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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8185 - Assets; Special Fund; Accounts; Issuance of Contracts on Variable Basis; Special Procedures; Special Voting and Other Rights.

500.8185 Assets; special fund; accounts; issuance of contracts on variable basis; special procedures; special voting and other rights.
Sec. 8185.
(1) All assets shall be held, invested, and disbursed for the use and benefit of the society. A society member or beneficiary shall not have or acquire individual rights in a society's assets or become entitled to any apportionment on the surrender of any part of a society's assets, except as provided in the benefit contract.
(2) A society may create, maintain, invest, disburse, and apply any special fund necessary to carry out any purpose permitted by the laws of the society.
(3) A society, pursuant to resolution of its supreme governing body, may establish and operate 1 or more separate accounts and issue contracts on a variable basis, subject to all the provisions of law regulating life insurers establishing such accounts and issuing such contracts, including capital and surplus requirements. To the extent the society considers it necessary in order to comply with any applicable federal or state laws or rules, the society may adopt special procedures for the conduct of the business and affairs of a separate account, may provide, for persons having beneficial interest in such an account, special voting and other rights, including without limitation special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account, and may issue contracts on a variable basis to which section 8182(2) and (4) shall not apply.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8186 - Standards of Valuation for Certificates; Excess Reserves.

500.8186 Standards of valuation for certificates; excess reserves.
Sec. 8186.
(1) Standards of valuation for certificates issued before April 1, 1991 shall be those provided by the laws applicable before April 1, 1990.
(2) The minimum standards of valuation for certificates issued on or after April 1, 1991 shall be under valuation methods and standards, including interest assumptions, in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits and shall be based on the following tables:
(a) For certificates of life insurance, the commissioner's 1980 standard ordinary mortality table or any more recent table made applicable to life insurers.
(b) For annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death benefits, and for noncancelable accident and health benefits, the tables as are authorized for use by life insurers in this state.
(3) The commissioner, in his or her discretion, may accept other standards for valuation if the commissioner finds that the reserves produced thereby will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard prescribed in this section. The commissioner, in his or her discretion, may vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by any society authorized to do business in this state.
(4) A society, with the consent of the commissioner of insurance of the state of domicile of the society and under conditions, if any, that the commissioner may impose, may establish and maintain reserves on its certificates in excess of the reserves required thereunder, so long as the contractual rights of any benefit member are not affected.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8187 - Reports; Annual Statement; Valuation of Certificates; Penalty.

500.8187 Reports; annual statement; valuation of certificates; penalty.
Sec. 8187.
(1) Reports shall be filed in accordance with this section.
(2) On or before March 1, each society transacting business in this state shall annually file with the commissioner a true statement of its financial condition, transactions, and affairs for the preceding calendar year. The commissioner, in his or her discretion, for cause shown, may extend the time for filing. The statement shall be in a form as required by the commissioner which may be in the general form and context as approved by the national association of insurance commissioners for fraternal benefit societies and as supplemented by additional information required by the commissioner.
(3) As part of the annual statement required in subsection (2), each society shall file with the commissioner, on or before March 1, a valuation of its certificates in force on December 31 of the year preceding the filing. The commissioner, in his or her discretion for cause shown, may extend the time for filing the valuation for not more than 2 calendar months. The valuation shall be done in accordance with the standards specified in section 8186. The valuation and underlying data shall be certified by a qualified actuary or, at the expense of the society, verified by the actuary of the department of insurance of the state of domicile of the society.
(4) A society neglecting to file the annual statement in the form and within the time provided by this section shall be fined $100.00 for each day during which the neglect continues, and, upon notice by the commissioner to that effect, its authority to do business in this state shall cease while the default continues.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8188 - Duration of License or Authorization to Transact Business; Copy of License as Evidence.

500.8188 Duration of license or authorization to transact business; copy of license as evidence.
Sec. 8188.
A society that is licensed or authorized to transact business in this state may continue the business and the authority of the society until the society's license or authority is suspended or revoked by the commissioner or is terminated at the society's request. A duly certified copy or duplicate of the license shall be prima facie evidence that the licensee is a fraternal benefit society within the meaning of this chapter.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8189 - Examination of Society.

