eff. July 1, 2016
Popular Name:
Act 218