Michigan Laws 500.7718 – Stay of proceedings in which insolvent insurer party; setting aside default judgment; defense
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 500.7718
- Association: means the Michigan life and health insurance guaranty association created under section 7706. See Michigan Laws 500.7705
- Germane: On the subject of the pending bill or other business; a strict standard of relevance.
- Insolvent insurer: means a member insurer that becomes insolvent and is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Michigan Laws 500.7705
- State: means a state, the District of Columbia, Puerto Rico, or a United States possession, territory, or protectorate. See Michigan Laws 500.7705
- Verdict: The decision of a petit jury or a judge.
All proceedings in which an insolvent insurer is a party in a court in this state shall be stayed 60 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on a matter germane to the association’s powers or duties. If a judgment under a decision, order, verdict, or finding is based on default, the association may apply to have the judgment set aside by the same court that made the judgment and shall be permitted to defend in the action on the merits.