500.5800 Applicability of chapter. Sec. 5800. (1) This chapter applies only to domestic mutual insurers transacting property, casualty, disability, and other insurances, to mutual holding companies resulting from the reorganization of those mutual insurers, and to nonprofit mutual disability insurers. (2) This chapter does not apply to any domestic insurer doing business on August 10, […]
500.5801 Formation of domestic mutual insurer; nonprofit status; powers of nonprofit mutual disability insurer; limitation. Sec. 5801. (1) A domestic mutual insurer may be formed with nonprofit status. (2) A nonprofit mutual disability insurer has all powers of a mutual insurer organized under this chapter unless expressly reserved. A nonprofit mutual disability insurer that has […]
500.5803 Mutual holding company resulting from reorganization considered as domestic mutual insurance company. Sec. 5803. A mutual holding company resulting from a reorganization under chapter 60 shall be considered a domestic mutual insurance company under this act except that the mutual holding company shall not be issued a certificate of authority to issue policies or […]
500.5804 Domestic mutual insurers; incorporation. Sec. 5804. (1) Any number of persons, not less than 20, a majority of whom shall be bona fide residents of this state, by complying with the provisions of this chapter, may become together with others who may hereafter be associated with them or their successors, a body corporate, for […]
500.5805 Merger of nonprofit health care corporation with nonprofit mutual disability insurer. Sec. 5805. (1) As set forth in section 220 of the nonprofit health care corporation reform act, 1980 PA 350, MCL 550.1220, a nonprofit health care corporation may merge with a nonprofit mutual disability insurer where the surviving entity is governed by this […]
500.5810 Domestic mutual insurers; qualification for certificate of authority. Sec. 5810. No such insurer shall issue policies or transact any business of insurance unless it shall hold a certificate of authority from the commissioner authorizing the transaction of such business, which certificate shall not be issued until and unless the insurer shall comply with the […]
500.5814 Repealed. 1970, Act 180, Imd. Eff. Aug. 3, 1970. Compiler’s Notes: The repealed section pertained to kinds of insurance permitted mutual insurers.Popular Name: Act 218
500.5818 Domestic mutual insurers; rights of corporation and other bodies to be members. Sec. 5818. Any public or private corporation, board or association in this state or elsewhere may make applications, enter into agreements for and hold policies in any such mutual insurance company. Any officer, stockholder, trustee or local representative of any such corporation, […]
500.5824 Voting rights of members; administrative services agreements. Sec. 5824. Every member of the company is entitled to 1 vote, or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws. A nonprofit mutual disability insurer […]
500.5825 Rights or interests of member of nonprofit mutual disability insurer; dissolution or winding up of nonprofit mutual disability insurer; distribution and administration of residual value; conditions requiring payments to Michigan health endowment fund; determination by independent valuation; “beneficially own” defined. Sec. 5825. (1) A member of a nonprofit mutual disability insurer that has merged […]
500.5826 Offering health care benefits to residents regardless of health status. Sec. 5826. Until January 1, 2014, a nonprofit mutual disability insurer that has merged with a nonprofit health care corporation as described in section 5805(1) shall offer health care benefits to all residents of this state regardless of health status. History: Add. 2013, Act […]
500.5828 Domestic mutual insurers; contingent liability of members; nonassessable policies. Sec. 5828. (1) The policies shall provide for a premium or premium deposit payable in cash and, except as herein provided, for a contingent premium at least equal to the premium or premium deposit. (2) Such mutual insurer may issue a policy without a contingent […]
500.5836 Mutual insurers; borrowed capital. Sec. 5836. A mutual insurer organized under this chapter may borrow or assume liability for the repayment of a sum of money sufficient to defray the reasonable expenses of its organization or to provide the securities to be deposited with the state treasurer as required under this act, or to […]
500.5840 Domestic mutual insurers; deficiency in assets; assessment of members. Sec. 5840. Such insurer not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each such member in proportion to […]
