reglab/statecodes huggingface dataset:
Michigan Administrative Code › Department - Insurance and Financial Services › Financial Institutions › Regulatory Loan Licensees › Section R. 493.24 - Monthly statements

Current through Vol. 24-12, July 15, 2024
Rule 24. A licensee shall provide each borrower listed on a
				  loan document with a monthly statement of account that includes all of the
				  following:
(a) Borrower's name and
				address.
(b) Loan number.
(c) Loan amount.
(d) Loan date.
(e) Rate of charge.
(f) Amount of filing or discharge fees
				collected from the borrower.
(g)
				Any amount received or withheld from the borrower as a premium for insurance in
				connection with the loan, and the period covered by such insurance policy or
				policies.
(h) The date and amounts
				of all principal payments received, interest charges received, fees received,
				fees assessed, and cash disbursements pertaining to the loan, including court
				costs.
(i) The date to which
				interest charges are current, any unpaid fees, and the balance due on the
				principal.
Michigan Administrative Code › Department - Insurance and Financial Services › Financial Institutions › Regulatory Loan Licensees › Section R. 493.20 - Advertising

Current through Vol. 24-12, July 15, 2024
Rule 20.
(1) A
				licensee shall maintain copies of all advertising material sent to residents of
				Michigan. The date that the advertising material was used must be indicated on
				the material. A licensee that operates 2 or more physical locations or
				websites, or both, in Michigan may, upon notice to the director, maintain 1
				record of the advertising material required by this rule in a centrally located
				office in Michigan for all licensed offices. All copies that are required to be
				maintained by this rule must be retained for a minimum of 3 years.
(2) An address must not be carried in any
				advertisement, except for the address of an active location or the home office
				of the licensee.
Michigan Administrative Code › Department - Insurance and Financial Services › Financial Institutions › Secondary Mortgage Licenses › Section R. 493.101 - Definitions

Current through Vol. 24-12, July 15, 2024
Rule 1.
(1) As used
				in these rules, "act" means Act No. 125 of the Public Acts of 1981, being
				§
									493.51et
				seq. of the Michigan Compiled Laws.
(2) Terms defined in the act have the same
				meanings when used in these rules.
Michigan Administrative Code › Department - Insurance and Financial Services › Financial Institutions › Secondary Mortgage Licenses › Section R. 493.111 - Records; daily transactions; borrowers; foreclosure loan accounts; location of records

Current through Vol. 24-12, July 15, 2024
Rule 11.
(1) A
				licensee or registrant shall maintain a record of all transactions covered by
				the act involving receipt or disbursement of money by the licensee or
				registrant each day. The record shall identify each transaction and show all of
				the following:
(a) All payments received,
				shown separately.
(b) Account
				numbers.
(c) Names of
				borrowers.
(d) Amounts disbursed.A
				licensee or registrant shall post and balance the record daily.
Michigan Administrative Code › Department - Insurance and Financial Services › Financial Institutions › Secondary Mortgage Licenses › Section R. 493.112 - Records; errors

Current through Vol. 24-12, July 15, 2024
Rule 12. A licensee or registrant shall maintain a list of
				  all loan records maintained under
				  R 493.111 in which errors were made.
				  A licensee or registrant shall provide, if requested for examination purposes,
				  the date, nature, and amount of an error and its correcting
				  entry.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Assigned Claims Plan

Current through Vol. 24-12, July 15, 2024
DEPARTMENT OF STATE
BUREAU OF DEPARTMENT SERVICES
ASSIGNED CLAIMS PLAN
By authority conferred on the secretary of state by section
				  3171 of Act No. 218 of the Public Acts of 1956, as amended, being S500.3171 of
				  the Michigan Compiled Laws
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Certificates of No-Fault Self-Insurance › Section R. 257.531 - Definitions

