Sec. 8254.
The existing certificates of membership of any fraternal benefit society which shall have transformed itself into a legal reserve level premium life insurance company, in conformity with the provisions of this chapter, shall be valued as follows:
(1) Certificates on which rates of contributions are not on the basis of any table of mortality, valued as yearly renewable term policies according to the standard of valuation of life insurance policies prescribed by the laws of this state.
(2) Certificates on which the rates of contribution are based upon a standard table of mortality and specified rate of interest, valued in accordance with such standard. The reserve so ascertained shall be held as a liability by the company in its annual statement rendered to the insurance department.
History: 1956, Act 218, Eff. Jan. 1, 1957 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)
218-1956-82 - Chapter 82 Transformation of Fraternal Benefit Societies (500.8204...500.8254)
Section 500.8206 - Reorganization; Proposed Articles and Bylaws; Filing With Insurance Commissioner.
Section 500.8208 - Reorganization; Hearing on Petition.
Section 500.8210 - Reorganization; Member's Right to Appear.
Section 500.8212 - Reorganization; Examination; Witnesses.
Section 500.8214 - Reorganization; Authorization by Insurance Commissioner; Modification.
Section 500.8216 - Reorganization; Order; Disposition of Assets.
Section 500.8218 - Reorganization; Submission of Plan to Governing Body of Society; Meeting.
Section 500.8220 - Reorganization; Special Meeting; Notice; Approval; Required Vote; Proxies.
Section 500.8224 - Reorganization; Members; Referendum.
Section 500.8228 - Reorganization; Plan; Approval by Insurance Commissioner; Vote; Results.
Section 500.8232 - Reorganization; Plan; Adoption Requirements.
Section 500.8240 - Applicability of MCL 500.8204 to 500.8232.
Section 500.8242 - Reorganization; Effect; Continuation of Original Corporation; Powers; Officers.
Section 500.8246 - Amendment or Reincorporation; Saving Clause.
Section 500.8250 - Liens Upon Certificates; Notices to Members; Application of Section.
Section 500.8254 - Certificates of Membership; Valuation; Reserve; Annual Statement.