Michigan Laws 500.1171 – Reinsurance intermediary; use of services
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Terms Used In Michigan Laws 500.1171
- 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
- Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager. See Michigan Laws 500.1151
- Reinsurer: means any person duly authorized in this state pursuant to the applicable provisions of this act as an insurer with the authority to assume reinsurance. See Michigan Laws 500.1151
Neither an insurer nor a reinsurer shall continue to use the services of a reinsurance intermediary on or after December 31, 1994 except in compliance with this chapter.