500.5000 Scope of chapter. Sec. 5000. This chapter covers incorporation and procedures for organization of new domestic stock, mutual, and cooperative plan insurers; except, that this chapter shall apply to domestic general mutual insurers only as stated in section 5804. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
500.5001 Compliance with chapter required. Sec. 5001. No stock or mutual insurer or other form of corporate body, shall hereafter be incorporated in this state for the purpose of transacting any form of insurance or surety bonding business, without complying with the procedure prescribed in this chapter. History: 1956, Act 218, Eff. Jan. 1, 1957 […]
500.5002 Organization of insurers; definitions. Sec. 5002. Definitions, as used in this code: (1) Except as otherwise indicated “corporation” means a corporation formed or existing under the laws of this state. (2) “Articles” means articles of incorporation, and all amendments thereto, and includes what has heretofore been referred to as articles of association and/or charters […]
500.5006 Stock insurers; formation, number of incorporators required. Sec. 5006. (1) Any number of persons, not less than 7, may associate together and form a stock insurer to transact any or all of the following kinds of insurance: Property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6. (2) […]
500.5008 Articles of incorporation; blank forms; subscribing in duplicate; contents; permissible provisions; liability of director; certificate of acknowledgment. Sec. 5008. (1) The commissioner shall prepare and keep on hand blank forms of articles of incorporation for insurers desiring to incorporate under this act, which forms may be had on application. (2) The incorporators shall subscribe […]
500.5010 Duration of corporate existence. Sec. 5010. The corporate existence of any company incorporated under or subject to this code shall not exceed 30 years, unless a longer term is provided in the articles of incorporation. Any company hereafter incorporated under this code may incorporate for a period of any specific number of years, not […]
500.5012 Corporate name; restrictions. Sec. 5012. No insurer formed under this code shall assume any name which is the same as or closely resembles the name of any other corporation doing business in this state. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
500.5014 Par value of stock; limitations. Sec. 5014. Capital stock of domestic stock insurers incorporated under this chapter shall have value as follows: (1) If organized to transact property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6, each share of authorized capital stock shall have a value of […]
500.5020 Examination of articles by attorney general; fee. Sec. 5020. (1) Before such articles of incorporation shall be effective for any purpose the same shall be submitted to the attorney general for his examination, and if found by him to be in compliance with this code he shall so certify to the commissioner. (2) Each […]
500.5024 Securing subscribers, stockholders, or members of insurance company; sale of capital stock; required acts of incorporators; authority of commissioner. Sec. 5024. (1) Before securing subscribers, stockholders, or members of an insurance company, or taking subscriptions for, or negotiating for, the sale of any of the capital stock of the company or subscriptions for membership […]
500.5028 Completion of organization; issuance of stock certificates; mutual corporation. Sec. 5028. (1) The incorporators shall, after the filing and approval of the required articles, proceed to the completion of organization of the proposed insurer. (2) A stock corporation shall at once open its books of subscription to the capital stock, and a certificate of […]
500.5036 Liability of directors for debts during organization. Sec. 5036. The directors and incorporators of any stock company organized under this chapter, to transact property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6, shall be jointly and severally liable for all debts or responsibilities of such company, until […]
500.5040 Examination; certificate of authority. Sec. 5040. Upon the petition of the incorporators of such company, the commissioner shall cause an examination to be made in respect to the capital stock and shall see that the requirements as to the same have been fully complied with; and if the company is organized to do business […]