Current through Vol. 24-12, July 15, 2024
Rule 1.
(1) As used
				in these rules:
(a) "Act" means the insurance
				code of 1956, 1956 PA 218, MCL
				500.100
				to MCL
				500.8302.
(b) "Applicant" means a motor vehicle
				registrant who is required to maintain security for the payment of benefits
				under section 3101 of the no-fault law and who applies for a certificate of
				self-insurance.
(c) "Casualty
				insurance company" means an insurer authorized, as defined in section 108 of
				the act, MCL
				500.108,
				to transact casualty insurance business in this state, or an eligible
				unauthorized insurer recognized by the director of insurance pursuant to
				section 1920 of the act, MCL
				500.1920.
(d) "Financial responsibility law" means
				Chapter V of the Motor vehicle code, 1949 PA 300, MCL
				257.501
				to MCL
				257.532.
(e) "Motor vehicle" means a vehicle,
				including a trailer operated or designed for operation upon a public highway by
				power other than muscular power that has more than 2 wheels and is required to
				be registered under the Michigan vehicle code. Motor vehicle does not include a
				motorcycle or a moped.
(f)
				"No-fault law" means sections 3101 to 3179 of the act, MCL
				500.3101
				to MCL
				500.3179.
(g) "Michigan vehicle code" means the
				Michigan vehicle code, 1949 PA 300, MCL
				257.1
				to MCL
				257.923.
(h)"Qualified actuary" means an individual
				who meets the following:
(i) Is a member in
				good standing of the American academy of actuaries or the casualty actuarial
				society.
(ii) Notwithstanding
				subdivision (c) of this subrule, has not been found by the director to have
				done any of the following:
(A) Violated any
				provision of, or any obligation imposed by, the act or other law in the course
				of his or her dealings as a qualified actuary.
(B) Been found guilty of fraudulent or
				dishonest practices.
(C)
				Demonstrated his or her incompetence, lack of cooperation, or untrustworthiness
				to act as a qualified actuary.
(D)
				Resigned or been removed as an actuary within the past five 5 years as a result
				of failure to adhere to generally acceptable actuarial standards.
(iii) If an individual has done
				any of the activities listed in paragraphs (i) to (iv) of this subrule, but has
				subsequently been reinstated as a qualified actuary following appropriate
				notice and hearing, the director may, in his or her discretion, deem the
				individual to be a qualified actuary for purposes of this rule.
(iv) Has notified the director of any action
				taken by the director of insurance of any other state similar to that described
				in paragraph (ii) of this subdivision.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Certificates of No-Fault Self-Insurance › Section R. 257.532 - Security equivalent; qualifications for certificate; excess insurance requirement

Current through Vol. 24-12, July 15, 2024
Rule 2.
(1) A
				certificate of self-insurance that is issued pursuant to these rules
				constitutes security equivalent to that afforded by a policy of insurance that
				provides for the payment of benefits pursuant to the no-fault law.
(2) Pursuant to section 3101d of the no-fault
				law, the director may issue a certificate of self-insurance to an applicant who
				possesses all the following qualifications:
(a) Registers in the applicant's name more
				than 25 motor vehicles, excluding trailers, in this state.
(b) Agrees, in writing, to comply with all of
				the provisions of the no-fault law, the financial responsibility law contained
				in chapter V of the Michigan vehicle code, and these rules.
(c) Has not been declared bankrupt or had a
				financial manager appointed or any substantially equivalent action taken within
				the 5-year period immediately preceding the date of application.
(d) Possesses a net worth of more than
				$15,000,000.00 and complies with the provisions of subrule (3) of this
				rule.
(e) Possesses a sound
				financial condition, has sufficient liquid assets, and utilizes financial
				practices and methods that would not bring into question its ability to pay
				claims fully and in a timely manner.
(f) Establishes a fully funded loss reserve
				as described in
				R 257.536.
(g) Has not had a certificate of
				self-insurance denied or canceled by this state or any other state within 1
				year preceding the date of application, and has maintained insurance coverage
				on the vehicles described in
				R 257.533(4)(f) at
				all times as required by law.
(h)
				Submits to the director a completed application for a certificate of
				self-insurance with all required documents attached.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Certificates of No-Fault Self-Insurance › Section R. 257.533 - Application; form; completeness; signature; effective date; accompanying documents

Current through Vol. 24-12, July 15, 2024
Rule 3.
(1) A person
				who seeks to qualify as a self-insurer or renew his or her certificate of
				self-insurance shall submit an application for a certificate of self-insurance
				to the director on a form prescribed by the director and available on the
				department of insurance and financial services website.
(2) The application for a certificate of
				self-insurance must contain complete answers to all questions and must be
				signed by the person who makes the application or by the applicant's duly
				authorized representative.
(3) An
				application must be submitted to the director not less than 45 days before the
				desired effective date of the certificate.
(4) An application must be accompanied by all
				of the following documents:
(a) A statement of
				financial condition that has been prepared in accordance with generally
				accepted accounting practices and principles, that has been certified by a
				certified public accountant, and that covers at least a 1-year period ending
				not more than 12 months before the date of application. The director may
				request more recent unaudited financial statements be filed with the
				application.
(b) A copy of the
				declaration sheet of any policy of excess insurance.
(c) Either of the following:
(i) A written estimate of loss reserve that
				is prepared by a qualified actuary.
(ii) A written estimate of loss reserve that
				is prepared by a qualified employee of a casualty insurance company.
(d) A copy of a written
				authorization that designates a specified employee of the applicant, or another
				authorized person, to receive and process claims that are submitted to the
				applicant.
(e) A copy of a claim
				form that is used by a person who submits a claim to the applicant for benefits
				due to suffering accidental bodily injury or property damage arising out of the
				ownership, operation, maintenance, or use of a motor vehicle that is registered
				or owned by the applicant.
(f) A
				list of all motor vehicles that are registered in this state in the name of the
				applicant at the time of application or that are to be self-insured under a
				certificate of self-insurance issued to the applicant as determined at the time
				of application. The vehicles must be identified by all of the following:
(i) Make.
(ii) Model.
(iii) Year.
(iv) Vehicle identification number
				(VIN).
(v) Registration
				number.
(g) A written
				policy and procedure or detailed description on how claims will be processed
				and paid in a timely manner.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Certificates of No-Fault Self-Insurance › Section R. 257.534 - Application; review; hearing; certificate duration; renewals

