Michigan Laws 500.1817 – Risk retention group not chartered in state and doing business in state; voluntary dissolution or delinquency proceeding
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 500.1817
- 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
- Commissioner: means the director. See Michigan Laws 500.102
- 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
A risk retention group not chartered in this state and doing business in this state shall comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by the commissioner if there has been a finding of financial impairment after an examination performed under section 1815(2).