Sec. 5.
The purposes of the provisions of this act, among other things, are to preserve as far as possible the solvency of such insurance companies as are qualified and authorized to carry on business in this state, and to prevent the impairment of the obligations of the contracts of such companies as a whole.
History: 1933, Act 66, Imd. Eff. Apr. 28, 1933 ;-- CL 1948, 550.5 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
Structure Michigan Compiled Laws
Chapter 550 - General Insurance Laws
Act 66 of 1933 - Emergency Insurance Legislation (550.1 - 550.8)
Section 550.1 - Declaration of Emergency.
Section 550.2 - Insurance Company Disbursement Limitations.
Section 550.3 - Insurance Commissioner Regulatory Powers.
Section 550.4 - Foreign Insurance Companies; Other States' Regulations, Application.
Section 550.5 - Purposes of Act.
Section 550.6 - Suits Against Insurance Companies; Statute of Limitations, Extension.
Section 550.7 - Duration of Emergency; Proclamations.
Section 550.8 - Violation of Act; Misdemeanor; License Revocation, Grounds.