Sec. 8122.
(1) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible as follows:
(a) By first-class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is doing business.
(b) By first-class mail to each guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation.
(c) By first class mail to all insurance agents of the insurer.
(d) By first class mail to all persons known or reasonably expected to have claims against the insurer including all policyholders, at their last known address as indicated by the records of the insurer.
(e) By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in other locations as the liquidator considers appropriate.
(2) Notice to potential claimants under subsection (1) shall require claimants to file with the liquidator their claims together with proper proofs as required under section 8136 on or before a date the liquidator shall specify in the notice. Although an earlier date may be set by the liquidator, the last day to file claims shall be not later than 18 months following the order of liquidation. The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. All claimants shall have a duty to keep the liquidator informed of any changes of address.
(3) If notice is given in accordance with this section, the distribution of assets of the insurer under this chapter shall be conclusive with respect to all claimants, whether or not they received notice.
History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 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)
218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)
Section 500.8101 - Construction and Purpose of Chapter.
Section 500.8102 - Applicability of Proceedings Authorized by Chapter.
Section 500.8103 - Definitions.
Section 500.8104 - Commencement of Delinquency Proceeding; Jurisdiction; Stay of Proceedings.
Section 500.8105 - Receiver; Application for Relief.
Section 500.8107 - Official Bonds.
Section 500.8108a - Prohibited Conduct by Insurer.
Section 500.8110 - Seizure Order.
Section 500.8111 - Confidentiality; Exception; “Third Parties” Defined.
Section 500.8112 - Rehabilitation of Insurer; Petition; Grounds.
Section 500.8117 - Liquidation of Domestic or Alien Insurer; Basis.
Section 500.8120 - Dissolution of Corporation.
Section 500.8122 - Notice of Liquidation; Filing Claims; Changes of Address.
Section 500.8123 - Notice by Agent to Policyholder; Report of Compliance; Penalty; Waiver.
Section 500.8129 - Claim of Creditor; Allowance; Excused Late Filing.
Section 500.8130 - Setoff or Counterclaim.
Section 500.8139 - Denial of Claim; Filing of Objections; Hearing; Notice.
Section 500.8140 - Subrogation to Rights of Creditor; Distribution; Excess Received by Creditor.
Section 500.8141a - Payment of Special Deposit Claims; Priority; Transfer of Special Deposits.
Section 500.8144 - Distributions; Manner of Payment; Distribution of Assets in Kind.
Section 500.8145 - Disposition of Unclaimed or Withheld Funds.
Section 500.8146 - Application for Discharge.
Section 500.8147 - Petition to Reopen Proceedings.
Section 500.8148 - Retention or Destruction of Records.
Section 500.8150 - Conservator.
Section 500.8152 - Vesting of Title in Domiciliary Liquidator or Commissioner; Filing Claims.
Section 500.8154 - Institution of Proceedings Under MCL 500.8109 to 500.8111.
Section 500.8155 - Filing of Claims; Proof; Conclusiveness of Final Allowance of Claims.
Section 500.8157 - Prohibited Action or Proceeding.
Section 500.8159 - Failure to Transfer Assets.
Section 500.8160 - Repealed. 2001, Act 143, Imd. Eff. Oct. 26, 2001.