Michigan Laws 500.1809 – Risk retention group chartered in state; name
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Terms Used In Michigan Laws 500.1809
- Chartered: means a risk retention group licensed and authorized to engage in business as a liability insurance company in a state. See Michigan Laws 500.1801
- 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
- Risk retention group: means a corporation or other limited liability association which meets all of the following criteria:
(i) Is either of the following:
(A) Chartered in a state. See Michigan Laws 500.1801State: means any state of the United States or the District of Columbia. See Michigan Laws 500.1801
The name under which a risk retention group chartered in this state may be authorized as a domestic casualty insurer shall be a brief description of the risk retention group’s membership followed by the phrase “risk retention group”.