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Section 500.8101 - Construction and Purpose of Chapter. - Sec. 8101. (1) This chapter shall not be interpreted to...
Section 500.8102 - Applicability of Proceedings Authorized by Chapter. - Sec. 8102. The proceedings authorized by this chapter may be...
Section 500.8103 - Definitions. - Sec. 8103. As used in this chapter: (a) "Ancillary state"...
Section 500.8104 - Commencement of Delinquency Proceeding; Jurisdiction; Stay of Proceedings. - Sec. 8104. (1) A delinquency proceeding shall not be commenced...
Section 500.8105 - Receiver; Application for Relief. - Sec. 8105. (1) A receiver appointed in a proceeding under...
Section 500.8106 - Cooperation With Commissioner; Obstruction or Interference Prohibited; Existing Legal Rights Not Abridged; Penalties; Petition for Relief. - Sec. 8106. (1) An officer, manager, director, trustee, owner, employee,...
Section 500.8107 - Official Bonds. - Sec. 8107. In a proceeding under this chapter, the commissioner...
Section 500.8108a - Prohibited Conduct by Insurer. - Sec. 8108a. Until all payments of or on account of...
Section 500.8109 - Orders; Determination; Supervision of Insurer; Restrictions; Compliance; Hearings; Notice; Time; Judicial Review; Review of Supervisor's Action; Violation of Supervision Order; Penalty; Enforcement of Supervision Order; Personal Li... - Sec. 8109. (1) If the commissioner has reasonable cause to...
Section 500.8110 - Seizure Order. - Sec. 8110. (1) The commissioner may file in the circuit...
Section 500.8111 - Confidentiality; Exception; “Third Parties” Defined. - Sec. 8111. (1) Except as provided in subsection (2), in...
Section 500.8112 - Rehabilitation of Insurer; Petition; Grounds. - Sec. 8112. The commissioner may apply by petition to the...
Section 500.8113 - Order to Rehabilitate Insurer; Provisions; Filing as Notice; Title to Assets Vested in Rehabilitator; Accounting. - Sec. 8113. (1) An order to rehabilitate the business of...
Section 500.8114 - Commissioner as Rehabilitator; Appointment of Special Deputies; Employment of Counsel, Clerks, and Assistants; Compensation; Terms; Expenses; Powers of Rehabilitator; Criminal or Tortious Conduct; Breach of Contractual or Fiduciary... - Sec. 8114. (1) The commissioner as rehabilitator may appoint 1...
Section 500.8115 - Stay of Action or Proceeding; Purpose; Duties of Rehabilitator; Statute of Limitations; Laches; Standing of Guaranty Association. - Sec. 8115. (1) A court in this state before which...
Section 500.8115a - Netting Agreement or Qualified Financial Contract; Rights; Transfer; Duties of Receiver; Exception; Rights of Counterparties; Definitions. - Sec. 8115a. (1) Notwithstanding any other provision of this act,...
Section 500.8116 - Order of Liquidation; Petition; Duties of Circuit Court; Order Terminating Rehabilitation; Restoration to Possession of Property and Control of Business. - Sec. 8116. (1) If the commissioner believes further attempts to...
Section 500.8117 - Liquidation of Domestic or Alien Insurer; Basis. - Sec. 8117. The commissioner may petition the circuit court for...
Section 500.8118 - Order of Liquidation; Provisions; Filing as Notice; Rights and Liabilities; Judicial Declaration of Insolvency; Accounting. - Sec. 8118. (1) An order to liquidate the business of...
Section 500.8118a - Order Transferring Title to and Possession of Trusteed Assets; Actions of Court; Considerations. - Sec. 8118a. (1) For an alien insurer domiciled in this...
Section 500.8119 - Order of Liquidation; Continuation of Policies in Force; Termination of Coverages. - Sec. 8119. (1) All policies, other than life or health...
Section 500.8120 - Dissolution of Corporation. - Sec. 8120. The commissioner may petition for an order dissolving...
Section 500.8121 - Powers of Liquidator; Extended Reporting Period; Powers and Authority Not Exclusive; Delaying Sale of Assets. - Sec. 8121. (1) The liquidator shall have the power to...
Section 500.8122 - Notice of Liquidation; Filing Claims; Changes of Address. - Sec. 8122. (1) Unless the court otherwise directs, the liquidator...
