Michigan Compiled Laws
218-1956-55 - Chapter 55 Domestic Stock Insurer Division (500.5500...500.5517)
Section 500.5515 - Record Shareholder of Non-Surviving Insurer Right to Dissent and Obtain Payment.

Sec. 5515.
If the dividing insurer does not survive the division, a record shareholder of a dividing insurer is entitled to dissent from and obtain payment of the fair value of that shareholder's shares, in the same manner and to the extent provided for under sections 1762 to 1774 of the business corporation act, 1972 PA 284, MCL 450.1762 to 450.1774.
History: Add. 2018, Act 421, Imd. Eff. Dec. 20, 2018 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)

218-1956-55 - Chapter 55 Domestic Stock Insurer Division (500.5500...500.5517)

Section 500.5500 - Definitions.

Section 500.5503 - Domestic Stock Insurer; Division Into 2 or More Insurers; Plan of Division; Requirements; Amendment Procedures; Abandonment of Plan.

Section 500.5505 - Filing Plan of Division With the Department; Approval by Board of Directors and Shareholders; Effectiveness of Certain Provisions; Reasonable Notice.

Section 500.5507 - Notice and Hearing of Plan Required; Approval and Filing With Department; Conditions of Approval; Confidentiality of Certain Financial Information; Payment of Department Expenses; Order.

Section 500.5509 - Certificate of Division; Contents; Effective Date.

Section 500.5511 - Division Effectiveness; Allocation and Distribution of Assets and Liabilities.

Section 500.5513 - Responsibilities, Liabilities, and Obligations of Resulting Insurer.

Section 500.5515 - Record Shareholder of Non-Surviving Insurer Right to Dissent and Obtain Payment.

Section 500.5517 - Shareholder Right to Dissent and Obtain Payment in Connection With Division; Application of MCL 450.1762 to Shareholder Actions.