MCL - 218-1956-77

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Chapter 500
Act 218 of 1956
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THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
Chapter 77

Document Type Description
Section 500.7701 Section Short title of chapter.
Section 500.7702 Section Purpose and construction of chapter.
Section 500.7704 Section Coverages; liability of association; limitations.
Section 500.7705 Section Definitions.
Section 500.7706 Section Michigan life and health insurance guaranty association; creation; membership requirement; performance of functions; exercise of powers; accounts; supervision of commissioner; applicability of insurance laws; meetings.
Section 500.7707 Section Board of directors; appointment and election of members; vacancy; notice of organizational meeting; voting rights; approval of election or appointment; fair representation required; reimbursement for expenses.
Section 500.7708 Section Powers and duties of association as to impaired or insolvent insurers; proceeding under subsection (3)(b) or (5)(b); paying or crediting rate of interest; nonpayment of premiums; premiums due and liability for unearned premiums; applicability of protection; additional powers of association; transfer of amount to association; failure of association to act; rendering assistance and advice to commissioner; standing; appearance; intervention; assignment of rights and causes of action; subrogation; reduced amounts; additional powers of association; reinsurance agreement; substitute coverage.
Section 500.7709 Section Assessments.
Section 500.7710 Section Plan of operation and amendments; submission to commissioner; effective date; failure to submit suitable plan or amendments; rules; compliance by member insurers; contents of plan; providing for delegation of powers and duties of association to other organization.
Section 500.7711 Section Additional duties of commissioner; suspension or revocation of certificate of authority; forfeiture; appeal; judicial review; notice by liquidator, rehabilitator, or conservator.
Section 500.7712 Section Detection and prevention of insurer insolvencies or impairments; powers and duties of commissioner and board of directors; reports and recommendations.
Section 500.7714 Section Liability for unpaid assessments of insureds on impaired or insolvent insurer operating under plan with assessment liability; records of negotiations and meetings; report; association as creditor of impaired or insolvent insurer; “assets attributable to covered policies” defined; disbursement of assets.
Section 500.7715 Section Examination and regulation of association by commissioner; financial report; report of activities.
Section 500.7716 Section Association exempt from fees and taxes; exception.
Section 500.7717 Section Nonliability of member insurer, association, board of directors, or commissioner in performance of powers and duties.
Section 500.7718 Section Stay of proceedings in which insolvent insurer party; setting aside default judgment; defense.
Section 500.7719 Section Repealed. 1989, Act 302, Eff. Jan. 3, 1990.
Section 500.7780 Section Applicability of chapter to delinquent insurer.