Current through Vol. 24-12, July 15, 2024
Rule 4.
(1) Upon
				receipt of a complete application for an original certificate of
				self-insurance, the director shall promptly review the application and all
				supporting documents. Within 45 days after receipt, the director shall notify
				the applicant that the application has been approved or denied.
(2) If an application has been denied, the
				applicant may request an administrative hearing to review the denial. This
				hearing must be conducted in accordance with the procedures set forth in
				R
				257.539. The director shall affirm or reverse the
				denial based upon the record made at the hearing.
(3) If an applicant meets the qualifications
				for receipt of a certificate of self-insurance, the director shall issue the
				applicant a formal certificate that indicates that status as a self-insurer is
				conferred. An original certificate of self-insurance will expire 1 year after
				the effective date of the certificate.
(4) A self-insurer may apply for a renewal
				certificate of self-insurance by submitting a complete renewal application 45
				days before the expiration of the previously issued certificate. The renewal
				application must be accompanied by the documents required pursuant to the
				provisions of
				R 257.533(4). The
				director shall promptly review the renewal application and all supporting
				documents. Within 30 days after receipt, the director shall notify the
				applicant that the renewal application has been approved or denied.
(5) If a renewal application has been denied,
				the applicant may request an administrative hearing to review the denial. This
				hearing must be conducted in accordance with the procedures set forth in
				R
				257.539. The director shall affirm or reverse the
				denial based upon the record made at the hearing.
(6) If a renewal application is submitted and
				approved, the existing certificate of self-insurance will be extended for 1
				year from the date of expiration. A renewal application that is submitted after
				the expiration of the previously issued certificate is considered an
				application for an original certificate of self-insurance.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Certificates of No-Fault Self-Insurance › Section R. 257.535 - Additional reports

Current through Vol. 24-12, July 15, 2024
Rule 5. The director may require a self-insurer or applicant
				  to submit additional reports, including an accident and claim activity report
				  or a statement of claims and losses, and any relevant additional information
				  that is necessary to determine the continuing ability of the self-insurer or
				  applicant to pay present and future claims. Any additional report, statement,
				  or information that is required must be made upon a form that is prescribed by
				  the director and is due not later than 30 days after being requested by the
				  director. If the director does not receive the additional report, statement, or
				  information within the 30-day period, the self-insurer's certificate of
				  self-insurance may be canceled or the applicant's application for a certificate
				  of self-insurance may be denied.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Certificates of No-Fault Self-Insurance › Section R. 257.537 - Excess insurance; conditions for compliance

Current through Vol. 24-12, July 15, 2024
Rule 7. The director shall not recognize a contract or policy
				  of excess insurance in considering the ability of an applicant to fulfill its
				  financial obligations under the no-fault law or the financial responsibility
				  law contained in chapter V of the Michigan vehicle code, unless the contract or
				  policy is in compliance with all of the following requirements:
(a) Is issued by a casualty insurance
				company.
(b) Is not cancelable or
				nonrenewable, unless the party that desires to cancel or not renew the policy
				gives written notice, by registered or certified mail, to the other party to
				the policy and to the director not less than 30 days before termination of the
				policy.
(c) Does not contain policy
				coverage exceptions or exclusions, or any other policy provisions that are not
				in compliance with the no-fault law, the Michigan vehicle code, and these
				rules.
(d) Does not contain a
				commutation clause, unless the clause provides that a commutation does not
				relieve an underwriter of further liability either in respect to claims and
				expenses unknown at the time of the commutation or in respect to any claim that
				is apparently closed at the time of initial commutation and that is
				subsequently reopened by, or through, a competent authority. The clause must,
				in addition, provide for both of the following:
(i) If the underwriter proposes to settle its
				liability for future claims with respect to accidents that occur during the
				term of the policy by the payment of a lump sum to the self-insurer, to be
				fixed as provided in the commutation clause of the policy, then not less than
				30 days' prior notice of the commutation must be given to the director by the
				underwriter or its agent by certified mail.
(ii) If any commutation is effected, then the
				director may direct that the sum be placed in trust for the benefit of all
				claimants who are entitled to future payments of compensation.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Certificates of No-Fault Self-Insurance › Section R. 257.538 - Denial or cancellation of certificate; certificates issued before effective date of rules