500.8189 Examination of society.
Sec. 8189.
(1) The commissioner, or any person he or she may appoint, may examine any domestic, foreign, or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign, or alien insurers, shall have free access to all the books, papers, and documents that relate to the business of the society, and may summon and qualify as witness under oath and examine its officers, agents, and employees or other persons in relation to the affairs, transactions, and condition of the society. Requirements of notice and an opportunity to respond before findings are made public as provided in the laws regulating insurers shall also be applicable to the examination of societies.
(2) The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon statements furnished by the commissioner.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8190 - Foreign or Alien Society; License Required; Compliance; Conditions.

500.8190 Foreign or alien society; license required; compliance; conditions.
Sec. 8190.
A foreign or alien society shall not transact business in this state without a license issued by the commissioner. A society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to a domestic society. A foreign or alien society may be licensed to transact business in this state if its assets are invested in accordance with the provisions of this chapter and upon filing with the commissioner all of the following:
(a) A duly certified copy of its articles of incorporation.
(b) A copy of its bylaws, certified by its secretary or corresponding officer.
(c) A power of attorney to the commissioner as provided in section 8196.
(d) A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the commissioner.
(e) Certification from the proper official of its home state, territory, province, or country that the society is legally incorporated and licensed to transact business there.
(f) Copies of its certificate forms.
(g) Such other information as the commissioner may consider necessary.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8192 - Foreign or Alien Society; Deficiencies; Notice; Request for Correction; Noncompliance; Suspension, Revocation, or Refusal of License; Contracts.

500.8192 Foreign or alien society; deficiencies; notice; request for correction; noncompliance; suspension, revocation, or refusal of license; contracts.
Sec. 8192.
(1) If the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state has exceeded its powers, has failed to comply with any of the provisions of this chapter, is not fulfilling its contracts in good faith, or is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public, the commissioner shall notify the society of his or her findings and state in writing the reasons for his or her dissatisfaction. The commissioner shall issue immediately a written notice to the society requiring that the deficiency or deficiencies that exist be corrected. After the notice the society shall have a 30-day period in which to comply with the commissioner's request for correction, and if the society fails to comply, the commissioner shall notify the society of the findings of noncompliance and require the society to show cause on a date named why its license should not be suspended, revoked, or refused. If on that date the society does not present good and sufficient reason why its authority to do business in this state should not be suspended, revoked, or refused, the commissioner may suspend or refuse the license of the society to do business in this state until satisfactory evidence is furnished to the commissioner that the suspension or refusal should be withdrawn or the commissioner may revoke the authority of the society to do business in this state.
(2) Nothing in this section shall be taken or construed as preventing a society from continuing in good faith all contracts made in this state during the time that the society was legally authorized to transact business in this state.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8193 - Application or Petition for Injunction; Recognition.

500.8193 Application or petition for injunction; recognition.
Sec. 8193.
An application or petition for injunction against any domestic, foreign, or alien society, or lodge of such a society, shall not be recognized in any court of this state unless commenced by the attorney general upon request of the commissioner.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8194 - Agent of Society; License Required; Exceptions.

500.8194 Agent of society; license required; exceptions.
Sec. 8194.
An agent of a society shall be licensed in accordance with the provisions of chapter 12 regulating the licensing, revocation, suspension, or termination of licenses of resident and nonresident agents except that an examination or license shall not be required of any regular salaried officer, employee, or member of a licensed society who devotes substantially all of his or her services to activities other than the solicitation of fraternal insurance contracts from the public, and who receives for the solicitation of such contracts no commission or other compensation directly dependent upon the amount of business obtained.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8195 - Society Subject to Chapter 20.

500.8195 Society subject to chapter 20.
Sec. 8195.
Each society authorized to do business in this state shall be subject to the provisions of chapter 20 relating to unfair trade practices except that chapter 20 shall not be construed as applying to or affecting the right of a society to determine its eligibility requirements for membership, or be construed as applying to or affecting the offering of benefits exclusively to members or persons eligible for membership in the society by a subsidiary corporation or affiliated organization of the society.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8196 - Service of Process.

