Sec. 1407.
The commissioner may require a managing general agent to do both of the following:
(a) Maintain a bond in an amount acceptable to the commissioner for the protection of the insurer.
(b) Maintain an errors and omissions policy.
History: Add. 1990, Act 350, Eff. June 1, 1991 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)
218-1956-14 - Chapter 14 Managing General Agents (500.1400...500.1450)
Section 500.1400 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.
Section 500.1401 - Definitions.
Section 500.1402 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.
Section 500.1403 - Persons Not Considered Managing General Agents.
Section 500.1404 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.
Section 500.1407 - Bond; Errors and Omissions Policy.
Section 500.1408 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.
Section 500.1409 - Contract Between Managing General Agent and Insurer; Required Provisions.
Section 500.1411 - Insurer; Duties.
Section 500.1412 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.
Section 500.1413 - Acts of Managing General Agent Deemed Acts of Insurer; Examination.
Section 500.1414 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.
Section 500.1416 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.
Section 500.1417 - Rules and Regulations.
Section 500.1419 - Effective Date of Chapter.
Section 500.1420-500.1450 - Repealed. 1972, Act 133, Eff. Mar. 30, 1973.