Current through Vol. 24-12, July 15, 2024
Rule 8.
(1) The
				director may disapprove an application for a certificate of self-insurance if
				the applicant fails to possess a qualification for the issuance of a
				certificate of self-insurance as set forth in
				R 257.532.
(2) The director may cancel a certificate of
				self-insurance if any of the following provisions applies to a self-insurer:
(a) Fails to pay a judgment that is rendered
				against the self-insurer upon a cause of action arising out of the ownership,
				operation, maintenance, or use of any motor vehicle, as defined in the Michigan
				vehicle code or the no-fault law, within 30 days after the judgment becomes
				final.
(b) Fails to pay an
				assessment bill that is issued pursuant to the provisions of section 3171 of
				the no-fault law within 30 days after billing.
(c) Fails to pay personal protection
				insurance benefits to which a claimant is entitled under the no-fault law
				within 30 days after the receipt of reasonable proof of the loss and the amount
				of loss.
(d) Files a petition in
				bankruptcy or is declared bankrupt by a federal court.
(e) Is placed in receivership, declared
				insolvent, or ordered dissolved or liquidated by a state court or has a
				financial manager appointed by the governor or any substantially equivalent
				action taken.
(f) Commits an act
				that would jeopardize the self-insurer's ability to pay claims that are filed
				with, or judgments that are obtained against, the self-insurer.
(g) Fails to continuously possess any
				qualification for a certificate of self-insurance as described in
				R 257.532 or fails to comply with any
				other provision of these rules.
(h)
				The director has reasonable grounds to believe that any information that is
				submitted by an applicant or self-insurer and that is contained in any
				application, renewal, document, statement, or report that is required pursuant
				to these rules is false.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Certificates of No-Fault Self-Insurance › Section R. 257.539 - Administrative hearing

Current through Vol. 24-12, July 15, 2024
Rule 9.
(1) An
				administrative hearing that is conducted with regard to the denial of an
				application for a certificate of self-insurance, or before the cancellation of
				a certificate of self-insurance pursuant to the provisions of section 3101d of
				the no-fault law must be conducted pursuant to these rules, the procedures set
				forth in chapter 4 of 1969 administrative procedures act of 1969, 1969 PA 306,
				MCL
				24.271
				to MCL
				24.287, and
				R
				500.2101 to
				R
				500.2142.
(2) Before the commencement of any proceeding
				with regard to the denial of a renewal application or the cancellation of a
				certificate of self-insurance, the director shall afford an applicant or
				self-insurer an opportunity to demonstrate compliance pursuant to section 92 of
				1969 PA 306, MCL
				24.292.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Certificates of No-Fault Self-Insurance › Section R. 257.540 - Proof of insurance

Current through Vol. 24-12, July 15, 2024
Rule 10. A person whose certificate of self-insurance has
				  been canceled or whose renewal application has been denied shall immediately
				  obtain a policy of insurance that affords security for the payment of benefits
				  as required by the no-fault law for each motor vehicle that is required to be
				  registered by the person in this state and shall provide proof of insurance to
				  the director and the secretary of state.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pre-Licensure Education Requirements › Section R. 500.1 - Definitions

Current through Vol. 24-12, July 15, 2024
Rule 1. As used in these rules:
(a) "Code" means the insurance code of 1956,
				MCL 500.100 to 500.8302.
(b)
				"Director" means the director of the department of insurance and financial
				services.
(c) "Instructor" means
				the person responsible for the conduct of instruction of the program.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pre-Licensure Education Requirements › Section R. 500.2 - Program review and registration

Current through Vol. 24-12, July 15, 2024
Rule 2.
(1) For a
				program to be registered as an insurance producer/solicitor program of study,
				program course materials and examinations must be submitted in their entirety
				to the director for review. The director will determine which courses meet the
				standards set forth in these rules for registration as qualified insurance
				producer/solicitor program courses.
(2) Any change in course material after
				approval is granted must also be submitted to the director not less than 2
				weeks before implementation.
(3)
				The director may, at any time, request a review of any and all materials,
				classrooms, and instructors.
(4) A
				program of study must be taught by an instructor meeting the requirements of
				R
				500.6.
(5)
				A program of study may be taught by any of the following methods: classroom,
				self-study, online, or a combination of any of those methods.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pre-Licensure Education Requirements › Section R. 500.3 - Property , casualty, or personal lines insurance producers and solicitors; curriculum and final examination requirements

