390.1121 Meanings of words and phrases. Sec. 1. For the purposes of this act, the words and phrases defined in sections 2 to 5 shall have the meanings ascribed to them in those sections. History: 1977, Act 315, Imd. Eff. Jan. 9, 1978
390.1122 Definitions; A to E. Sec. 2. (1) “Accident year” means the calendar year in which an incurred loss takes place. (2) “Agent” means an officer, employee, student, or authorized person or entity of the university. (3) “Aggregate”, when used in connection with incurred loss, incurred loss reserves, or paid losses means the total of […]
390.1123 Definitions; I to L. Sec. 3. (1) “Incurred but not reported loss” means an incurred loss which has not been reported. (2) “Incurred but not reported loss reserves” means the amount estimated to be required to pay incurred losses which have not been reported and related expenses allocated with respect to those losses. (3) […]
390.1124 Definitions; P. Sec. 4. (1) “Paid loss” means a loss which has been paid plus expenses allocated and paid with respect to that loss. (2) “Premises liability” means liability for personal injury or property damage, singly or in any combination, which the university becomes legally obligated to pay and which arises out of an […]
390.1125 Definitions; R to U. Sec. 5. (1) “Related expenses” means the costs of litigation, investigation, attorney fees, and administrative expenses. (2) “Risk management system” means a system or plan to do all of the following: (a) Employ independent actuaries or other qualified technical experts to determine and measure to the extent possible through accepted […]
390.1126 Assumption by state of excess loss of university or its agents; conditions. Sec. 6. The state shall assume the excess loss of the university or its agents if the university adopts an indemnification and hold harmless policy in which the university agrees to indemnify, save harmless, and defend its agents against professional liability and […]
390.1127 State payment of excess loss of university; qualifications; indemnification reserve fund; compliance with MCL 500.100 to 500.8302. Sec. 7. (1) To qualify for state payment of excess loss, a university shall develop and implement a risk management system, which shall be filed with and approved by the state insurance bureau, and shall establish and […]
390.1128 Information to be filed with state insurance bureau. Sec. 8. At the end of each year, the university shall file the following information with the state insurance bureau: (a) The annual expected loss for the next accident year, which shall be computed together with an accounting of the indemnification reserve fund. (b) The status […]
390.1129 Annual excess loss as obligation of state; payment; limitation; payment of incurred loss. Sec. 9. (1) The annual excess loss shall be an obligation of this state and shall be paid directly to the claimant from the general fund of the state. (2) The amount paid by the state shall not exceed $100,000.00 per […]
390.1130 Naming state as party prohibited; act or fund not to be mentioned at trial or hearing. Sec. 10. The state of Michigan shall not be named as a party in a legal action commenced against a university or its agent, nor shall the existence of this act or the indemnification reserve fund be mentioned […]
390.1131 Annual report. Sec. 11. The insurance commissioner shall submit an annual report to the governor and the legislature regarding the implementation of this act and the excess loss obligations assumed by the state. History: 1977, Act 315, Imd. Eff. Jan. 9, 1978
