Sec. 438.
(1) An insurer, foreign, alien, U.S. branch, or domestic, transacting business within this state, shall annually, on or before March 1, prepare under oath and deposit with the director a statement concerning its affairs in a form and manner as prescribed by the director. The annual statement must be filed on or before March 1 of the year following that covered by the statement. On request and for good cause shown, the director may grant to a company reasonable extensions of the March 1 filing date for periods not to exceed 30 days.
(2) The director shall prescribe the format and content of statements that are suitable and adaptable to each kind of insurer authorized by this act. The director shall include requests for information on important elements of an insurer's business, including any matter, condition, or requirement regulated by this act. An annual statement filed by an insurer under this section must be prepared in accordance with instructions provided by, and accounting practices and procedures designated by, the director.
(3) The director may address inquiries to an insurer, in relation to the insurer's activities or conditions, or any matter connected with the insurer's transactions. The insurer shall promptly reply in writing to each inquiry described in this subsection.
(4) A report filed with the director under this section must be made available to the public in compliance with the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246.
(5) An authorized insurer that does not make or deposit the annual statement required by this section, or does not reply within 30 days to an inquiry of the director, is subject to a civil penalty of not less than $1,000.00 or more than $5,000.00, and an additional $50.00 for every day that the insurer does not make and deposit the annual statement or reply to the inquiry. In addition, an insurer that does not make and deposit an annual statement, or does not make a satisfactory reply to an inquiry of the director, concerning the insurer's affairs is subject to proceedings under section 436.
(6) The annual statement of an alien insurer must relate only to the insurer's assets, transactions, and affairs in the United States unless the director requires otherwise.
(7) As used in this section, "U.S. branch" means that term as defined in section 431.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 91, Eff. Sept. 27, 1957 ;-- Am. 1959, Act 39, Eff. Mar. 19, 1960 ;-- Am. 1978, Act 506, Imd. Eff. Dec. 13, 1978 ;-- Am. 1986, Act 173, Imd. Eff. July 7, 1986 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 ;-- Am. 1994, Act 227, Imd. Eff. June 27, 1994 ;-- Am. 2016, Act 558, Eff. Apr. 10, 2017 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)
218-1956-4 - 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 500.405b - Requalification Pursuant to MCL 500.405 or 500.405a; Formal Review.
Section 500.407 - Authorization to Transact Kinds of Insurance; Exceptions.
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 500.416 - Special Deposit.
Section 500.417 - Repealed. 1966, Act 137, Eff. Mar. 10, 1967.
Section 500.422 - Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.
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 500.433 - Trusteed Assets Below Minimum Required; Proceeding Against Alien Insurer.
Section 500.434 - Repealed. 1972, Act 360, Imd. Eff. Jan. 9, 1973.
Section 500.436b - Certificate of Authority Limited by Order of Commissioner.
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 500.441, 500.442 - Repealed. 1987, Act 261, Imd. Eff. Dec. 28, 1987.
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 500.457 - 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 500.476b - Taxes to Which Authorized Insurer Subject.
Section 500.476c - Repealed. 1993, Act 200, Eff. Dec. 28, 1994.
Section 500.478 - Naic Report of Activities.