Sec. 6822.
(1) An insurance company organized or operating under this chapter shall not transact any business without a certificate of authority from the commissioner.
(2) All such certificates of authority shall expire on the last day of June of each year and shall be renewed annually upon full compliance with the provisions of this chapter, and such certificates of authority shall be revocable by the commissioner for violation of any of the provisions of this chapter after due notice to the company and a hearing on the question of the violation.
(3) An insurance company hereafter organized under this chapter shall not be granted a certificate of authority and shall not commence business until bona fide agreements have been entered into for insurance with at least 200 individuals covering property to be insured to the amount of not less than $500,000.00.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994 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)
Section 500.6800 - Scope of Chapter; Code Applicability to Domestic Farmers' Mutual Insurers.
Section 500.6802 - Formation of Mutual Plan Insurers.
Section 500.6804 - Farmers' Mutuals; Organization; Insuring Powers.
Section 500.6806 - Company Organized or Operating Under MCL 500.6804; Limit of Risk.
Section 500.6807 - Farmers' Mutuals; Coverage of Property While Off Insured Premises.
Section 500.6810-500.6820 - Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.
Section 500.6823 - Property Insurance; Territorial Limitations.
Section 500.6824 - Reinsurance; Limitations.
Section 500.6826 - Records and Reports; Requirements.
Section 500.6828 - Financial Report to Members; Penalty for Violations.
Section 500.6830 - Directors and Officers; Election.
Section 500.6834 - Corporation, Board, or Association as Member.
Section 500.6838 - Premium Notes and Assessments; Liens.
Section 500.6842 - Failure to Make Assessment; Penalty.
Section 500.6844 - Surplus Fund; Accumulation.
Section 500.6846 - Board of Directors; Borrowing Power.
Section 500.6848 - Unearned Premium Reserve; Refund.
Section 500.6850 - Investments; Real Estate; Agricultural Credit Corporation Membership.
Section 500.6854 - Insurance in Excess of Fair Value Prohibited.
Section 500.6856 - Maximum Amount Recoverable on Face of Policy; Premium, Assessments.
Section 500.6858 - Adjustment or Arbitration of Losses; Subpoenas to Witnesses; Notice.
Section 500.6859 - Adjustment or Arbitration of Losses; Service of Subpoenas; Fees.
Section 500.6860 - Adjustment or Arbitration of Losses; Compelling Attendance of Witness; Costs.
Section 500.6862 - Adjustment or Arbitration of Losses; Administration of Oath to Witness; Perjury.
Section 500.6864 - Limitation of Actions.
Section 500.6866 - Uniform Farm Mutual Fire Policy.
Section 500.6868 - Uniform Farm Mutual Fire Policy; Required Form.
Section 500.6869 - Uniform Farm Mutual Fire Policy; Conflicting Bylaws, Riders.
Section 500.6870 - Uniform Farm Mutual Fire Policy; Optional Provisions.
Section 500.6872 - Uniform Farm Mutual Fire Policy; Rate, Premium, Assessment, Expiration.
Section 500.6876 - Repealed. 1963, Act 53, Eff. Sept. 6, 1963.
Section 500.6886 - Additional Provisions of Code Applicable to Domestic Mutual Insurers.