Sec. 917.
(1) Qualified assets for purposes of section 901 include mortgage-backed securities backed by pools of residential mortgages and rated investment grade by a securities rating organization approved by the commissioner. Any securities described in section 106 of title I of the secondary mortgage market enhancement act of 1984, Public Law 98-440, 15 U.S.C. 77r-1, shall be subject to all the limitations prescribed by this chapter for investments not guaranteed by the full faith and credit of the United States.
(2) As used in this section, "mortgage-backed securities" means securities representing an ownership interest in, or as to which payments are secured directly or indirectly by, a pool of mortgages or by the cash flows generated by a pool of mortgages and shall include, but are not limited to, mortgage pass-through securities and collateralized mortgage obligations.
History: Add. 1991, Act 106, Imd. Eff. Oct. 3, 1991 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994 ;-- Am. 2002, Act 462, Imd. Eff. June 21, 2002 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)
218-1956-9 - Chapter 9 Investments (500.900...500.960)
Section 500.900 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
Section 500.901 - Asset Requirements for Insurers.
Section 500.902 - Investments by Domestic Insurer; Amount in Qualified Asset Required; Definition.
Section 500.904 - Repealed. 1957, Act 91, Eff. Sept. 27, 1957.
Section 500.906, 500.908 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
Section 500.910 - Certificates of Deposit or Depository Receipts; Construction as Deposits of Cash.
Section 500.912 - Qualified Assets; Description; Limitation on Governmental Securities.
Section 500.914 - Qualified Assets as Guaranteed Interest Bonds.
Section 500.916 - Qualified Assets as Federal Financing Agency Stock.
Section 500.917a - Definitions; Asset-Backed Securities.
Section 500.920 - Net Earnings Available for Fixed Charges; Definition.
Section 500.924 - Qualified Assets in Preferred Stock; Conditions.
Section 500.926-500.931 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
Section 500.932 - Qualified Assets in Shares of Savings and Loan Associations.
Section 500.933 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
Section 500.938 - Qualified Assets.
Section 500.943 - Qualified Assets; Derivative Instruments and Transactions.
Section 500.944 - Accounts Receivable; Includable as Qualified Assets.
Section 500.945 - Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.
Section 500.946 - Home Office, Lands, and Buildings; Includable as Qualified Assets.
Section 500.947 - Income Producing Real Estate and Housing Projects; Includable as Qualified Assets.
Section 500.948 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
Section 500.950, 500.951 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.
Section 500.960 - Repealed. 1969, Act 318, Eff. Mar. 20, 1970.