Sec. 7226.
Any public or private corporation now or hereafter organized under the laws of this state shall, in addition to the rights, powers and franchises specified in its articles of incorporation, have full power and authority to exchange insurance contracts of the kind and character herein mentioned. The right to exchange such contracts is hereby declared to be incidental to the purposes for which such corporations are organized, and as much granted as the rights and powers expressly conferred.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 91, Eff. Sept. 27, 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)
218-1956-72 - Chapter 72 Reciprocal Insurance Exchanges (500.7200...500.7234)
Section 500.7200 - Scope of Chapter.
Section 500.7202 - Reciprocal Insurance Exchanges; Insuring Powers.
Section 500.7206 - Reciprocal Insurance Exchanges; Execution of Contract by Attorney.
Section 500.7210 - Declaration; Bond.
Section 500.7214 - Reciprocal Insurance Exchanges; Actions and Suits.
Section 500.7222 - Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.
Section 500.7226 - Reciprocal Insurance Exchanges; Corporation Empowered to Exchange Contracts.
Section 500.7234 - Reciprocal Insurance Exchanges; Filing of Fire, Lightning, or Windstorm Rates.