500.1801 Definitions. Sec. 1801. As used in this chapter: (a) “Chartered” means a risk retention group licensed and authorized to engage in business as a liability insurance company in a state. (b) “Hazardous financial condition” means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired […]
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 […]
500.1804 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler’s Notes: The repealed section pertained to void contracts of fire insurance.Popular Name: Act 218
500.1805 Risk retention group chartered in state; summary form of required information. Sec. 1805. To be chartered in this state, a risk retention group shall provide to the commissioner in summary form, at the time of its application for a certificate of authority, all of the following: (a) The identity of the initial members of […]
500.1806 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler’s Notes: The repealed section provided penalty for agents’ solicitation of fire insurance with unauthorized insurer. Popular Name: Act 218
500.1807 Risk retention group chartered in state; plan of operation or feasibility study. Sec. 1807. Before it may offer insurance in this state, a risk retention group chartered in this state shall submit to the commissioner for approval a plan of operation or feasibility study and, within 10 days of a change, shall submit an […]
500.1809 Risk retention group chartered in state; name. Sec. 1809. The name under which a risk retention group chartered in this state may be authorized as a domestic casualty insurer shall be a brief description of the risk retention group’s membership followed by the phrase “risk retention group”. History: Add. 1989, Act 214, Eff. Jan. […]
500.1810 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler’s Notes: The repealed section provided penalty for life insurance with unauthorized insurer.Popular Name: Act 218
500.1811 Risk retention group not chartered in state; submission of information to commissioner. Sec. 1811. A risk retention group not chartered in this state shall submit to the commissioner all of the following: (a) Before offering insurance in this state, a statement identifying any state in which the risk retention group is chartered as a […]
500.1812 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler’s Notes: The repealed section provided penalty for disability, casualty, title, or surety insurance with unauthorized insurer.Popular Name: Act 218
500.1813 Risk retention group without certificate of authority issued by commissioner; tax; regulatory fee; report. Sec. 1813. A risk retention group that does not have a certificate of authority issued by the commissioner shall be liable for the payment of a tax of 2% on direct business for a risk resident or located within this […]
500.1815 Risk retention group not chartered in state and doing business in state; compliance required; examination of financial condition. Sec. 1815. (1) A risk retention group, not chartered in this state and doing business in this state, and the risk retention group’s agents and representatives, shall comply with chapter 20. (2) A risk retention group […]
500.1817 Risk retention group not chartered in state and doing business in state; voluntary dissolution or delinquency proceeding. Sec. 1817. A risk retention group not chartered in this state and doing business in this state shall comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by the […]
500.1819 Notice required on application form and front and declaration pages of policy. Sec. 1819. An application form for insurance from a risk retention group chartered or doing business in this state, as well as the front and declaration pages of a policy issued by a risk retention group, shall contain in 10-point type the […]
500.1820 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler’s Notes: The repealed section contained a short title.Popular Name: Act 218
500.1821 Risk retention group chartered or doing business in state; prohibited conduct. Sec. 1821. A risk retention group chartered or doing business in this state shall not do any of the following: (a) Solicit or sell insurance to a person who is not eligible for membership in the group. (b) Solicit or sell insurance if […]
500.1822 Repealed. 1980, Act 341, Eff. June 23, 1981. Compiler’s Notes: The repealed section pertained to acts constituting appointment of commissioner as attorney for service of process.Popular Name: Act 218
500.1823 Violation; fines and penalties; compliance. Sec. 1823. A risk retention group that violates a provision of this chapter shall be subject to fines and penalties applicable to licensed insurers, including revocation of the right to do business in this state. A risk retention group operating in this state prior to January 1, 1990 shall […]
500.1825 Purchasing group; information required before doing business in state. Sec. 1825. (1) Before doing business in this state, a purchasing group shall provide the commissioner with all of the following: (a) The identity of the name of the purchasing group through which it is purchasing liability insurance. (b) The identity of the state in […]
500.1827 Purchasing group and insurer thereof; registration fee; statement of registration; applicability of subsection (1); information to be furnished. Sec. 1827. (1) The purchasing group and any insurer of the purchasing group which has not submitted a registration fee shall submit a $25.00 registration fee and, on a form prescribed by the commissioner, a statement […]
