Michigan Compiled Laws
Act 35 of 1951 - Intergovernmental Contracts Between Municipal Corporations (124.1 - 124.13)
Section 124.11 - Group Self-Insurance Pool Assets; Investment.

Sec. 11.
(1) The assets of any group self-insurance pool established pursuant to this act shall be invested in those securities and investments permitted for insurers in this state under the insurance code of 1956, Act No. 218 of the Public Acts of 1956, as amended, being sections 500.100 to 500.8302 of the Michigan Compiled Laws.
(2) An investment made pursuant to subsection (1) in securities wholly or partially exempt from income or other taxes levied by the United States shall be made only at taxable-equivalent yields or returns available in the marketplace on otherwise comparable securities at the time the investment decision is made.
History: Add. 1982, Act 138, Imd. Eff. Apr. 27, 1982

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 124 - Municipalities

Act 35 of 1951 - Intergovernmental Contracts Between Municipal Corporations (124.1 - 124.13)

Section 124.1 - Definitions.

Section 124.2 - Intergovernmental Contracts Between Municipal Corporations; Authorization.

Section 124.3 - Furnishing Municipal Service Outside Municipal Corporate Limits; Definitions.

Section 124.4 - Public Utility; Joint Ownership and Operation.

Section 124.5 - Group Self-Insurance Pool; Intergovernmental Contract; Purpose; Hospital, Medical, Surgical, or Dental Benefits; Assuming, Ceding, and Selling Risk for Coverages; Reinsurance; Documentation of Coverage; Powers; Legislative Findings an...

Section 124.6 - Status of Group Insurance Pool, Programs, and Coverages.

Section 124.7 - Intergovernmental Contract; Required Provisions.

Section 124.7a - Submission and Review of Intergovernmental Contract; Filing Copy of Coverage Document; Aggregate Excess Insurance or Deposit; Filing and Review of Copy of Aggregate Excess Insurance Contract; Cash Reserves.

Section 124.7b - Misrepresentations; Penalties.

Section 124.8 - Audited Financial Statements; Certification; Filing; Audit by Commissioner of Insurance; Reimbursement; Uniform Reporting Format; Uniform Accounting System; Review of Working Papers and Other Records; Certification of Reserves; Examin...

Section 124.9 - Group Self-Insurance Pool as Self-Insurer for Motor Vehicle Security; Membership in Catastrophic Claims Association Required.

Section 124.10 - Statute or Charter Requiring Public Official to Post or Obtain Bond; Furnishing Surety or Fidelity Insurance Coverage by Group Self-Insurance Pool.

Section 124.11 - Group Self-Insurance Pool Assets; Investment.

Section 124.12 - Certain Information Regarding Funds or Liability Reserve of Pool Exempt From Disclosure; Discovery.

Section 124.12a - Violation; Notice of Complaint; Notice of Hearing; Summary Disposal of Matter; Action for Damages; Hearing; Findings and Decision; Cease and Desist Order; Other Orders.

Section 124.12b - Civil Fine.

Section 124.13 - Contract Between 2 or More Municipal Corporations Establishing Authority to Select Single Cable Television Franchisee and to Propose Model Ordinances; Adoption, Rejection, or Modification of Proposed Contracts and Ordinances; Validat...