500.1803 Risk retention group chartered in state; certificate of authority; license; compliance.
Sec. 1803.
(1) To be chartered in this state, a risk retention group shall obtain a certificate of authority from the commissioner and be licensed as a domestic stock or mutual casualty insurer.
(2) Except as otherwise provided in this chapter, a risk retention group chartered in this state shall comply with all statutes, rules, regulations, and requirements applicable to domestic stock or mutual casualty insurers.
(3) A certificate of authority issued to a risk retention group chartered in this state shall be limited to the business of insurance for liability.
History: Add. 1989, Act 214, Eff. Jan. 1, 1990
Popular Name: Act 218