Michigan Laws 500.8190 – Foreign or alien society; license required; compliance; conditions
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A foreign or alien society shall not transact business in this state without a license issued by the commissioner. A society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to a domestic society. A foreign or alien society may be licensed to transact business in this state if its assets are invested in accordance with the provisions of this chapter and upon filing with the commissioner all of the following:
(a) A duly certified copy of its articles of incorporation.
Terms Used In Michigan Laws 500.8190
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Certificate: means the document issued as written evidence of a benefit contract. See Michigan Laws 500.8161
- Commissioner: means the director. See Michigan Laws 500.102
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) A copy of its bylaws, certified by its secretary or corresponding officer.
(c) A power of attorney to the commissioner as provided in section 8196.
(d) A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the commissioner.
(e) Certification from the proper official of its home state, territory, province, or country that the society is legally incorporated and licensed to transact business there.
(f) Copies of its certificate forms.
(g) Such other information as the commissioner may consider necessary.