Sec. 946.
(1) Subject to the limitations in section 901, qualified assets for purposes of section 901 include a home office, lands, and buildings as follows:
(a) A building in which the insurer has its principal home office and the land upon which the building stands.
(b) Real estate requisite for its accommodation in the convenient transaction of its business.
(c) Other real estate requisite or desirable for the protection or enhancement of the value of real estate described under subdivisions (a) and (b).
(2) Any parcel of real estate acquired under this section may include excess space for rental to others or if the excess is reasonably required in order to have a building that would be an economic unit.
(3) Real estate under this section may be subject to a mortgage.
(4) Any real estate investment under this section that would result in a total real estate investment in excess of 10% of a domestic insurer's capital and surplus shall not be made until a certificate of permission for the purchase or construction of the property is granted by the commissioner. The commissioner may require an appraisal of the property considered for investment by 3 qualified appraisers, appointed by the commissioner for the purpose of the appraisal, and their certification to the commissioner of a valuation of the property at least equal to the amount that is proposed to be invested in the property by the insurer.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 91, Eff. Sept. 27, 1957 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992 ;-- 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Section 500.900 - Repealed. 1969, Act 318, Eff.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Section 500.904 - Repealed. 1957, Act 91, Eff.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Section 500.906, 500.908 - Repealed. 1969, Act 318, Eff.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.