Michigan Compiled Laws
218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)
Section 500.808 - Stock or Mutual Insurers; Unearned Premium Reserves, Pro Rata Basis, Computation.

Sec. 808.
Every insurer doing business in this state shall establish and maintain an unearned premium reserve on a pro rata basis on all unexpired policies and contracts except for those policies and contracts for which a different basis is specified in this act. A liability shall be set forth for the unearned pro rata portion of the aggregate premiums on all such unexpired risks as ascertained in a manner approved by the commissioner. In the case of perpetual risks or policies of fire insurance, the whole amount of the deposit or premium collected shall be included as unearned. On all unexpired trip risk insurance the entire premium received shall be included as unearned.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1961, Act 153, Eff. Sept. 8, 1961 ;-- Am. 1962, Act 51, Eff. Mar. 28, 1963 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 Popular Name: Act 218

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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)

218-1956-8 - Chapter 8 Assets and Liabilities (500.808...500.842)

Section 500.808 - Stock or Mutual Insurers; Unearned Premium Reserves, Pro Rata Basis, Computation.

Section 500.810 - Reserves; Computation; Additional Reserves; Plan to Restore Compliance; Effect of Noncompliance; Examination of Reserve Practices and Investment Incomes.

Section 500.811 - Repealed. 1994, Act 148, Imd. Eff. June 7, 1994.

Section 500.812 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

Section 500.813 - Repealed. 1992, Act 182, Imd. Eff. Oct. 1, 1992.

Section 500.814 - Certification of Loss Reserves.

Section 500.814a - Statement of Actuarial Opinion; Filing Requirements; Confidentiality; Michigan Automobile Insurance Placement Facility Not Property and Casualty Insurer.

Section 500.815 - Computation of Unearned Premium Reserve on Mortgage Guaranty Insurance.

Section 500.815a - Establishment of Contingency Reserve by Mortgage Guaranty Insurer.

Section 500.816 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

Section 500.817 - Repealed. 1966, Act 221, Imd. Eff. July 11, 1966.

Section 500.818, 500.822 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

Section 500.830 - Life Insurance Policies and Annuity and Pure Endowment Contracts; Life Insurance Contracts, Annuity and Pure Endowment Contracts, Accident and Health Contracts, and Deposit-Type Contracts; Annual Valuation of Reserves; Limitation; V...

Section 500.830a - Life Insurance; Actuarial Opinion; Form; Submission to Director; Liability of Actuary; “Qualified Actuary” Defined; Limitation; Public Hearing; Company With Outstanding Life Insurance Contracts, Accident and Health Insurance Contra...

Section 500.831 - Domestic Insurer's Business in Foreign Country; Variance of Mortality Standard.

Section 500.832 - Valuation of Life Insurance Policies and Contracts Issued Before Operative Date of Standard Nonforfeiture Law.

Section 500.834 - Valuation of Life Insurance Policies and Contracts Issued on and After Operative Date of Standard Nonforfeiture Law; Minimum Standard; Reserves; Definitions.

Section 500.835 - Valuation of Individual Annuity and Pure Endowment Contracts; Minimum Standard; Notice of Election to Invoke Section; Failure to Make Election; Definitions.

Section 500.835a - Individual Annuity and Pure Endowment Contracts Purchased After December 31, 2014; Annuities and Pure Endowments Purchased After December 31, 2014 Under Group Annuity and Pure Endowment Contracts; Valuation; Tables and Interest Rat...

Section 500.836 - Calendar Year Statutory Valuation Interest Rates; Use; Determination; Weighting Factors; “Reference Interest Rate” Defined; Alternative Method for Determination of Reference Interest Rate; Changes to Policy or Contract Forms; Comput...

Section 500.836a - Valuation of Disability Plans and Contracts Issued Before Date of Valuation Manual; Regulations; Accidental and Health Insurance Contracts; Definitions.

Section 500.836b - Valuation Manual; Establishment of Reserves Using Principle-Based Valuation; Duties of Company; Confidential Information; Definitions.

Section 500.837 - Definitions; Valuation Requirements for Universal Life Insurance Policies.

Section 500.838 - Definitions; Use of Naic Accounting Practices and Procedures Manual; Mortality Table; Separate Rates for Smokers and Nonsmokers; Determining Minimum Reserve Liabilities, Minimum Cash Surrender Values, and Amounts of Paid-Up Nonforfe...

Section 500.838a - Definitions; 2001 Cso Preferred Class Structure Mortality Table.

Section 500.839 - Capital Notes.

Section 500.840 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.

Section 500.841 - Valuation of Certain Bonds or Other Evidences of Debt.

Section 500.842 - Valuation of Certain Securities, Stocks, or Shares.