Sec. 606.
(1) The commissioner shall have the same authority regarding the officers and directors of a health care corporation as the commissioner has with respect to the officers and directors of insurers under sections 249 and 250 of the insurance code of 1956, 1956 PA 218, MCL 500.249 and 500.250.
(2) The commissioner shall have the same authority with respect to the dissolution, taking over, or liquidation of corporations formed or doing business under this act as is provided in chapter 81 of the insurance code of 1956, 1956 PA 218, MCL 500.8101 to 500.8159. For purposes of this subsection, a health care corporation shall be considered to be insolvent if its liabilities exceed its assets, unless otherwise defined in chapter 81 of the insurance code of 1956, 1956 PA 218, MCL 500.8101 to 500.8159.
History: 1980, Act 350, Eff. Apr. 3, 1981 ;-- Am. 2003, Act 59, Eff. July 23, 2003 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
Structure Michigan Compiled Laws
Chapter 550 - General Insurance Laws
Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)
350-1980-6 - Part 6 (550.1601...550.1620)
Section 550.1601 - Regulation and Supervision of Health Care Corporation; Delegation of Authority.
Section 550.1602 - Statement of Condition; Statistical, Financial, and Other Reports.
Section 550.1603a - Health Care Corporation Subject to MCL 500.224 and 500.225; Costs and Expenses.
Section 550.1604 - Confidentiality; Violation as Misdemeanor; Penalty.
Section 550.1611 - Legislative Intent.
Section 550.1615 - Review of Final Order or Decision.
Section 550.1618 - Compliance With New Procedures, Benefits, or Contracts.
Section 550.1619 - Injunction; Declaratory and Equitable Relief; Enforcement of Act or Rules.