Section 500.8123 - Notice by Agent to Policyholder; Report of Compliance; Penalty; Waiver. - Sec. 8123. (1) Every agent who receives notice in the...
Section 500.8124 - Order Appointing Liquidator as Bar to Action at Law or Equity; Full Faith and Credit to Injunctions; Intervention; Expense; Institution of Action or Proceeding on Behalf of Estate of Insurer; Period of Limitation; Statute of Limita... - Sec. 8124. (1) Upon issuance of an order appointing a...
Section 500.8124a - Guaranty Association or Foreign Guaranty Association; Court Standing; Right to Intervene; Jurisdiction. - Sec. 8124a. Any guaranty association or foreign guaranty association has...
Section 500.8125 - List of Insurer's Assets; Amendments and Supplements; Filing; Reduction of Assets to Liquidity; Submission of Assets for Disbursement. - Sec. 8125. (1) As soon as practicable after the liquidation...
Section 500.8126 - Transfers and Obligations as Fraudulent; Avoidance by Receiver; Retention of Property, Lien, or Obligation as Security for Repayment; Preservation of Transfer or Obligation; Perfection of Transfer; Transfer Creating Equitable Lien;... - Sec. 8126. (1) Every transfer made or suffered and every...
Section 500.8127 - Transfer of Insurer's Real Property; Validity; Constructive Notice of Commencement of Proceeding in Rehabilitation or Liquidation; Judicial Sale of Real Property of Insurer; Validity of Transfer Against Receiver; Payment of Indebte... - Sec. 8127. (1) After a petition for rehabilitation or liquidation...
Section 500.8128 - Preference Generally; Transfers Considered Made or Suffered; Lien Obtainable by Legal or Equitable Proceedings; Dissolution of Voidable Lien; Discharge of Property From Lien; Summary Jurisdiction; Hearing; Notice; Order; Liability... - Sec. 8128. (1) A preference is a transfer of any...
Section 500.8129 - Claim of Creditor; Allowance; Excused Late Filing. - Sec. 8129. (1) A claim of a creditor who has...
Section 500.8130 - Setoff or Counterclaim. - Sec. 8130. (1) Mutual debts or mutual credits, whether arising...
Section 500.8130a - Contributions of Parties; Determination by Court; Distribution to Stockholders; Recovery of Distributions; Limitations. - Sec. 8130a. (1) Prior to the termination of a liquidation,...
Section 500.8131 - Report of Liquidator to Court; Levy of Assessment; Order to Show Cause; Notice; Hearing; Determination; Enforcement. - Sec. 8131. (1) As soon as practicable but not more...
Section 500.8132 - Amount Recoverable by Liquidator From Reinsurers; Reduction Prohibited; Reinsurer's Obligation to Insurer's Estate; Assumption of Obligations by Life and Health Insurance Guaranty Association. - Sec. 8132. (1) The amount recoverable by the liquidator from...
Section 500.8133 - Payment of Unpaid Earned Premium; Recovery of Unearned Premium; Prohibited Credits and Setoffs; Violation; Penalty; Notice; Hearing; Appeal. - Sec. 8133. (1) An agent, premium finance company, or any...
Section 500.8133a - Deductible Agreement; Collateral as Asset Maintained and Administered by Receiver; Jurisdiction of Circuit Court; Rights of Guaranty Association or Foreign Guaranty Association; Applicability to Delinquency Proceedings; Applicabi... - Sec. 8133a. (1) Notwithstanding any other law or contract to...
Section 500.8134 - Proposal to Make Early Access Disbursements; Effect of Insufficient Assets; Report; Provisions of Proposal; Notice of Application; Action on Application; Return of Early Access Funds; Limitation. - Sec. 8134. (1) Within 120 days of a final determination...
Section 500.8135 - Proof of Claims; Filing; Circumstances Permitting Late Filing; Receipt of Distributions by Late Filing Claimants. - Sec. 8135. (1) Proof of all claims shall be filed...
Section 500.8136 - Proof of Claim; Statement; Form; Additional Information or Evidence; Judgment or Order Entered by Default or Collusion; Judgment or Order as Evidence of Liability or Quantum of Damages; Claims of Guaranty Association. - Sec. 8136. (1) Proof of claim shall consist of a...
Section 500.8137 - Contingent Claims; Discounting Claims at Legal Rate of Interest; Claims Made Under Employment Contracts. - Sec. 8137. (1) The claim of a third party which...
