500.1101 “Qualified United States financial institution” defined. Sec. 1101. For purposes of this chapter, a “qualified United States financial institution” means an institution that meets either subdivision (a) or (b): (a) Is organized, or in the case of a United States office of a foreign banking organization, is licensed, under the laws of the United […]
500.1103 Credit for reinsurance as asset or reduction from liability; accredited reinsurer; trust fund; requirements; report to director; certified reinsurer requirements; obligation to arbitrate; trust agreement; list of reciprocal jurisdictions; suspension or revocation; hearing; recoverable assets; diversification; member of catastrophic claims association; definitions. Sec. 1103. (1) A ceding insurer is allowed credit for reinsurance as […]
500.1105 Reduction from liability by ceding insurer to assuming insurer not meeting requirements of MCL 500.1103; security. Sec. 1105. An asset or a reduction from liability for the reinsurance ceded by a ceding insurer to an assuming insurer that does not meet the requirements of section 1103 is allowed in an amount not to exceed […]
500.1106 Rules. Sec. 1106. (1) Subject to subsections (2) and (3), the director may promulgate rules pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, with regard to reinsurance agreements concerning any of the following: (a) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits, if […]
500.1108-500.1120 Repealed. 1972, Act 360, Imd. Eff. Jan. 9, 1973. Compiler’s Notes: The repealed sections pertained to administration of deposits.Popular Name: Act 218
500.1121 Applicability of MCL 500.1123 to 500.1127 to certain insurers. Sec. 1121. The provisions of sections 1123 through 1127 apply to all life and disability insurers and also apply to licensed property and casualty insurers with respect to their disability insurance business. Sections 1123 through 1127 do not apply to assumption reinsurance, yearly renewable term […]
500.1123 Reinsurance agreement; conditions prohibiting reduction in liability or establishment of asset; approval of commissioner; filing agreements. Sec. 1123. (1) For reinsurance ceded an insurer subject to this section shall not reduce any liability or establish any asset in any financial agreement filed with the commissioner if, by the terms of the reinsurance agreement, in […]
500.1124 Repealed. 1972, Act 360, Imd. Eff. Jan. 9, 1973. Compiler’s Notes: The repealed section pertained to administration of deposits.Popular Name: Act 218
500.1125 Reinsurance agreement; use; execution; “reasonable period of time” defined; provisions; assumption of obligations by life and health insurance guaranty association. Sec. 1125. (1) Neither a reinsurance agreement nor any amendment to that agreement shall be used to reduce any liability or to establish any asset in any financial statement filed with the commissioner unless […]
500.1127 Reinsurance agreements; reduction to zero of certain reserve credits or assets. Sec. 1127. Insurers subject to sections 1121 through 1125 shall reduce to zero by December 31, 1994 any reserve credits or assets established with respect to reinsurance agreements entered into prior to the effective date of this chapter that, under the provisions of […]
