Sec. 6532.
Every pool transacting insurance under this chapter shall maintain reserves for unearned premiums in accordance with the standards prescribed from time to time by the commissioner, which standards shall conform to those required of other insurers authorized to insure similar risks under the provisions of this code.
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.