Michigan Laws 257.1103 – Motor vehicle accident claims fund; financial statement; audit; deposits or investments; reversion of unexpended moneys; powers of commissioner of insurance; report; annual statement; examination
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(1) There shall be a fund to be known as the motor vehicle accident claims fund. A detailed financial statement of the condition of the fund shall be published by the secretary of state annually. This fund shall be subject to a financial audit by the auditor general. The treasurer shall deposit or invest an unappropriated portion of the fund, in the same manner and subject to all provisions of law with respect to the deposit or investment of state funds by the state treasurer, and interest earned by portions of the fund deposited or invested by the treasurer shall be collected by him and placed to the credit of the fund. Unexpended moneys appropriated from the fund shall revert to the fund at the end of each fiscal year.
(2) The commissioner of insurance shall have the power of visitation and examination of the affairs of the fund as though the fund were an insurer and shall report to the governor and the legislature on its financial position, actuarial soundness, and general condition. A copy of the report shall be filed with the auditor general for his use in auditing the fund. The fund shall file an annual statement relating to business and affairs on a form the commissioner shall prescribe.
Terms Used In Michigan Laws 257.1103
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means the motor vehicle accident claims fund. See Michigan Laws 257.1102
- Person: includes natural persons, firms, copartnerships, associations, and corporations, except this state or an agency or political subdivision of this state. See Michigan Laws 257.1102
- Secretary: means the secretary of state acting as director of the fund. See Michigan Laws 257.1102
- 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
- Treasurer: means the state treasurer acting as the custodian of the fund. See Michigan Laws 257.1102
(3) As of the close of the fiscal year ending June 30, 1970, and at the end of each fiscal year thereafter, the insurance bureau of the department of commerce shall examine the records of the fund in accordance with insurance accounting principles and file its report with the secretary before the succeeding April 1.
(4) A person who furnishes false evidence of insurance upon the issuance or transfer of registration under this section is guilty of a misdemeanor. In addition his operator’s or chauffeur’s license or motor vehicle registration, or both, may be suspended by the secretary for not more than 1 year.
(5) A person shall not use records or information produced as a result of the administration of this act for the purpose of soliciting the sale or purchase of motor vehicle liability insurance. A person who violates this subsection is guilty of a misdemeanor and shall be imprisoned for not more than 1 year, or fined not more than $1,000.00, or both.