500.8196 Service of process.
Sec. 8196.
(1) Each society authorized to do business in this state shall appoint in writing the commissioner and each successor in office to be its true and lawful attorney upon whom all lawful process in any action or proceeding against it shall be served, and shall agree in that writing that any lawful process against it that is served on the commissioner shall be of the same legal force and validity as if served upon the society, and that the authority shall continue in force so long as any liability remains outstanding in this state. Copies of the appointment, certified by the commissioner, shall be sufficient evidence thereof and shall be admitted in evidence with the same force and effect as the original might be admitted.
(2) Service shall only be made upon the commissioner, or the commissioner's deputy. Service shall be made in duplicate and shall constitute sufficient service upon the society. If legal process against a society is served upon the commissioner, the commissioner shall forward immediately 1 of the duplicate copies prepaid and directed to the secretary or corresponding officer of the society. Such service shall not require a society to file its answer, pleading, or defense in less than 30 days from the date of mailing the copy of the service to a society. Legal process shall not be served upon a society except in the manner provided in this section and upon payment of the fee specified in section 456.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8197 - False or Fraudulent Statement or Representation as Misdemeanor or Perjury; Violation of MCL 500.8177 as Felony; Soliciting or Procuring Membership in Unlicensed Society as Misdemeanor; Violation of or Noncompliance With Chapter; Penalties.

500.8197 False or fraudulent statement or representation as misdemeanor or perjury; violation of MCL 500.8177 as felony; soliciting or procuring membership in unlicensed society as misdemeanor; violation of or noncompliance with chapter; penalties.
Sec. 8197.
(1) A person, officer, member, or examining physician of any society authorized to do business under this chapter, who knowingly or willfully makes a false or fraudulent statement or representation in or with reference to an application for membership, or for the purpose of obtaining money from or benefit in any society transacting business under this chapter, is guilty of a misdemeanor, and upon conviction shall be punished by imprisonment for not less than 30 days or more than 1 year, or by a fine of not less than $100.00 or more than $500.00, or both.
(2) A person who willfully makes a false statement of a material fact or thing in a sworn statement as to the death or disability of a certificate holder in a society for the purpose of procuring payment of a benefit named in the certificate of the holder, and a person who willfully makes a false statement in a verified report or declaration under oath required or authorized by this chapter, is guilty of perjury.
(3) A person who violates section 8177 is guilty of a felony, and upon conviction shall be punished by imprisonment for not more than 5 years, or by a fine of not more than $5,000.00, or both.
(4) A person who solicits membership for or in any manner assists in procuring membership in a society not licensed to do business in this state is guilty of a misdemeanor punishable by a fine of not less than $50.00 or more than $200.00.
(5) A person guilty of a willful violation of or neglect or refusal to comply with the provisions of this chapter for which a penalty is not otherwise prescribed is subject to the penalty provided in section 150.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8198 - Decisions and Findings of Commissioner; Judicial Review.

500.8198 Decisions and findings of commissioner; judicial review.
Sec. 8198.
All decisions and findings of the commissioner made under the provisions of this chapter shall be subject to review by proper proceedings in a court of competent jurisdiction in this state.
History:
Add. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a) › Section 500.8199a - Additional Chapters and Provisions Applicable to Fraternal Benefit Society.

500.8199a Additional chapters and provisions applicable to fraternal benefit society.
Sec. 8199a.
A fraternal benefit society transacting business in this state and not exempt from the provisions of this chapter under section 8199 is also subject to the following additional chapters and provisions of this act, as applicable:
(a) Chapter 1.
(b) Chapter 2. However, as to section 240, only subsection (1)(c), (d), (h), and (j) apply, except as provided in section 5222.
(c) Sections 403, 405a, 436, 436a, 437, 476a, 839, 5222, and 5256.
(d) Chapter 9.
(e) Chapter 11.
(f) Chapter 34.
(g) Chapter 38.
(h) Chapter 39.
(i) Chapter 40 except as to section 4004.
(j) Chapter 81.
History:
Add. 1990, Act 1, Eff. Apr. 1, 1990 ;-- Am. 1992, Act 84, Imd. Eff. June 2, 1992 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994 ;-- Am. 1998, Act 457, Imd. Eff. Jan. 4, 1999
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8204 - Fraternal Benefit Society; Reorganization Into Legal Reserve Premium Company; Amendment of Articles.

