Michigan Compiled Laws
218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)
Section 500.406 - Foreign Insurer; Limitation on Corporate Purposes and Powers; Election of Statute; Denial of Admission or Authority; Continuation of License to Transact Insurance Business Previously Authorized; Exception.

Sec. 406.
(1) A foreign insurer shall not be admitted to this state if the insurer's corporate purposes exceed those permitted for Michigan insurers.
(2) For the purpose of obtaining admission or renewal of authority to do business in this state, a foreign insurer, by proper corporate action, may limit its corporate purposes and powers with respect to business in this state, so that the corporate purposes do not exceed those of Michigan insurers authorized under the same classification. However, the foreign insurer, in its application for certificate of authority or for the corporate action referred to, shall elect the particular statute under which it desires admission or recertification.
(3) The commissioner may deny admission or continuance of authority to any foreign insurer engaged outside of this state in any kind or combination of kinds of business not permitted to be transacted by similar domestic insurers by the laws of this state, when in the commissioner's judgment the transacting of these kinds or combination of kinds of business is prejudicial to the best interests of the people of this state.
(4) Notwithstanding subsection (3), a foreign insurer which has been licensed to transact the business of life insurance in this state continuously since January 1, 1921, shall continue to be licensed to transact the kind or kinds of insurance business which it was authorized to transact in this state immediately before January 1, 1941. However, this subsection shall not apply if the commissioner finds, as to a specific insurer, that the kinds of business or combinations of kinds of business has become prejudicial to the best interests of the people of this state.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 12, Eff. Sept. 27, 1957 ;-- Am. 1980, Act 342, Imd. Eff. Dec. 23, 1980 Popular Name: Act 218

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 500 - Insurance Code of 1956

Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)

218-1956-4 - Chapter 4 Authorization of Insurers and General Requirements (500.402...500.480)

Section 500.402 - Insurers; Certificate of Authority Requirement.

Section 500.402a - Transactions of Insurance Requiring Certificate of Authority.

Section 500.402b - Transactions of Insurance Not Requiring Certificate of Authority.

Section 500.402c - Motor Vehicle Rental Company; Insurance Transaction; Definitions.

Section 500.403 - Insurers; Authorization to Do Business.

Section 500.404 - Insurers; Financial Conditions; Compliance Required.

Section 500.405 - Foreign Insurer; Revocation of Certificate of Authority; Conditions; Requalification for Certificate of Authority if Control Acquired; Determination.

Section 500.405a - Insurer Subject to Delinquency Proceedings; Revocation of Certificate of Authority; Conditions.

Section 500.405b - Requalification Pursuant to MCL 500.405 or 500.405a; Formal Review.

Section 500.406 - Foreign Insurer; Limitation on Corporate Purposes and Powers; Election of Statute; Denial of Admission or Authority; Continuation of License to Transact Insurance Business Previously Authorized; Exception.

Section 500.407 - Authorization to Transact Kinds of Insurance; Exceptions.

Section 500.407a - Noninsured Benefit Plan; Offering and Writing Excess Loss Insurance; Definition; Authority of Insurer Not Limited.

Section 500.408 - Insurers; Capital, Surplus, or Asset Requirement; Schedule; Multiple Lines; Provisions for Transacting Certain Insurance; Applicability of Section; Compliance With MCL 500.403.

Section 500.410 - Minimum Amount of Unimpaired Capital and Surplus; Minimum Amount and Use of Additional Surplus; Transacting Life Insurance or Property Insurance; Continuing to Transact Insurance; Transacting Legal Expense Insurance; Compliance With...

Section 500.410a - Bail Bond Surety and Fidelity Insurance Company; Authority to Transact Insurance.

Section 500.411 - Deposits Required to Transact Insurance.

Section 500.412 - Procedure for Becoming Domestic Insurer.

Section 500.413 - Transfer of Domicile of Domestic Insurer to Another State; Effect of Transfer; Approval of Transfer; “u.s. Branch” Defined.

Section 500.414 - Certificate of Authority, Agent's Appointments, Licenses, Rates, and Other Items of Transferring Insurer Continue in Full Force and Effect; Outstanding Policies Remain in Full Force and Effect; Filing New or Existing Policy Forms; N...

Section 500.415 - Rules.

Section 500.416 - Special Deposit.

Section 500.417 - Repealed. 1966, Act 137, Eff. Mar. 10, 1967.

