Sec. 947.
(1) Subject to the limitations in section 901, qualified assets for purposes of section 901 include real estate or any interest in real estate, acquired by the insurer for the purpose, under its franchise, of construction, development, maintenance, operation, or lease as an investment for the production of income, or for the purpose, under its franchise, of constructing, maintaining, or operating housing projects including incidental retail and service facilities.
(2) Subject to the limitations in section 901, qualified assets for purposes of section 901 include real estate conveyed or mortgaged in good faith, by way of security for debts or in satisfaction for debts, or purchased at sales on judgments, decrees, or mortgages in favor of the insurer or acquired in the process of settling claims asserted under its policies.
History: Add. 1969, Act 318, Eff. Mar. 20, 1970 ;-- 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Section 500.900 - Repealed. 1969, Act 318, Eff.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Section 500.904 - Repealed. 1957, Act 91, Eff.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Section 500.906, 500.908 - Repealed. 1969, Act 318, Eff.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Section 500.926-500.931 - Repealed. 1969, Act 318, Eff.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Section 500.933 - Repealed. 1969, Act 318, Eff.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Section 500.945 - Repealed. 1994, Act 226, Imd.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.