Current through Vol. 24-12, July 15, 2024
Rule 3.
(1) To
				qualify as a registered insurance producer/solicitor program of study on the
				subjects of property or casualty insurance, a course must provide a minimum of
				20 hours of instruction for a property program, 20 hours of instruction for a
				casualty program, 20 hours of instruction for a personal lines program, or 40
				hours of instruction for a program of study combining property and casualty
				curricula.
(2) The 20 hours of
				instruction and final examination for a property program must include all of
				the following areas, but may be taught in any order or combination the
				instructor chooses:
(a) Fourteen hours on the
				principles of property insurance, including the following subjects and their
				definitions, characteristics, and application:
(i) Fire insurance.
(ii) General property form.
(iii) Home insurance.
(iv) Personal and commercial automobile
				insurance.
(v) Inland marine
				insurance.
(vi) Commercial package
				policies.
(vii) Boiler and
				machinery insurance.
(viii) Rates
				and rate changes, including coinsurance.
(ix) Business interruption
				insurance.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pre-Licensure Education Requirements › Section R. 500.4 - Life and accident and health producers; curriculum requirements

Current through Vol. 24-12, July 15, 2024
Rule 4.
(1) To
				qualify as a registered insurance producer program of study on the subject of
				accident and health insurance, a course must provide a minimum of 20 hours of
				study. These 20 hours of instruction and final examination must include all of
				the following areas, but may be taught in any order the instructor chooses:
(a) Fourteen hours on the principles of
				accident and health insurance, including, but not limited to, the following
				subjects and their definitions, characteristics, and application:
(i) Loss of time or disability
				policies.
(ii) Expense incurred
				policies.
(iii) Accidental death
				and dismemberment policies.
(iv)
				Hospital indemnity policies.
(v)
				Medicare supplement policies.
(vi)
				Dread disease policies.
(vii)
				Long-term care policies.
(viii)
				Group health insurance policies.
(ix) Major medical policies.
(x) Excess loss policies.
(xi) Blanket disability policies.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pre-Licensure Education Requirements › Section R. 500.5 - Methods of instruction

Current through Vol. 24-12, July 15, 2024
Rule 5.
(1) For
				classroom courses, instruction of the entire number of approved credit hours
				must be conducted on-site at the classroom location identified by the education
				provider.
(2) For self-study
				courses, contact between the instructor and student must be maintained through
				homework and examination. Instruction for the entire number of approved credit
				hours shall be completed by the student without classroom instruction. At the
				end of the course, students must pass a final examination which covers all
				subjects required to be taught in the course of instruction.
(3) For online courses, instruction of the
				entire number of approved credit hours must be conducted by electronic
				interaction between the instructor and the student. At the end of the course,
				students must pass a final examination which covers all subjects required to be
				taught in the course of instruction.
(4) For courses approved to be taught as a
				combination course (classroom and self-study, classroom and online, or
				self-study and online), instruction of the number of approved classroom hours
				must be conducted on-site at the classroom location identified by the education
				provider, and the number of approved self-study or online hours must be
				completed by the student outside the classroom. Contact between the instructor
				and student must be maintained through classroom contact, homework, and
				examination. At the end of the course, students must pass a final examination
				which covers all subjects required to be taught in the course of
				instruction.
(5) Records of
				response from students shall be maintained by the instructor for a period of 1
				year.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pre-Licensure Education Requirements › Section R. 500.6 - Instructor requirements

Current through Vol. 24-12, July 15, 2024
Rule 6.
(1) To
				qualify as an instructor of a registered insurance producer/solicitor program
				of study, a person shall possess at least 1 of the following:
(a) Three years of experience in the line of
				insurance which is to be taught.
(b) Three years of experience in
				teaching.
(c) Three years of
				experience in insurance and teaching combined.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Good Moral Character › Section R. 500.21 - Definitions

Current through Vol. 24-12, July 15, 2024
Rule 1.
(1) As used
				in these rules:
(a) "Act" means the insurance
				code of 1956, 1956 PA 218, MCL
				500.100 to
				500.8302.
(b) "Applicant" means an individual applying
				for a license as an insurance producer under section
				1205 or
				1206 a of the act, MCL
				500.1205 or
				500.1206a; solicitor under
				section 1214 of the act, MCL
				500.1214; adjuster under section
				1224 of the act, MCL
				500.1224; or insurance counselor
				under section
				1234 of the act, MCL
				500.1234.
(c) "Conviction" means a final judgment
				entered by a court upon a plea of guilty, guilty but mentally ill, or nolo
				contendere or upon a jury verdict or court finding that a defendant is guilty
				or guilty but mentally ill. However, the following are not considered a
				conviction for the purposes of these rules:
(i) An order of disposition entered under
				section 18 of chapter XIIA of the probate
				code of 1939, 1939 PA 288, MCL
				712 A.18, or a similar law of
				another jurisdiction applicable to the adjudication of juveniles.
(ii) A conviction that has been expunged. As
				used in this paragraph, "expunged" means that the conviction was set aside
				pursuant to 1965 PA 213, MCL
				780.621 to
				780.624, or a similar law of
				another jurisdiction, or the criminal history record information pertaining to
				the conviction was destroyed. A conviction is not considered expunged solely
				because the conviction is sealed, nonpublic, or otherwise not disclosable to 1
				or more individuals or group of individuals pursuant to applicable
				law.
(iii) A conviction that has
				been reversed or vacated.
(d) "Director" means the director of the
				department of insurance and financial services.
(e) "Felony" means that term as defined in
				section 1 of 1974 PA 381, MCL
				338.41.
(f) "Misdemeanor" means a violation of either
				of the following:
(i) A penal law that is not
				a felony.
(ii) An order, rule, or
				regulation if the violation is punishable by a term of imprisonment in a jail
				or prison.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Good Moral Character › Section R. 500.22 - Scope and applicability

