Michigan Compiled Laws
218-1956-81 - Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)
Section 500.8149 - Audits.

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 500.8106 - Cooperation With Commissioner; Obstruction or Interference Prohibited; Existing Legal Rights Not Abridged; Penalties; Petition for Relief.

Section 500.8107 - Official Bonds.

Section 500.8108a - Prohibited Conduct by Insurer.

Section 500.8109 - Orders; Determination; Supervision of Insurer; Restrictions; Compliance; Hearings; Notice; Time; Judicial Review; Review of Supervisor's Action; Violation of Supervision Order; Penalty; Enforcement of Supervision Order; Personal Li...

Section 500.8110 - Seizure Order.

Section 500.8111 - Confidentiality; Exception; “Third Parties” Defined.

Section 500.8112 - Rehabilitation of Insurer; Petition; Grounds.

Section 500.8113 - Order to Rehabilitate Insurer; Provisions; Filing as Notice; Title to Assets Vested in Rehabilitator; Accounting.

Section 500.8114 - Commissioner as Rehabilitator; Appointment of Special Deputies; Employment of Counsel, Clerks, and Assistants; Compensation; Terms; Expenses; Powers of Rehabilitator; Criminal or Tortious Conduct; Breach of Contractual or Fiduciary...

Section 500.8115 - Stay of Action or Proceeding; Purpose; Duties of Rehabilitator; Statute of Limitations; Laches; Standing of Guaranty Association.

Section 500.8115a - Netting Agreement or Qualified Financial Contract; Rights; Transfer; Duties of Receiver; Exception; Rights of Counterparties; Definitions.

Section 500.8116 - Order of Liquidation; Petition; Duties of Circuit Court; Order Terminating Rehabilitation; Restoration to Possession of Property and Control of Business.

Section 500.8117 - Liquidation of Domestic or Alien Insurer; Basis.

Section 500.8118 - Order of Liquidation; Provisions; Filing as Notice; Rights and Liabilities; Judicial Declaration of Insolvency; Accounting.

Section 500.8118a - Order Transferring Title to and Possession of Trusteed Assets; Actions of Court; Considerations.

Section 500.8119 - Order of Liquidation; Continuation of Policies in Force; Termination of Coverages.

Section 500.8120 - Dissolution of Corporation.

Section 500.8121 - Powers of Liquidator; Extended Reporting Period; Powers and Authority Not Exclusive; Delaying Sale of Assets.

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 500.8124 - Order Appointing Liquidator as Bar to Action at Law or Equity; Full Faith and Credit to Injunctions; Intervention; Expense; Institution of Action or Proceeding on Behalf of Estate of Insurer; Period of Limitation; Statute of Limita...

Section 500.8124a - Guaranty Association or Foreign Guaranty Association; Court Standing; Right to Intervene; Jurisdiction.

Section 500.8125 - List of Insurer's Assets; Amendments and Supplements; Filing; Reduction of Assets to Liquidity; Submission of Assets for Disbursement.

Section 500.8126 - Transfers and Obligations as Fraudulent; Avoidance by Receiver; Retention of Property, Lien, or Obligation as Security for Repayment; Preservation of Transfer or Obligation; Perfection of Transfer; Transfer Creating Equitable Lien;...

Section 500.8127 - Transfer of Insurer's Real Property; Validity; Constructive Notice of Commencement of Proceeding in Rehabilitation or Liquidation; Judicial Sale of Real Property of Insurer; Validity of Transfer Against Receiver; Payment of Indebte...

Section 500.8128 - Preference Generally; Transfers Considered Made or Suffered; Lien Obtainable by Legal or Equitable Proceedings; Dissolution of Voidable Lien; Discharge of Property From Lien; Summary Jurisdiction; Hearing; Notice; Order; Liability...

Section 500.8129 - Claim of Creditor; Allowance; Excused Late Filing.

Section 500.8130 - Setoff or Counterclaim.

Section 500.8130a - Contributions of Parties; Determination by Court; Distribution to Stockholders; Recovery of Distributions; Limitations.

Section 500.8131 - Report of Liquidator to Court; Levy of Assessment; Order to Show Cause; Notice; Hearing; Determination; Enforcement.

Section 500.8132 - Amount Recoverable by Liquidator From Reinsurers; Reduction Prohibited; Reinsurer's Obligation to Insurer's Estate; Assumption of Obligations by Life and Health Insurance Guaranty Association.

Section 500.8133 - Payment of Unpaid Earned Premium; Recovery of Unearned Premium; Prohibited Credits and Setoffs; Violation; Penalty; Notice; Hearing; Appeal.

Section 500.8133a - Deductible Agreement; Collateral as Asset Maintained and Administered by Receiver; Jurisdiction of Circuit Court; Rights of Guaranty Association or Foreign Guaranty Association; Applicability to Delinquency Proceedings; Applicabi...

Section 500.8134 - Proposal to Make Early Access Disbursements; Effect of Insufficient Assets; Report; Provisions of Proposal; Notice of Application; Action on Application; Return of Early Access Funds; Limitation.

Section 500.8135 - Proof of Claims; Filing; Circumstances Permitting Late Filing; Receipt of Distributions by Late Filing Claimants.

Section 500.8136 - Proof of Claim; Statement; Form; Additional Information or Evidence; Judgment or Order Entered by Default or Collusion; Judgment or Order as Evidence of Liability or Quantum of Damages; Claims of Guaranty Association.

Section 500.8137 - Contingent Claims; Discounting Claims at Legal Rate of Interest; Claims Made Under Employment Contracts.

Section 500.8138 - Third Party Claim; Claim by Insured; Insured as Unexcused Late Filer; Recommendations of Liquidator; Withholding Dividends; Hearing; Payment of Insured; Reversions to Undistributed Assets; Delay in Final Payment; Filing of Several...

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 500.8141 - Value of Security; Determination; Supervision and Control; Crediting Amount Determined; Deficiency Treated as Unsecured Claim; Surrender of Security to Liquidator.

Section 500.8141a - Payment of Special Deposit Claims; Priority; Transfer of Special Deposits.

Section 500.8142 - Priority of Distribution of Claims From Insurer's Estate; Class of Claims; Subclasses Prohibited; Order of Distribution; Assets in Separate Account; Definitions.

Section 500.8143 - Review of Claims by Liquidator; Investigation; Negotiation; Unresolved Disputes; Report on Claims by Liquidator; Approval, Disapproval, or Modification; Limitation.

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 500.8149 - Audits.

Section 500.8150 - Conservator.

Section 500.8151 - Petition for Order Directing Commissioner to Liquidate Assets; Grounds; Notice; Order; Liquidator as Ancillary Receiver; Commissioner as Receiver; Paying Claims of Residents.

Section 500.8152 - Vesting of Title in Domiciliary Liquidator or Commissioner; Filing Claims.

Section 500.8153 - Petition Requesting Appointment of Ancillary Receiver; Order; Notice; Powers and Duties of Ancillary Receiver.

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 500.8156 - Filing of Claims; Proof; Recommendation; Hearing; Notice; Appearance or Representation; Conclusiveness of Final Allowance of Claim.

Section 500.8157 - Prohibited Action or Proceeding.

Section 500.8158 - Controlling Order of Distribution; Equal Priority of Payment; Priority Against Special Deposits; Deficiency; Deferred Sharing; Surrender of Security and Filing Claim as General Creditor; Discharge of Claim.

Section 500.8159 - Failure to Transfer Assets.

Section 500.8160 - Repealed. 2001, Act 143, Imd. Eff. Oct. 26, 2001.