§ 500.5100 Definitions
§ 500.5102 State accident fund; acquisition of assets; effect of proposed transfer
§ 500.5104 Organizing stock insurer or mutual insurer; purpose; domestic stock insurer owned by nonprofit health care corporation as acquiring insurer; limitation on transaction
§ 500.5106 Provisions applicable to acquiring insurer
§ 500.5108 Acquiring insurer as party in place of state accident fund
§ 500.5110 Determining violation of MCL 500.5106
§ 500.5112 Notice of violation of MCL 500.5106; hearing; findings and conclusions; order to cease and desist; additional orders
§ 500.5114 Insurance agents
lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 51 - Organization of an Acquiring Insurer for Transaction of Certain Types of Insurance

  • Academic credential: means a degree or a diploma, transcript, educational or completion certificate, or similar document that indicates completion of a program of study or instruction or completion of 1 or more courses at an institution of higher education or the grant of an associate, bachelor, master, or doctoral degree. See Michigan Laws 390.1602
  • Acquiring insurer: means a domestic stock insurer, domestic mutual insurer, or reciprocal or inter-insurance exchange organized pursuant to this chapter. See Michigan Laws 500.5100
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commissioner: means the director. See Michigan Laws 500.102
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the department of community health. See Michigan Laws 390.1592
  • Department: means the department of insurance and financial services. See Michigan Laws 500.102
  • Effective date of the transfer: means the date upon which a transfer occurs. See Michigan Laws 500.5100
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fund: means the pregnant and parenting student services fund created in section 3. See Michigan Laws 390.1592
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Institution of higher education: means a degree or certificate granting public or private college or university, junior college, or community college in this state. See Michigan Laws 390.1592
  • Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Office: means a pregnant and parenting student services office established and operated by an institution of higher education and described in section 5. See Michigan Laws 390.1592
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Qualified institution: means any of the following:
    (i) An institution of higher education, as that term is defined in 20 USC 1001, located in the United States. See Michigan Laws 390.1602
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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
  • State accident fund: means the state accident fund created pursuant to the worker's disability compensation act of 1969, Act No. See Michigan Laws 500.5100
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Transfer: means the acquisition by an acquiring insurer of all or substantially all of the assets, and assumption by the acquiring insurer of all or substantially all of the liabilities of, the state accident fund pursuant to Act No. See Michigan Laws 500.5100
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o