Michigan Compiled Laws
218-1956-77 - Chapter 77 (500.7701...500.7780)
Section 500.7718 - Stay of Proceedings in Which Insolvent Insurer Party; Setting Aside Default Judgment; Defense.

Sec. 7718.
All proceedings in which an insolvent insurer is a party in a court in this state shall be stayed 60 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on a matter germane to the association's powers or duties. If a judgment under a decision, order, verdict, or finding is based on default, the association may apply to have the judgment set aside by the same court that made the judgment and shall be permitted to defend in the action on the merits.
History: Add. 1982, Act 194, Imd. Eff. June 28, 1982 Popular Name: Act 218

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 500 - Insurance Code of 1956

Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)

218-1956-77 - Chapter 77 (500.7701...500.7780)

Section 500.7701 - Short Title of Chapter.

Section 500.7702 - Purpose and Construction of Chapter.

Section 500.7704 - Coverages; Liability of Association; Limitations.

Section 500.7705 - Definitions.

Section 500.7706 - Michigan Life and Health Insurance Guaranty Association; Creation; Membership Requirement; Performance of Functions; Exercise of Powers; Accounts; Supervision of Commissioner; Applicability of Insurance Laws; Meetings.

Section 500.7707 - Board of Directors; Appointment and Election of Members; Vacancy; Notice of Organizational Meeting; Voting Rights; Approval of Election or Appointment; Fair Representation Required; Reimbursement for Expenses.

Section 500.7708 - Powers and Duties of Association as to Impaired or Insolvent Insurers; Proceeding Under Subsection (3)(b) or (5)(b); Paying or Crediting Rate of Interest; Nonpayment of Premiums; Premiums Due and Liability for Unearned Premiums; Ap...

Section 500.7709 - Assessments.

Section 500.7710 - Plan of Operation and Amendments; Submission to Commissioner; Effective Date; Failure to Submit Suitable Plan or Amendments; Rules; Compliance by Member Insurers; Contents of Plan; Providing for Delegation of Powers and Duties of A...

Section 500.7711 - Additional Duties of Commissioner; Suspension or Revocation of Certificate of Authority; Forfeiture; Appeal; Judicial Review; Notice by Liquidator, Rehabilitator, or Conservator.

Section 500.7712 - Detection and Prevention of Insurer Insolvencies or Impairments; Powers and Duties of Commissioner and Board of Directors; Reports and Recommendations.

Section 500.7714 - Liability for Unpaid Assessments of Insureds on Impaired or Insolvent Insurer Operating Under Plan With Assessment Liability; Records of Negotiations and Meetings; Report; Association as Creditor of Impaired or Insolvent Insurer; “...

Section 500.7715 - Examination and Regulation of Association by Commissioner; Financial Report; Report of Activities.

Section 500.7716 - Association Exempt From Fees and Taxes; Exception.

Section 500.7717 - Nonliability of Member Insurer, Association, Board of Directors, or Commissioner in Performance of Powers and Duties.

Section 500.7718 - Stay of Proceedings in Which Insolvent Insurer Party; Setting Aside Default Judgment; Defense.

Section 500.7719 - Repealed. 1989, Act 302, Eff. Jan. 3, 1990.

Section 500.7780 - Applicability of Chapter to Delinquent Insurer.