Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 48 – Protected Cell Insurance Companies
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 48 - Protected Cell Insurance Companies
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commercial information: means information regarding the purchase and sale of goods and services, including, but not limited to, information regarding marketing strategy, production data, assessments of goods and services, mineral exploration records, and compilations of data regarding commercial activity. See Michigan Laws 390.1552
- Commissioner: means the director. See Michigan Laws 500.102
- Contract: A legal written agreement that becomes binding when signed.
- Domestic insurer: means an insurer domiciled in this state. See Michigan Laws 500.4801
- Fair value: means the following:
(i) For cash, the amount of the cash. See Michigan Laws 500.4801Fiduciary: A trustee, executor, or administrator. Financial information: means information regarding finances, including, but not limited to, assets, income, liabilities, net worth, bank balances, financial history or activities, or creditworthiness. See Michigan Laws 390.1552 Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Fully funded: means that, with respect to any exposure attributed to a protected cell, the fair value of the protected cell assets, on the date on which the insurance securitization is effected, equals or exceeds the maximum possible exposure attributable to the protected cell with respect to such exposures. See Michigan Laws 500.4801 General account: means the assets and liabilities of a protected cell company other than protected cell assets and protected cell liabilities. See Michigan Laws 500.4801 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 Intellectual property: means all original data, findings, or other products of the mind or intellect commonly associated with claims, interests, and rights that are protected under trade secret, patent, trademark, copyright, or unfair competition law. See Michigan Laws 390.1552 Investment: means the utilization of money or other assets in the expectation of future returns in the form of income or capital gain. See Michigan Laws 390.1552 Investment fiduciary: means a person who exercises any discretionary authority or control over an investment of a public university or college or renders investment advice for a public university or college for a fee or other direct or indirect compensation. See Michigan Laws 390.1552 Investment information: means information that has not been publicly disseminated or that is unavailable from other sources, the release of which might cause a portfolio company or an investment fiduciary significant competitive harm. See Michigan Laws 390.1552 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Portfolio company: means an entity in which an investment fiduciary has made or considered an investment on behalf of a public university or college. See Michigan Laws 390.1552 Protected cell: means an identified pool of assets and liabilities of a protected cell company segregated and insulated by means of this chapter from the remainder of the protected cell company's assets and liabilities. See Michigan Laws 500.4801 Protected cell account: means a specifically identified bank or custodial account established by a protected cell company for the purpose of segregating the protected cell assets of 1 protected cell from the protected cell assets of other protected cells and from the assets of the protected cell company's general account. See Michigan Laws 500.4801 Protected cell assets: means all assets, contract rights, and general intangibles, identified with and attributable to a specific protected cell of a protected cell company. See Michigan Laws 500.4801 Protected cell company: means a domestic insurer or captive insurer that has 1 or more protected cells. See Michigan Laws 500.4801 Protected cell company insurance securitization: means the issuance of debt instruments, the proceeds from which support the exposures attributed to the protected cell, by a protected cell company where repayment of principal or interest, or both, to investors pursuant to the transaction terms is contingent upon the occurrence or nonoccurrence of an event with respect to which the protected cell company is exposed to loss under insurance or reinsurance contracts it has issued. See Michigan Laws 500.4801 Protected cell liabilities: means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell company. See Michigan Laws 500.4801 Public university or college: means a university, college, or community college established under section 5, 6, or 7 of article VIII of the state constitution of 1963. See Michigan Laws 390.1552 Record: means all or part of a writing, as that term is defined in section 2 of the freedom of information act, 1976 PA 442, MCL 15. See Michigan Laws 390.1552 Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Trade secret: means information consisting of a valuable unpatented formula, pattern, device, or process, or other information that is used in a business and gives the possessor of the information a competitive advantage over those who do not know or use the information, and for which sufficient measures have been taken to guard the secrecy of the information and preserve its confidentiality, and that does not encompass information that is readily ascertainable by competitors or the general public without undue difficulty or hardship. See Michigan Laws 390.1552 Trustee: A person or institution holding and administering property in trust.