Sec. 5824.
Every member of the company is entitled to 1 vote, or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws. A nonprofit mutual disability insurer may permit entities holding administrative services agreements with it to be members and may provide in its bylaws the basis for the number of votes the entities will have as members.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2013, Act 5, Imd. Eff. Mar. 18, 2013 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)
218-1956-58 - Chapter 58 General Mutual Insurers (Domestic) (500.5800...500.5840)
Section 500.5800 - Applicability of Chapter.
Section 500.5804 - Domestic Mutual Insurers; Incorporation.
Section 500.5810 - Domestic Mutual Insurers; Qualification for Certificate of Authority.
Section 500.5814 - Repealed. 1970, Act 180, Imd. Eff. Aug. 3, 1970.
Section 500.5818 - Domestic Mutual Insurers; Rights of Corporation and Other Bodies to Be Members.
Section 500.5824 - Voting Rights of Members; Administrative Services Agreements.
Section 500.5826 - Offering Health Care Benefits to Residents Regardless of Health Status.
Section 500.5836 - Mutual Insurers; Borrowed Capital.
Section 500.5840 - Domestic Mutual Insurers; Deficiency in Assets; Assessment of Members.