Sec. 1033.
Upon written application of any insurer, the commissioner may grant an exemption from compliance with any or all provisions of this chapter if the commissioner finds, upon review of the application, that compliance with this chapter would constitute a financial or organizational hardship upon the insurer. An exemption may be granted at any time and from time to time for a specified period or periods. An exemption granted under this section shall be filed by the insurer with the states that it is licensed in or doing business in and with the national association of insurance commissioners. If the nondomestic state accepts electronic filing with the national association of insurance commissioners, the insurer shall file the approval in an electronic format acceptable to the national association of insurance commissioners. Within 10 days from a denial of an insurer's written request for an exemption from this chapter, the insurer may request in writing a hearing on its application for an exemption. The hearing shall be held pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328.
History: Add. 2008, Act 342, Imd. Eff. Dec. 23, 2008 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-10 - Chapter 10 Annual Audited Financial Reports (500.1001...500.1033)
Section 500.1001 - Definitions.
Section 500.1003 - Nonapplicability of Chapter.
Section 500.1005 - Insurer; Annual Audit; Filing Date; Extensions; Designation of Audit Committee.
Section 500.1021 - Work Papers; Availability; Retention; Review as Investigation; Use.
Section 500.1028 - Internal Audit Function; Exemption; Confidentiality; Report to Audit Committee.
Section 500.1029 - Director or Officer of Insurer; Prohibited Conduct.
Section 500.1033 - Exemption From Any or All Provisions of Chapter.