Sec. 6506.
The powers of a limited liability pool formed pursuant to this chapter shall be limited to the issuance of liability insurance policies for commercial, or other industrial, professional, or business liabilities as designated by the commissioner pursuant to this section. If, after holding a public hearing, the commissioner determines that liability insurance for a business or class of businesses, including, but not limited to, 4-year institutions of higher learning, child day care centers, nonprofit organizations, or a profession or class of professions is not readily available or is not available at a reasonable premium, the commissioner shall designate that business or class of businesses or profession or class of professions as eligible to be issued liability insurance policies by a limited liability pool formed pursuant to this chapter.
History: Add. 1986, Act 173, Imd. Eff. July 7, 1986 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)
218-1956-65 - Chapter 65 Limited Liability Pools (500.6500...500.6550)
Section 500.6500 - Applicability of Chapter.
Section 500.6502 - Formation of Limited Liability Pool; Purpose.
Section 500.6506 - Powers of Limited Liability Pool; Limitation.
Section 500.6510 - Commencement of Business; Pool Not Subject to MCL 500.410.
Section 500.6512 - Limited Liability Pool; Formation; Purpose.
Section 500.6514 - Limited Liability Pool; Rates.
Section 500.6516 - Limited Liability Pool; Underwriting Rules.
Section 500.6517 - Limited Liability Pool; Reinsurance.
Section 500.6522 - Insured Person as Member of Pool; Voting Rights; Quorum; Inspection of Books.
Section 500.6532 - Reserves for Unearned Premiums.
Section 500.6534 - Contingency Reserve; Deposit With State Treasurer; Use of Deposit.