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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
550.8 Violation of act; misdemeanor; license revocation, grounds. Sec. 8. Any person or corporation violating any of the provisions hereof, or any regulation or proclamation made pursuant hereto, shall be deemed guilty of a misdemeanor, and of violating the insurance law of this state; and any such violation by any insurance company or its agent […]
