Sec. 6412.
No insurer subject to subdivision (3) of section 6406 (transaction of life insurance) shall write in Michigan any contract of annuity, or retain by virtue of supplemental agreement any proceeds of any policy or contract of insurance upon deposit with such insurer at interest or upon settlement option, until it shall have a contingency reserve deposit as defined and described in section 6434, in the amount of $100,000.00, and shall have obtained from the commissioner a certificate of authority to write such contracts of annuity or supplemental agreements.
History: 1956, Act 218, Eff. Jan. 1, 1957 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)
218-1956-64 - Chapter 64 Cooperative Plan Insurers (Domestic) (500.6400...500.6460)
Section 500.6400 - Scope of Chapter.
Section 500.6402 - Domestic Cooperative Plan Insurers; Organization.
Section 500.6406 - Domestic Cooperative Plan Insurers; Authorized Kinds of Insurance.
Section 500.6414 - Domestic Cooperative Plan Insurers; Qualifications to Write Group Insurance.
Section 500.6422 - Domestic Cooperative Plan Insurers; Members; Voting; Quorum; Inspection of Books.
Section 500.6428 - Insurer Transacting Business Under MCL 500.6406 Subject to Certain Provisions.
Section 500.6432 - Domestic Cooperative Plan Insurers; Reserves; Standards Applicable.
Section 500.6434 - Contingency Reserve; Deposit.
Section 500.6436 - Domestic Cooperative Plan Insurers; Unlawful Use of Reserve Funds; Penalty.
Section 500.6450 - Guaranty Fund; Agreement; Terms; Repayment; Other Borrowed Money.
Section 500.6456 - Domestic Cooperative Plan Insurers; Conversion Into Mutual Insurer; Procedure.
Section 500.6460 - New Insurers Organized After December 31, 1993.