Sec. 938.
Qualified assets for purposes of section 901 include all of the following:
(a) Any negotiable paper or other evidence of indebtedness secured by any of the classes of securities in which insurance companies may lawfully invest funds pursuant to sections 912 and 918.
(b) Negotiable notes secured by pledge of stock of national or state banks, which have a surplus equal in amount to 25% of the paid in capital stock provided those loans do not exceed 85% of the market value of the stock and the total amount of the loan on bank secured collateral does not exceed 15% of the capital and surplus of the insurance company.
(c) For other than a life insurer, loans secured as collateral by corporate stocks and securities eligible for investment under section 922 but no loan shall be made of more than 50% of the fair market value of those stocks and securities.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 91, Eff. Sept. 27, 1957 ;-- 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Section 500.900 - Repealed. 1969, Act 318, Eff.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Section 500.904 - Repealed. 1957, Act 91, Eff.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Section 500.906, 500.908 - Repealed. 1969, Act 318, Eff.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Section 500.926-500.931 - Repealed. 1969, Act 318, Eff.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Section 500.933 - Repealed. 1969, Act 318, Eff.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Section 500.945 - Repealed. 1994, Act 226, Imd.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.