Section 500.1952 – Violation as Misdemeanor; Penalty.
500.1952 Violation as misdemeanor; penalty. Sec. 1952. A person who knowingly and wilfully violates or aids or abets directly or indirectly in a violation of this chapter is guilty of a misdemeanor, punishable by imprisonment for not more than 1 year, or a fine of not more than $1,000.00, or both. History: Add. 1980, Act […]
Section 500.1955 – Rules Implementing Chapter; Declaratory Rulings.
500.1955 Rules implementing chapter; declaratory rulings. Sec. 1955. The commissioner may promulgate rules to implement this chapter pursuant to Act No. 306 of the Public Acts of 1969, as amended. The commissioner may issue declaratory rulings regarding implementation of this chapter. History: Add. 1980, Act 341, Eff. June 23, 1981 Popular Name: Act 218
Section 500.1932 – Servicing Facility; Establishment; Reimbursement for Expenses and Payments; Functions; Approval; Member Licensee as Servicing Facility.
500.1932 Servicing facility; establishment; reimbursement for expenses and payments; functions; approval; member licensee as servicing facility. Sec. 1932. (1) In accordance with its bylaws, an association may establish an independent office as a servicing facility. Each servicing facility shall be reimbursed by the association for expenses incurred and for any payments made on behalf of […]
Section 500.1933 – Suits by or Against Association; Assertion or Defense of Rights.
500.1933 Suits by or against association; assertion or defense of rights. Sec. 1933. An association, in its own name or through servicing facilities, may sue or be sued and may use the courts to assert or defend any rights the association may have by virtue of this chapter which are reasonably necessary to fully implement […]
Section 500.1934 – Filing Certified Audit of Books, Records, and Trust Funds.
500.1934 Filing certified audit of books, records, and trust funds. Sec. 1934. Each association shall file annually with the commissioner a certified audit of the books and records of the association and its trust funds. History: Add. 1980, Act 341, Eff. June 23, 1981 Popular Name: Act 218
Section 500.1940 – Reports and Recommendations Regarding Financial Condition of Eligible Unauthorized Insurer; Reports and Recommendations Not Considered Public Documents; Liability for Statements.
500.1940 Reports and recommendations regarding financial condition of eligible unauthorized insurer; reports and recommendations not considered public documents; liability for statements. Sec. 1940. The association may submit reports and make recommendations to the commissioner regarding the financial condition of any eligible unauthorized insurer. These reports and recommendations shall not be considered to be public documents. […]
Section 500.1946 – Repealed. 2000, Act 486, Imd. Eff. Jan. 11, 2001.
500.1946 Repealed. 2000, Act 486, Imd. Eff. Jan. 11, 2001. Compiler’s Notes: The repealed section pertained to promulgation of rules regulating conduct of licensees.Popular Name: Act 218
Section 500.1950 – Placement of Insurance With Insurer Which Is Neither an Authorized Insurer nor an Eligible Unauthorized Insurer; Duties of Licensee.
500.1950 Placement of insurance with insurer which is neither an authorized insurer nor an eligible unauthorized insurer; duties of licensee. Sec. 1950. Notwithstanding section 1920(1), a resident of this state may obtain insurance from an unauthorized insurer in this state through a licensee under this chapter. Unless the resident insists that the insurance be placed […]
Section 500.1951 – Procuring, Continuing, or Renewing Insurance With Unauthorized Insurer; Report; Tax on Premiums; Regulatory Fee.
500.1951 Procuring, continuing, or renewing insurance with unauthorized insurer; report; tax on premiums; regulatory fee. Sec. 1951. An insured in this state who, on behalf of himself or herself, or an employee in this state who, on behalf of his or her employer, procures, causes to be procured, or continues or renews insurance with an […]
Section 500.1921 – Recognition as Eligible Unauthorized Insurer; Deposit; Trust Fund, Marketable Securities, or Equivalent Instruments; Provisions Inapplicable to Certain Unincorporated, Alien Insurers; Commissioner as Resident Agent for Service of Process.
500.1921 Recognition as eligible unauthorized insurer; deposit; trust fund, marketable securities, or equivalent instruments; provisions inapplicable to certain unincorporated, alien insurers; commissioner as resident agent for service of process. Sec. 1921. (1) In addition to other requirements of this chapter, to gain recognition as an eligible unauthorized insurer in this state, an unauthorized insurer shall […]