Current through Vol. 24-12, July 15, 2024
Rule 2. These rules do the following:
(a) Identify convictions, not already
				identified as a bar to licensure under the act, that evidence an applicant's
				lack of good moral character.
(b)
				Establish criteria and standards for the director's review of an applicant's
				good moral character.
(c) Establish
				procedures for an applicant to submit a claim to rebut the use of a conviction
				as evidence of lacking good moral character.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Good Moral Character › Section R. 500.23 - Convictions that evidence a lack of good moral character

Current through Vol. 24-12, July 15, 2024
Rule 3.
(1) Subject
				to subrule (2) of this rule and only if an applicant's criminal record includes
				a felony conviction that meets 1 or more of the requirements listed in section
				2(2) of 1974 PA
				381, MCL 338.42, an applicant's lack of
				good moral character is evidenced by any of the following:
(a) The applicant's conviction of any crime
				involving a substantial misrepresentation of any material fact, including any
				of the following:
(i) Bribery and bribe
				receipt.
(ii) Any type of fraud,
				including, but not limited to, insurance fraud, mail fraud, mortgage fraud,
				Medicare fraud, welfare fraud, unemployment fraud, land fraud, tax fraud,
				securities fraud, fraudulent use of a credit or debit card, or criminal
				fraud.
(iii) Filing a false
				claim.
(iv) Aiding or abetting the
				filing of a false claim.
(v)
				Allowing an establishment to be used for illegal purposes.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Good Moral Character › Section R. 500.24 - Director's review; notice; submission of certain information or documentation

Current through Vol. 24-12, July 15, 2024
Rule 4.
(1) The
				director shall not consider a conviction, in and of itself, as conclusive proof
				that an applicant lacks good moral character, as provided in section
				2(2) of 1974 PA
				381, MCL 338.42.
(2) As provided in these rules and 1974 PA
				381, MCL 338.41 to
				338.47, the director may consider
				a conviction as evidence when determining an applicant's good moral character.
				If a conviction is considered in that determination, the director shall also
				consider all of the following, as applicable:
(a) As provided in section
				2(4) of 1974 PA
				381, MCL 338.42, the applicant's
				certificate of employability under section
				34 d of the corrections code of
				1953, 1953 PA 232, MCL
				791.234d, and any additional
				information regarding the applicant's current circumstances, such as how long
				ago the offense occurred, whether the applicant completed the sentence for the
				offense, other evidence of rehabilitation, testimonials, employment history,
				and employment aspirations.
(b)
				Whether there is a reasonable relationship between the conduct relating to the
				conviction and the duties of the applicant if granted the license.
(c) The number of convictions that the
				applicant has, as identified in
				R 500.23.
(d) The underlying facts of the conviction,
				including, but not limited to:
(i) The
				monetary value involved.
(ii) The
				applicant's relationship to a victim.
(iii) The applicant's age when the applicant
				was convicted.
(e)
				Whether the applicant disclosed his or her conviction on the application for
				licensure, and if the applicant did not make that disclosure, whether the
				applicant had good cause for the failure to make that disclosure.
(f) Any other information or documentation
				that the director considers appropriate in determining the applicant's good
				moral character.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Good Moral Character › Section R. 500.25 - Claim to rebut use of conviction as evidence of lacking good moral character; submission of supporting information or documentation

Current through Vol. 24-12, July 15, 2024
Rule 5.
(1) If an
				applicant has a conviction that may be used as evidence of the applicant's lack
				of good moral character, the applicant may provide the director with a claim
				for the purposes of rebutting that evidence by asserting 1 or more of the
				following:
(a) The applicant currently has the
				ability to, and is likely to, serve the public in a fair, honest, and open
				manner.
(b) The applicant has been
				rehabilitated.
(c) A requirement
				under section
				2(2) of 1974 PA
				381, MCL 338.42, has not been
				met.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pharmacy Benefit Manager Licensure and Regulation › Section R. 500.31 - Definitions

Current through Vol. 24-12, July 15, 2024
Rule 1.
(1) As used
				in these rules: 'Act' means the pharmacy benefit manager licensure and
				regulation act, 2022 PA 11, MCL
				550.811 to
				550.845.
(2) A term defined in the act has the same
				meaning when used in these rules.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pharmacy Benefit Manager Licensure and Regulation › Section R. 500.32 - Scope and applicability