Section 500.8138 - Third Party Claim; Claim by Insured; Insured as Unexcused Late Filer; Recommendations of Liquidator; Withholding Dividends; Hearing; Payment of Insured; Reversions to Undistributed Assets; Delay in Final Payment; Filing of Several... - Sec. 8138. (1) If a third party asserts a cause...
Section 500.8139 - Denial of Claim; Filing of Objections; Hearing; Notice. - Sec. 8139. (1) If a claim is denied in whole...
Section 500.8140 - Subrogation to Rights of Creditor; Distribution; Excess Received by Creditor. - Sec. 8140. If a creditor, whose claim against an insurer...
Section 500.8141 - Value of Security; Determination; Supervision and Control; Crediting Amount Determined; Deficiency Treated as Unsecured Claim; Surrender of Security to Liquidator. - Sec. 8141. (1) The value of security held by a...
Section 500.8141a - Payment of Special Deposit Claims; Priority; Transfer of Special Deposits. - Sec. 8141a. (1) Special deposit claims shall be paid pursuant...
Section 500.8142 - Priority of Distribution of Claims From Insurer's Estate; Class of Claims; Subclasses Prohibited; Order of Distribution; Assets in Separate Account; Definitions. - Sec. 8142. (1) Except as provided in subsection (2), the...
Section 500.8143 - Review of Claims by Liquidator; Investigation; Negotiation; Unresolved Disputes; Report on Claims by Liquidator; Approval, Disapproval, or Modification; Limitation. - Sec. 8143. (1) The liquidator shall review all claims duly...
Section 500.8144 - Distributions; Manner of Payment; Distribution of Assets in Kind. - Sec. 8144. Under the court's direction, the liquidator shall pay...
Section 500.8145 - Disposition of Unclaimed or Withheld Funds. - Sec. 8145. (1) All unclaimed funds subject to distribution remaining...
Section 500.8146 - Application for Discharge. - Sec. 8146. (1) If all assets justifying the expense of...
Section 500.8147 - Petition to Reopen Proceedings. - Sec. 8147. After the liquidation proceeding has been terminated and...
Section 500.8148 - Retention or Destruction of Records. - Sec. 8148. If it appears to the commissioner that the...
Section 500.8149 - Audits. - Sec. 8149. The circuit court may cause audits, as it...
Section 500.8150 - Conservator. - Sec. 8150. (1) If a domiciliary liquidator has not been...
Section 500.8151 - Petition for Order Directing Commissioner to Liquidate Assets; Grounds; Notice; Order; Liquidator as Ancillary Receiver; Commissioner as Receiver; Paying Claims of Residents. - Sec. 8151. (1) If a domiciliary receiver has not been...
Section 500.8152 - Vesting of Title in Domiciliary Liquidator or Commissioner; Filing Claims. - Sec. 8152. (1) The domiciliary liquidator of an insurer domiciled...
Section 500.8153 - Petition Requesting Appointment of Ancillary Receiver; Order; Notice; Powers and Duties of Ancillary Receiver. - Sec. 8153. (1) If a domiciliary liquidator has been appointed...
Section 500.8154 - Institution of Proceedings Under MCL 500.8109 to 500.8111. - Sec. 8154. The commissioner in his or her sole discretion...
Section 500.8155 - Filing of Claims; Proof; Conclusiveness of Final Allowance of Claims. - Sec. 8155. (1) In a liquidation proceeding begun in this...
Section 500.8156 - Filing of Claims; Proof; Recommendation; Hearing; Notice; Appearance or Representation; Conclusiveness of Final Allowance of Claim. - Sec. 8156. (1) In a liquidation proceeding in a reciprocal...
Section 500.8157 - Prohibited Action or Proceeding. - Sec. 8157. during the pendency in this or any other...
Section 500.8158 - Controlling Order of Distribution; Equal Priority of Payment; Priority Against Special Deposits; Deficiency; Deferred Sharing; Surrender of Security and Filing Claim as General Creditor; Discharge of Claim. - Sec. 8158. (1) In a liquidation proceeding in this state...
Section 500.8159 - Failure to Transfer Assets. - Sec. 8159. If an ancillary receiver in another state or...
Section 500.8160 - Repealed. 2001, Act 143, Imd. Eff. Oct. 26, 2001. - Compiler's Notes: The repealed section pertained to reports to legislature.Popular...