Terms Used In Michigan Laws > Chapter 336 > Act 384 of 1976 - Chlorofluorocarbon Compounds

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Chlorofluorocarbon compound: means trichloromonofluoromethane (CFCl3) (propellant 11), dichlorodifluoromethane (CF2Cl2) (propellant 12), or tetrafluorodichloroethane (C2F4Cl2) (propellant 14). See Michigan Laws 336.101
• Commissioner: means the director. See Michigan Laws 500.102
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Department: means the department of public health. See Michigan Laws 336.101
• Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
• Enterprise risk: means an activity, circumstance, event, or series of events involving 1 or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect on the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including, but not limited to, anything that would cause the insurer to be hazardous to policyholders, creditors, and the public. See Michigan Laws 500.1301
• Group-wide supervisor: means the regulatory official authorized to engage in conducting and coordinating group-wide supervision activities who is determined or acknowledged by the director under section 1359 to have sufficient contacts with the internationally active insurance group. See Michigan Laws 500.1301
• Insurance holding company system: means 2 or more affiliated persons, 1 or more of which is an insurer. See Michigan Laws 500.115
• Insurer: means that term as defined in section 106 and includes a nonprofit dental care corporation operating under 1963 PA 125, MCL 550. See Michigan Laws 500.1301
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lead state commissioner: means the insurance commissioner of the state in which an insurer member of an insurance holding company system is domiciled and that is determined to be the lead state under the procedures in the Financial Analysis Handbook, as adopted by the director. See Michigan Laws 500.1301
• month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
• NAIC: means the National Association of Insurance Commissioners. See Michigan Laws 500.1301
• Nonhydrogenated: means containing no hydrogen. See Michigan Laws 336.101
• Oversight: Committee review of the activities of a Federal agency or program.
• Ozone: means an allotropic, triatomic form of oxygen, chemically described as O3. See Michigan Laws 336.101
• Person: means that term as defined in section 114, except that it does not include a securities broker that does not perform more than the usual and customary broker's function, so long as the securities broker holds less than 10% of the voting securities of an insurer or of any person that controls an insurer. See Michigan Laws 500.1301
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Restricted use chlorofluorocarbon compound: means a chlorofluorocarbon compound and those related nonhydrogenated chlorofluorocarbons with similar physical and chemical properties, which the department finds is likely to contribute to the depletion of the ozone layer and by virtue of this depletion creates a present or future risk of harmful effects to human beings or other forms of life. See Michigan Laws 336.101
• Scope criteria: means , as detailed in the NAIC Liquidity Stress Test Framework, the designated exposure bases and their minimum magnitudes for a specified data year that are used to establish a preliminary list of insurers considered scoped into the NAIC Liquidity Stress Test Framework for that data year. See Michigan Laws 500.1301
• 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
• Statute: A law passed by a legislature.
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o