500.8204 Fraternal benefit society; reorganization into legal reserve premium company; amendment of articles.
Sec. 8204.
Any existing fraternal benefit society may amend its articles of incorporation and bylaws in such a way as to transform itself into a legal reserve level premium company doing business as a mutual company, but only after complying with the provisions of this chapter.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8206 - Reorganization; Proposed Articles and Bylaws; Filing With Insurance Commissioner.

500.8206 Reorganization; proposed articles and bylaws; filing with insurance commissioner.
Sec. 8206.
Whenever any such society shall propose to transform itself into a legal reserve level premium company as herein provided, it shall file with the commissioner, its proposed articles and bylaws, its plan of transformation, setting forth in detail the terms and conditions of such transformation and also the method by which it proposes to protect the interests of its membership.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8208 - Reorganization; Hearing on Petition.

500.8208 Reorganization; hearing on petition.
Sec. 8208.
The commissioner may proceed to hear and determine such petition without notice, or, if he deems it necessary that such notice should be given in order to conserve the interests of the membership, he shall require the society to first notify, by mail, all of the members of such society of the pendency of such petition, the contents of such notice to be determined by the commissioner.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8210 - Reorganization; Member's Right to Appear.

500.8210 Reorganization; member's right to appear.
Sec. 8210.
When notice shall have been given, as above provided, any member of such society shall have the right to appear before the commissioner and be heard with reference to the petition.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8212 - Reorganization; Examination; Witnesses.

500.8212 Reorganization; examination; witnesses.
Sec. 8212.
The commissioner may also make such examination into the affairs and conditions of the society as he deems proper, and shall have power to summon and compel the attendance and testimony of witnesses, and the production of books and papers, and may administer oaths.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8214 - Reorganization; Authorization by Insurance Commissioner; Modification.

500.8214 Reorganization; authorization by insurance commissioner; modification.
Sec. 8214.
If satisfied that the interests of the membership of said society are properly protected and that no reasonable objection to said petition exists, the commissioner may authorize in writing, such transformation, or may first require such modification thereof as may seem to him necessary for the best interests of such membership.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8216 - Reorganization; Order; Disposition of Assets.

500.8216 Reorganization; order; disposition of assets.
Sec. 8216.
The commissioner shall make such order and disposition of the assets of any such society as in his judgment may be just and equitable.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8218 - Reorganization; Submission of Plan to Governing Body of Society; Meeting.

500.8218 Reorganization; submission of plan to governing body of society; meeting.
Sec. 8218.
The commissioner shall require the plan of transformation to be submitted to the supreme governing body of such society, to be voted upon. When submitted, it shall be either at a regular meeting of the supreme governing body or at a special meeting of same called for that purpose.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8220 - Reorganization; Special Meeting; Notice; Approval; Required Vote; Proxies.

500.8220 Reorganization; special meeting; notice; approval; required vote; proxies.
Sec. 8220.
A notice of said special meeting, in the form approved by the commissioner, shall be given in accordance with the requirement of the bylaws of such society. When so submitted, a majority vote of the supreme governing body present and voting, as authorized by its articles of incorporation and bylaws, shall be necessary to an approval of such plan of transformation; and no proxies shall in any case be voted.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8224 - Reorganization; Members; Referendum.

500.8224 Reorganization; members; referendum.
Sec. 8224.
If the supreme governing body approves the plan of transformation, the board of directors or other managing body of such society shall submit the plan to a referendum vote of the members of such society, and if the result of such vote shall show that the majority of the members of such society has voted to repeal the action of the supreme governing body, then the same shall be considered as repealed by such society and shall be null and of no effect.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8228 - Reorganization; Plan; Approval by Insurance Commissioner; Vote; Results.