Section 500.418 - Identification of Payers Subject to Child Support Arrearages; "Title Iv-D Agency" Defined.

Section 500.422 - Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.

Section 500.424 - Admission of Foreign or Alien Insurer to State; Application; Report of Financial Standing; Issuance of Certificate of Authority; Filing Fees.

Section 500.425, 500.426 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

Section 500.430 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

Section 500.431 - Definitions.

Section 500.431a - State of Entry by Alien Insurer Through u.s. Branch; Requirements.

Section 500.431b - u.s. Branch Using State as State of Entry to Transact Insurance; Compliance.

Section 500.431c - Trusteed Assets; Value.

Section 500.432 - Trust Agreement and Amendments; Authentication; Withdrawal of Approval; Form; Hearing; Modifications or Variations; Contents and Provisions of Trust Agreement; Withdrawal of Trusteed Assets in Another State; Notice; Examination by C...

Section 500.432a - Certificate of Authority to Do Business; Issuance or Amendment to u.s. Branch; Proof That Insurer Will Not Violate Act or Charter; Noncompliance.

Section 500.433 - Trusteed Assets Below Minimum Required; Proceeding Against Alien Insurer.

Section 500.434 - Repealed. 1972, Act 360, Imd. Eff. Jan. 9, 1973.

Section 500.435 - Certificate of Authority as Evidence of Authority to Transact Insurance; Duration of Certificate; Certificate as Property of State; Prerequisites to Termination of Certificate.

Section 500.436 - Conditions for Suspension, Revocation, or Limitation of Certificate of Authority; "Insurer" Defined.

Section 500.436a - Continuing Operation of Insurer Transacting Insurance in State or Nonprofit Dental Corporation Operating Under MCL 550.351 to 550.373; Standards; Subscription to Private Rating Organization Not Required; Determination of Financial...

Section 500.436b - Certificate of Authority Limited by Order of Commissioner.

Section 500.437 - Proceeding for Suspension, Revocation, or Limitation of Certificate of Authority; Notice; Imposition of Conditions in Order of Limitation.

Section 500.438 - Annual Statement; Filing; Extensions; Format and Content; Reply to Inquiries; Availability of Report to Public; Penalty for Failure to File Statement or Reply to Inquiry; Statement of Alien Insurer; "u.s. Branch" Defined.

Section 500.438a - Domestic, Foreign, and Alien Insurers; Filing Annual Statement With National Association of Insurance Commissioners; Foreign Insurers Considered in Compliance With Section; Agents of Commissioner; Confidentiality of Information.

Section 500.439 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

Section 500.440 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

Section 500.440a - Credit Against Tax Imposed by MCL 500.476a; Claim; Refund; Retroactive Application.

Section 500.441, 500.442 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

Section 500.443 - Foreign Insurer; Payment of Quarterly Installments of Estimated Tax; Filing Statement With Revenue Commissioner.

Section 500.444 - Collection of Delinquent Taxes With Interest or Penalty.

Section 500.445 - Delinquency as Bar to Granting Certificate of Authority.

Section 500.446 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

Section 500.448, 500.449 - Repealed. 1975, Act 232, Eff. July 2, 1976.

Section 500.450 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

Section 500.451 - Taxes on Unauthorized Insurers; Regulatory Fee; Payment; Delinquency.

Section 500.454 - Name of Insurer.

Section 500.456 - Legal Process Served on Resident Agent Effective as Personal Service on Company, Association, or Group; Stipulation; Filing Copy of Appointment; Fee; Duration of Appointment; Service of Process.

Section 500.457 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

Section 500.460 - Insurance Producer to Write or Place Insurance Policies.

Section 500.462 - Signature of Insurance Producer on Application for Life or Disability Insurance.

Section 500.464 - Additional Deposits by Domestic Insurers.

Section 500.470 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

Section 500.476 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.

Section 500.476a - Alien or Foreign Insurers; Deposit of Securities or Making Certain Payments; Computation; Revocation of Certificate of Authority; Purpose of Section; Domestic Insurer Owned or Controlled by Alien or Foreign Insurer; Domestic Insure...

Section 500.476b - Taxes to Which Authorized Insurer Subject.

Section 500.476c - Repealed. 1993, Act 200, Eff. Dec. 28, 1994.

Section 500.478 - Naic Report of Activities.

Section 500.479 - Imposition of Fee by Naic.

Section 500.480 - Definitions.