Sec. 9.
(1) The annual excess loss shall be an obligation of this state and shall be paid directly to the claimant from the general fund of the state.
(2) The amount paid by the state shall not exceed $100,000.00 per judgment, settlement, or award per year, plus interest at a rate not to exceed 6% per year of the unpaid balance until the entire amount of the judgment, settlement, or award is paid.
(3) An incurred loss shall first be paid from the indemnification reserve fund.
History: 1977, Act 315, Imd. Eff. Jan. 9, 1978
Structure Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 315 of 1977 - Indemnification Reserve Fund (390.1121 - 390.1131)
Section 390.1121 - Meanings of Words and Phrases.
Section 390.1122 - Definitions; a to E.
Section 390.1123 - Definitions; I to L.
Section 390.1124 - Definitions; P.
Section 390.1125 - Definitions; R to U.
Section 390.1126 - Assumption by State of Excess Loss of University or Its Agents; Conditions.
Section 390.1128 - Information to Be Filed With State Insurance Bureau.