500.8228 Reorganization; plan; approval by insurance commissioner; vote; results.
Sec. 8228.
Any such plan of transformation submitted to the supreme governing body as herein contemplated, must first have been approved by the commissioner; and the result of said vote must be filed with such commissioner and be by him determined before any transformation shall be so effective.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8232 - Reorganization; Plan; Adoption Requirements.

500.8232 Reorganization; plan; adoption requirements.
Sec. 8232.
No such transformation shall take place until after its plan has been approved by the commissioner, either with or without a hearing as herein provided, and until such approved plan has been adopted by a majority vote of the board of directors or board of trustees of such society; and, if submitted to the supreme governing body, until such approved plan has also been adopted by a majority vote of the said supreme governing body present and voting.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8240 - Applicability of MCL 500.8204 to 500.8232.

500.8240 Applicability of MCL 500.8204 to 500.8232.
Sec. 8240.
Nothing in sections 8204 through 8232 shall be construed to apply to any association exempt from the provisions of chapter 81a in accordance with the provisions of section 8199.
History:
1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1990, Act 1, Eff. Apr. 1, 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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8242 - Reorganization; Effect; Continuation of Original Corporation; Powers; Officers.

500.8242 Reorganization; effect; continuation of original corporation; powers; officers.
Sec. 8242.
Any such society so transformed, shall incur the obligations and enjoy the benefits thereof the same as though originally thus incorporated, and such corporation, under its charter as thus amended, shall be a continuation of such original corporation, and the officers thereof shall serve through their respective terms as provided in the original charter, but their successors shall be elected and serve as in such amended articles provided. Any society so transformed shall have the power to acquire, own, hold, lease, mortgage, sell and convey personal and real property, and to provide the necessary funds, and to do all things necessary for the purpose of operating and maintaining such hospitals, asylums, sanitariums, schools, or homes as it was operating and maintaining when so transformed and it shall have the power to discontinue operating and maintaining the same and to lease, mortgage, sell and convey the personal and real property acquired for use in connection therewith.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8246 - Amendment or Reincorporation; Saving Clause.

500.8246 Amendment or reincorporation; saving clause.
Sec. 8246.
Such amendment or reincorporation shall not affect existing suits, claims, or contracts.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8250 - Liens Upon Certificates; Notices to Members; Application of Section.

500.8250 Liens upon certificates; notices to members; application of section.
Sec. 8250.
If any fraternal benefit society, reorganizing under the provisions of this chapter shall have certificates in force, against the equity of which certificates a lien or other form of indebtedness has been placed, the society shall notify each member individually of the amount of his or her lien, and all accumulations thereto, at a date not more than 1 year prior to the effective date of such reorganization, and a similar individual notice shall be given every 5 years thereafter. The provisions of this section shall not apply to policy loans or premium loans, but only to liens or other forms of indebtedness created by the supreme governing body of the society, by a subordinate governing body, or by a vote of the membership during the time that the society was operating as a fraternal benefit society.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254) › Section 500.8254 - Certificates of Membership; Valuation; Reserve; Annual Statement.

500.8254 Certificates of membership; valuation; reserve; annual statement.
Sec. 8254.
The existing certificates of membership of any fraternal benefit society which shall have transformed itself into a legal reserve level premium life insurance company, in conformity with the provisions of this chapter, shall be valued as follows:
(1) Certificates on which rates of contributions are not on the basis of any table of mortality, valued as yearly renewable term policies according to the standard of valuation of life insurance policies prescribed by the laws of this state.
(2) Certificates on which the rates of contribution are based upon a standard table of mortality and specified rate of interest, valued in accordance with such standard. The reserve so ascertained shall be held as a liability by the company in its annual statement rendered to the insurance department.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-83 - Chapter 83 Repeals, Saving Clause, Effective Date (500.8300...500.8302) › Section 500.8300 - Repeals.

