Michigan Laws 500.1823 – Violation; fines and penalties; compliance
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Terms Used In Michigan Laws 500.1823
- 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 that violates a provision of this chapter shall be subject to fines and penalties applicable to licensed insurers, including revocation of the right to do business in this state. A risk retention group operating in this state prior to January 1, 1990 shall comply with section 1811 by February 1, 1990.