Michigan Laws 500.1825 – Purchasing group; information required before doing business in state
Current as of: 2024 | Check for updates
|
Other versions
(1) Before doing business in this state, a purchasing group shall provide the commissioner with all of the following:
(a) The identity of the name of the purchasing group through which it is purchasing liability insurance.
Terms Used In Michigan Laws 500.1825
- Commissioner: means the director. See Michigan Laws 500.102
- Liability: means legal liability for damages including costs of defense, legal costs and fees, and other claims expenses because of personal injuries, property damage, or other damage or loss, to another person resulting from or arising out of a profit or nonprofit business, trade, product, service, including professional service, a premises or operation, or an activity of a state or local government or an agency or political subdivision of a state or local government. See Michigan Laws 500.1801
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Purchasing group: means a group which meets all of the following:
(i) Has as 1 of its purposes the purchase of liability insurance on a group basis. See Michigan Laws 500.1801State: means any state of the United States or the District of Columbia. See Michigan Laws 500.1801
(b) The identity of the state in which the purchasing group is domiciled.
(c) The identity of all other states in which the purchasing group intends to do business or is doing business.
(d) The identity of the specific types and classifications of liability insurance which the purchasing group intends to purchase.
(e) The identity of any insurance company from which the group intends to purchase its insurance and the domicile of those companies.
(f) The method by which, and if applicable, the person through whom, insurance will be offered to the purchasing group’s members whose risks are resident or located in this state.
(g) The identity of the officer or person responsible for the purchasing group.
(h) Other information as may be required by the commissioner to verify that the purchasing group is qualified under this chapter.
(2) A purchasing group shall notify the commissioner of any changes in any of the items set forth in subsection (1) within 10 days of the change.
(3) A purchasing group shall notify the commissioner annually of its intention to continue doing business in this state.