500.8300 Repeals.
Sec. 8300.
Act No. 256 of the Public Acts of 1917, as amended, being sections 501.1 to 548.107, inclusive, of the Compiled Laws of 1948, Act No. 151 of the Public Acts of 1893, being sections 550.151 and 550.152 of the Compiled Laws of 1948, and Act No. 158 of the Public Acts of 1943, being sections 550.201 to 550.213, inclusive, of the Compiled Laws of 1948, are hereby repealed.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-83 - Chapter 83 Repeals, Saving Clause, Effective Date (500.8300...500.8302) › Section 500.8301 - Saving Clause.

500.8301 Saving clause.
Sec. 8301.
This act shall not impair or affect any act done, offense committed or right accruing, accrued, or acquired, or liability, penalty, forfeiture or punishment incurred prior to the time this act takes effect, but the same may be enjoyed, asserted, enforced, prosecuted or inflicted, as fully and to the same extent as if this act had not been passed.
History:
1956, Act 218, Eff. Jan. 1, 1957
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) › 218-1956-83 - Chapter 83 Repeals, Saving Clause, Effective Date (500.8300...500.8302) › Section 500.8302 - Effective Date of Act.

500.8302 Effective date of act.
Sec. 8302.
This act shall become effective on January 1, 1957.
History:
1956, Act 218, Eff. Jan. 1, 1957
Popular Name:
Act 218
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 66 of 1933 - Emergency Insurance Legislation (550.1 - 550.8) › Section 550.1 - Declaration of Emergency.

550.1 Declaration of emergency.
Sec. 1.
That an emergency exists in the United States of America and the state of Michigan with respect to its financial and investment institutions and the financial condition of its people generally, such emergency affecting the business of insurance. The provisions of this act are, therefore, deemed to be for the protection of the public as a whole; to preserve the stability of insurance companies; to prevent undue preference among the policyholders of such companies; and to conserve the income and assets of such companies for the benefit of their policyholders and creditors.
History:
1933, Act 66, Imd. Eff. Apr. 28, 1933 ;-- CL 1948, 550.1
Compiler's Notes:
For transfer of the Department of Insurance and Office of the Commissioner on Insurance from the Department of Licensing and Regulation to the Department of Commerce, see E.R.O. No. 1991-9, compiled at MCL 338.3501 of the Michigan Compiled Laws.For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 66 of 1933 - Emergency Insurance Legislation (550.1 - 550.8) › Section 550.2 - Insurance Company Disbursement Limitations.

550.2 Insurance company disbursement limitations.
Sec. 2.
The provisions of any law of this state to the contrary notwithstanding, during any period of public calamity resulting in abnormal financial losses to and unforeseen and excessive disbursements by any insurance company, fraternal benefit society or association (herein referred to as "company" or "companies") doing business in this state, and during any financial emergency, including the emergency referred to in the governor's proclamation of February 14, 1933, and the president's proclamation of March 6, 1933, and other similar emergencies, occurring as the result of financial disturbances in business generally, threatened or actual disaster to the banking and other financial institutions of the United States or of this state, and disruption of business and orderly business process resulting in such unusual demands upon the cash or other assets of insurance companies doing business in this state as to endanger the solvency of or threaten insolvency to any such companies and the consequences thereof, the commissioner of insurance may, by general regulations applicable to all such companies, or by special regulations applicable to any class of insurance companies, prescribe such limits or restrictions upon the disbursements, loans, investment of funds or other disposition of assets of any such companies as in his judgment is or may be necessary for the preservation of the rights of all of the policy-holders, beneficiaries or assignees, or other claimants or creditors of such companies, for the purpose of preventing such undue preferential payments to certain policyholders, beneficiaries, claimants and creditors as may or will imperil or prejudice the rights of other policyholders, beneficiaries, claimants and creditors, and for the promotion and maintenance of sound insurance practices. Provided, That no such rules or regulations shall be made in any case to relieve the company from making any loan applied for by the policyholder against the legal reserves on his or her policy for the purpose of paying his or her premium on his or her policy of insurance in such company.
History:
1933, Act 66, Imd. Eff. Apr. 28, 1933 ;-- CL 1948, 550.2
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 66 of 1933 - Emergency Insurance Legislation (550.1 - 550.8) › Section 550.3 - Insurance Commissioner Regulatory Powers.

