Sec. 8125.
(1) As soon as practicable after the liquidation order but not later than 120 days after the liquidation order, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One copy shall be filed in the office of the clerk of the circuit court and 1 copy shall be retained for the liquidator's files. All amendments and supplements shall be similarly filed.
(2) The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.
(3) A submission to the court for disbursement of assets in accordance with section 8134 fulfills the requirements of subsection (1).
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.