Sec. 8192.
(1) If the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state has exceeded its powers, has failed to comply with any of the provisions of this chapter, is not fulfilling its contracts in good faith, or is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public, the commissioner shall notify the society of his or her findings and state in writing the reasons for his or her dissatisfaction. The commissioner shall issue immediately a written notice to the society requiring that the deficiency or deficiencies that exist be corrected. After the notice the society shall have a 30-day period in which to comply with the commissioner's request for correction, and if the society fails to comply, the commissioner shall notify the society of the findings of noncompliance and require the society to show cause on a date named why its license should not be suspended, revoked, or refused. If on that date the society does not present good and sufficient reason why its authority to do business in this state should not be suspended, revoked, or refused, the commissioner may suspend or refuse the license of the society to do business in this state until satisfactory evidence is furnished to the commissioner that the suspension or refusal should be withdrawn or the commissioner may revoke the authority of the society to do business in this state.
(2) Nothing in this section shall be taken or construed as preventing a society from continuing in good faith all contracts made in this state during the time that the society was legally authorized to transact business in this state.
History: Add. 1990, Act 1, Eff. Apr. 1, 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)
218-1956-81A - Chapter 81a Fraternal Benefit Societies (500.8161...500.8199a)
Section 500.8161 - Definitions.
Section 500.8162 - Society Governed by Chapter; Exemption.
Section 500.8163 - Society as Charitable and Benevolent Institution; Tax Exemption.
Section 500.8164 - Definition of Fraternal Benefit Society.
Section 500.8165 - Society Operating on Lodge System; Requirements; Lodges for Children.
Section 500.8170 - Personal Liability; Indemnification and Reimbursement; Purchase of Insurance.
Section 500.8171 - Waiver of Society's Laws.
Section 500.8173 - Reincorporation Not Required.
Section 500.8174 - Amendment to Laws.
Section 500.8175 - Not for Profit Institution; Purposes; Reporting Real or Personal Property.
Section 500.8176 - Reinsurance Agreement.
Section 500.8178 - Domestic Fraternal Benefit Society as Mutual Life Insurance Company.
Section 500.8179 - Contractual Benefits; Specifying Persons Covered in Rules.
Section 500.8181 - Attachment, Garnishment, or Other Process.
Section 500.8182 - Benefit Contracts.
Section 500.8184 - Investments Generally.
Section 500.8186 - Standards of Valuation for Certificates; Excess Reserves.
Section 500.8187 - Reports; Annual Statement; Valuation of Certificates; Penalty.
Section 500.8189 - Examination of Society.
Section 500.8190 - Foreign or Alien Society; License Required; Compliance; Conditions.
Section 500.8193 - Application or Petition for Injunction; Recognition.
Section 500.8194 - Agent of Society; License Required; Exceptions.
Section 500.8195 - Society Subject to Chapter 20.
Section 500.8196 - Service of Process.
Section 500.8198 - Decisions and Findings of Commissioner; Judicial Review.
Section 500.8199 - Exemptions.
Section 500.8199a - Additional Chapters and Provisions Applicable to Fraternal Benefit Society.