550.3 Insurance commissioner regulatory powers.
Sec. 3.
The rules and regulations made by the commissioner of insurance pursuant to this act, when filed with the secretary of the state of Michigan, shall have the force and effect of law; and the said commissioner is hereby granted the power and authority to alter, amend and promulgate all such rules and regulations.
History:
1933, Act 66, Imd. Eff. Apr. 28, 1933 ;-- CL 1948, 550.3
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 66 of 1933 - Emergency Insurance Legislation (550.1 - 550.8) › Section 550.4 - Foreign Insurance Companies; Other States' Regulations, Application.

550.4 Foreign insurance companies; other states' regulations, application.
Sec. 4.
The said commissioner is hereby authorized and empowered to put into effect, and to enforce as against any foreign insurance company doing business in this state, any rule or regulation made applicable to any Michigan corporation or society doing an insurance business in the domestic state of such foreign company, during the period of any emergency covered by the provisions of this act. This section shall be in addition to, and not in limitation of, any law of this state requiring or permitting reciprocal application of the laws of this state to foreign insurance companies doing business in Michigan or requiring equal privileges to be extended to Michigan companies operating in other states.
History:
1933, Act 66, Imd. Eff. Apr. 28, 1933 ;-- CL 1948, 550.4
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 66 of 1933 - Emergency Insurance Legislation (550.1 - 550.8) › Section 550.5 - Purposes of Act.

550.5 Purposes of act.
Sec. 5.
The purposes of the provisions of this act, among other things, are to preserve as far as possible the solvency of such insurance companies as are qualified and authorized to carry on business in this state, and to prevent the impairment of the obligations of the contracts of such companies as a whole.
History:
1933, Act 66, Imd. Eff. Apr. 28, 1933 ;-- CL 1948, 550.5
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 66 of 1933 - Emergency Insurance Legislation (550.1 - 550.8) › Section 550.6 - Suits Against Insurance Companies; Statute of Limitations, Extension.

550.6 Suits against insurance companies; statute of limitations, extension.
Sec. 6.
During the period of any such calamity or emergency no suit at law or in equity shall be commenced or brought on for hearing, in any court of this state, for the enforcement of demands upon or against any insurance company when the payment thereof has been prohibited, suspended, or otherwise regulated by the commissioner of insurance pursuant to this act, nor shall proceedings be taken in any such court or by the state treasurer to satisfy any judgment obtained by any policyholder, or his assignee in any proceeding had or taken to enforce said demands. The commissioner of insurance may intervene in any such suit or proceeding by virtue of his office, and he or the defendant company may plead this statute and any regulation or order made pursuant thereto, in temporary bar or stay of any such action or proceeding. The period of such emergency shall be added to any statute limiting the time for commencement of any action to enforce such policy rights, or the issuance of the writ of execution or other mandatory writ enforcing such rights.
History:
1933, Act 66, Imd. Eff. Apr. 28, 1933 ;-- CL 1948, 550.6
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 550 - General Insurance Laws › Act 66 of 1933 - Emergency Insurance Legislation (550.1 - 550.8) › Section 550.7 - Duration of Emergency; Proclamations.

550.7 Duration of emergency; proclamations.
Sec. 7.
The emergency referred to in section 1 hereof shall be deemed to continue until March 30, 1935, unless the legislature of this state, if in session, or the governor of this state, if the legislature be not in session, shall by resolution or proclamation officially declare such emergency to have sooner terminated; and as to any other such emergency hereafter occurring, the provisions of this act shall not be effective unless and until the governor of the state shall by proclamation have declared the same to exist and invoke therein the provisions of this act. In any such case, the governor by proclamation shall have the power to declare such emergency terminated at such date certain as he may determine.
History:
1933, Act 66, Imd. Eff. Apr. 28, 1933 ;-- CL 1948, 550.7
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.