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 […]
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 […]
Section 500.8191 – Domestic Society; Deficiencies; Notice; Request for Correction; Noncompliance; Action to Enjoin or Action in Quo Warranto; Hearing; Order; Findings; Liquidation; Recognition of Action; Receiver; Voluntary Determination to Discontinue Business.
500.8191 Domestic society; deficiencies; notice; request for correction; noncompliance; action to enjoin or action in quo warranto; hearing; order; findings; liquidation; recognition of action; receiver; voluntary determination to discontinue business. Sec. 8191. (1) If the commissioner upon investigation finds that a domestic society has exceeded its powers, has failed to comply with any provision of […]
Section 500.8178 – Domestic Fraternal Benefit Society as Mutual Life Insurance Company.
500.8178 Domestic fraternal benefit society as mutual life insurance company. Sec. 8178. A domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of chapter 82. History: Add. 1990, Act 1, Eff. Apr. 1, 1990 Popular Name: Act 218
Section 500.8179 – Contractual Benefits; Specifying Persons Covered in Rules.
500.8179 Contractual benefits; specifying persons covered in rules. Sec. 8179. (1) A society may provide in any form the following contractual benefits: (a) Death benefits. (b) Endowment benefits. (c) Annuity benefits. (d) Temporary or permanent disability benefits. (e) Hospital, medical, or nursing benefits. (f) Monument or tombstone benefits to the memory of deceased members. (g) […]
Section 500.8180 – Changing Beneficiary; Limiting Scope of Beneficiary Designations; Vested Interest of Revocable Beneficiary; Payment of Funeral Benefits; Payment of Benefit to Personal Representative or Owner of Certificate.
500.8180 Changing beneficiary; limiting scope of beneficiary designations; vested interest of revocable beneficiary; payment of funeral benefits; payment of benefit to personal representative or owner of certificate. Sec. 8180. (1) The owner of a benefit contract may change the beneficiary in accordance with the society’s laws or rules unless the owner waives this right by […]
Section 500.8181 – Attachment, Garnishment, or Other Process.
500.8181 Attachment, garnishment, or other process. Sec. 8181. No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by a society, shall be liable to attachment, garnishment, or other process, or seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt […]
Section 500.8182 – Benefit Contracts.
500.8182 Benefit contracts. Sec. 8182. (1) Each society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided. The certificate, together with any attached riders or endorsements, the laws of the society, the application for membership, the application for insurance and […]
Section 500.8183 – Value of Paid-Up Nonforfeiture Benefit; Amount of Cash Surrender Value, Loan, or Other Option Granted.
500.8183 Value of paid-up nonforfeiture benefit; amount of cash surrender value, loan, or other option granted. Sec. 8183. (1) For certificates issued before April 1, 1991, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall comply with the law applicable before April 1, […]
Section 500.8184 – Investments Generally.
500.8184 Investments generally. Sec. 8184. A society shall invest its funds only in those investments authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations of those laws. Any foreign or alien society permitted or seeking to do business in this state which invests its […]