Current through Vol. 24-12, July 15, 2024
Rule 2. These rules establish all of the following:
(a) The application contents and
				fee.
(b) The license renewal
				schedule and renewal fee.
(c)
				Standards regarding fines and suspension, a restriction, and revocation of a
				license.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pharmacy Benefit Manager Licensure and Regulation › Section R. 500.33 - Application contents and fee; supplemental documents

Current through Vol. 24-12, July 15, 2024
Rule 3.
(1) To
				obtain a license, an applicant shall submit the following:
(a) An application on a form provided by the
				director.
(b) The supplemental
				documents required under section 11(2) of the act, MCL
				550.821, and this rule.
(c) A nonrefundable application fee in an
				amount established by the director by bulletin. The director shall not adjust
				the application fee more than once per year.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pharmacy Benefit Manager Licensure and Regulation › Section R. 500.34 - License renewal schedule; license renewal fee

Current through Vol. 24-12, July 15, 2024
Rule 4.
(1) To renew
				an existing license for an additional 2 years, a pharmacy benefit manager shall
				file the materials required under this rule and section 11(10) of the act, MCL
				550.821, no later than July 1 of
				the second calendar year after the calendar year in which the pharmacy benefit
				manager either first obtained or last renewed the existing license.
(2) A license expires if the pharmacy benefit
				manager fails to submit a complete renewal filing by the date established in
				subrule (1) of this rule. If a license expires under this subrule, the pharmacy
				benefit manager shall not operate in this state as a pharmacy benefit manager
				without first obtaining a new license through the process in
				R 500.33. On request and for good
				cause shown, the director may grant to a pharmacy benefit manager a reasonable
				extension of time not to exceed 30 days within which the renewal materials must
				be filed.
(3) A renewal filing is
				incomplete if the director determines that it does not contain a completed
				application and renewal schedule and full payment of the nonrefundable license
				renewal fee that is established by the director.
(4) A renewal application or a renewal
				schedule is not complete unless the licensee fully and accurately provides all
				the information and materials requested on any form provided by the director.
				The director has discretion to revise any form that the director provides under
				this subdivision.
(5) The director
				may establish the amount of the nonrefundable license renewal fee by bulletin.
				The director shall not adjust the license renewal fee more than once per
				year.
(6) A renewal filing is
				incomplete if the director determines that the renewal filing does not contain
				a retail pharmacy benefit manager network adequacy report, as required under
				section 17 of the act, MCL
				550.827.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Pharmacy Benefit Manager Licensure and Regulation › Section R. 500.35 - Suspension, revocation, and restriction of licensure; fines

Current through Vol. 24-12, July 15, 2024
Rule 5.
(1) The
				director may suspend the license of a pharmacy benefit manager as provided in
				sections 11(5) and (6) of the act, MCL
				550.821. A pharmacy benefit
				manager whose license is suspended shall not operate within this state as a
				pharmacy benefit manager during the suspension.
(2) The director may revoke the license of a
				pharmacy benefit manager as provided in section 11(5) or (7) of the act, MCL
				550.821. A pharmacy benefit
				manager whose license is revoked shall not operate within this state as a
				pharmacy benefit manager as of the date specified in the director's
				order.
(3) The director may
				restrict the license of a pharmacy benefit manager under the authority of
				section 13 of the act, MCL
				550.823. An order of the director
				to suspend or to restrict a license takes effect immediately, unless the order
				explicitly states otherwise. If a director's order suspending or restricting a
				license explicitly allows the pharmacy benefit manager to operate after the
				order is issued, the affected pharmacy benefit manager shall operate for the
				period specified in the order and according to the conditions set forth in the
				order.
(4) When the director orders
				the suspension or revocation of a license under the act, the director has
				discretion to issue an order adapted to the underlying violation by requiring
				the pharmacy benefit manager to pay a fine or otherwise restricting the
				pharmacy benefit manager's license.
(5) A pharmacy benefit manager whose license
				has been suspended or restricted under the act and these rules shall pay the
				fine specified in the order mandating the suspension or restriction. If the
				director's order mandates a monthly fine until the underlying violation is
				remedied, the affected pharmacy benefit manager shall pay the specified fine
				each month until the pharmacy benefit manager demonstrates to the director, in
				a manner specified in the director's order, that the pharmacy benefit manager
				has remedied the violation leading to the suspension or restriction. If the
				director's order mandates any fine other than a monthly fine, the affected
				pharmacy benefit manager shall pay the fine specified in the order and comply
				with all other conditions set forth in the order.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Disclosure of Material Transactions › Section R. 500.51 - Report of acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements

Current through Vol. 24-12, July 15, 2024
Rule 1.
(1) Every
				insurer domiciled in Michigan shall file a report with the commissioner
				disclosing material acquisitions and dispositions of assets or material
				nonrenewals, cancellations, or revisions of ceded reinsurance agreements,
				unless the acquisitions and dispositions of assets or material nonrenewals,
				cancellations, or revisions of ceded reinsurance agreements have been submitted
				to the commissioner for review, approval, or information purposes pursuant to
				other statutory or regulatory requirements.
(2) The report required in subrule (1) of
				this rule is due within 15 days after the end of the calendar month in which
				the transactions specified in subrule (1) of this rule occur.
(3) A complete copy of the report, including
				any exhibits or other attachments, shall also be filed with the national
				association of insurance commissioners.
(4) All reports obtained by, or disclosed to,
				the commissioner pursuant to this rule shall be confidential, shall not be
				subject to subpoena, and shall not be made public by the commissioner, the
				national association of insurance commissioners, or any other person without
				the prior written consent of the insurer to which it pertains, unless the
				commissioner, after giving the insurer that would be affected notice and an
				opportunity to he heard, determines that5 the interest of the policyholders,
				shareholders, or the public will be served by publication, in which event the
				commissioner may publish all or part of the report in the manner the
				commissioner deems appropriate. Notwithstanding the provisions of this subrule,
				if assurances are provided that the information contained in the report will be
				kept confidential, the commissioner may disclose the information to the
				insurance regulatory agencies of other states.
(5) Insurers are required to report material
				acquisitions and dispositions of assets and material nonrenewals,
				cancellations, or revisions of ceded reinsurance arrangements on a
				nonconsolidated basis, unless the insurer is part of a consolidated group of
				insurers that utilizes a pooling arrangement or 100% reinsurance agreement that
				affects the solvency and integrity of the insurer's reserves and the insurer
				ceded substantially all of its direct and assumed business to the pool. An
				insurer is deemed to have ceded substantially all of its direct and assumed
				business to a pool if the insurer has less than $1,000,000.00 total direct and
				assumed premiums during a calendar year that are not subject to a pooling
				arrangement and the net income of the business not subject to the pooling
				arrangement represents less than 5% of the insurer's capital surplus.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Disclosure of Material Transactions › Section R. 500.52 - acquisitions and disposition of assets explained

Current through Vol. 24-12, July 15, 2024
Rule 2.
(1) As used
				in
				R 500.51, a material acqusition or
				disposition of assets is one which is nonrecurring and not in the ordinary
				course of business and which involves more than 5% of the reporting insurer's
				total admitted assets, as reported in its most recent statutory statement filed
				with the commissioner. A material acquisition or disposition includes the
				aggregate of any series of related acquisitions or dispositions during any
				30-day period.
(2) Asset
				acquisitions subject to this rule include every purchase, lease, exchange,
				merger, consolidation, succession, or other acquisition other than the
				construction or development or real property by or for the reporting insurer or
				the acquisition of materials for such purpose.
(3) Asset dispositions subject to this rule
				include every assignment, whether for the benefit of creditors or otherwise,
				sale, lease, exchange, merger, consolidation, mortgage, hypothecation,
				abandonment, destruction, or other disposition.
(4) All of the following information is
				required to be disclosed in any report of a material acquisition or disposition
				of assets:
(a) The date of the
				transaction.
(b) The manner of
				acquisition or disposition.
(c) A
				description of the asset involved.
(d) The nature and amount of the
				consideration given or received.
(e) The purpose of, or reason for, the
				transaction.
(f) The manner by
				which the amount of consideration was determined.
(g) The gain or loss recognized or realized
				as a result of the transaction.
(h)
				The name or names of the person or persons from whom the assets were acquired
				or to whom they were disposed.
Michigan Administrative Code › Department - Insurance and Financial Services › Insurance › Disclosure of Material Transactions › Section R. 500.53 - Nonrenewals, cancellations, or revisions of ceded reinsurance agreements explained

Current through Vol. 24-12, July 15, 2024
Rule 3.
(1) As used
				in
				R 500.51, a material nonrenewal,
				cancellation, or revision of ceded reinsurance is one that, for property and
				casualty business, including accident and health business written by a property
				and casualty insurer, affects more than 50% of the health insurer's total ceded
				written premium or more than 50% of the insurer's total ceded indemnity and
				loss adjustment reserves as indicated in the insurer's most recent annual
				statement or, for life, annuity, anc accident and health business, affects more
				than 50% of the total reserve credit taken for business ceded, on an annualized
				basis, as indicated in the insurer's most recent annual statement.
(2) For either property and casualty business
				or life, annuity, and accident and health business, either of the following
				events shall constitute a material revision that shall be reported:
(a) An authorized reinsurer reinsuring more
				than 10% of the insurer's total ceded written premium is replaced by 1 or more
				unauthorized reinsurers.
(b)
				Previously established collateral requirements have been reduced or waived for
				1 or more unauthorized reinsurers reinsuring collectively more than 10% of the
				insurer's total ceded written premium.