§ 500.7901 Property and casualty guaranty association act; short title
§ 500.7911 Property and casualty guaranty association; membership; exception; laws to which association subject
§ 500.7911a Life or disability insurer not to be member of association
§ 500.7912 Property and casualty guaranty association; board of governors; appointment, terms, and qualifications of members; vacancy
§ 500.7914 Property and casualty guaranty association; plan of operation, adoption, amendment, approval; failure to adopt operation plan
§ 500.7916 Property and casualty guaranty association; servicing facilities; designation; reimbursement; authority; approval
§ 500.7918 Property and casualty guaranty association; powers generally
§ 500.7921 “Insolvent insurer” and “member insurer” defined
§ 500.7925 “Covered claims” defined; definitions
§ 500.7931 Payment and discharge of covered claims; association as party in interest; rights of association; cause of action against insureds; recoverable damages or benefits as credit against covered claim
§ 500.7933 Financial condition of member insurer; reports and recommendations; advice to commissioner; exemption from public disclosure
§ 500.7935 Cooperation of insured with association; assignment of rights; indemnification from catastrophic claims association; options
§ 500.7941 Assessments on member insurers; purpose; allocation of claim payments and costs to categories; separate assessments for each category; use, amount, and rate of assessment; remittance and administ
§ 500.7945 Stay of proceedings
§ 500.7947 Tax exemption
§ 500.7948 Liability
§ 500.7949 Insurance commissioner; regulatory powers; visitation; examination; hearings
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Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 79 - Property and Casualty Guaranty Association

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Commissioner: means the director. See Michigan Laws 500.102
  • Contract: A legal written agreement that becomes binding when signed.
  • Cooperative board: means the governing board of a cooperative library. See Michigan Laws 397.552
  • Cooperative library: means the library or service center designated by a cooperative board to execute services established by a cooperative plan and provided to libraries participating in a cooperative. See Michigan Laws 397.552
  • 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 insurance and financial services. See Michigan Laws 500.102
  • Department: means the department of history, arts, and libraries. See Michigan Laws 397.552
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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.
  • Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Insolvent insurer: means an insurer which has been a member insurer and against whom a final order of liquidation has been entered with a finding of insolvency by a court of competent jurisdiction in the insurer's state of domicile. See Michigan Laws 500.7921
  • 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
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Local board: means the board of trustees or directors that has as its primary purpose the supervision of a local public library, or that board contracting for library service, or, if such a board does not exist, the legislative body of the local government that maintains the public library. See Michigan Laws 397.552
  • Local support: means funds from tax sources, gifts, endowments, penal fines, or other funds received from local sources, excluding state and federal aid as stated in this act. See Michigan Laws 397.552
  • Member insurer: means an insurer required to be a member of the association pursuant to section 7911. See Michigan Laws 500.7921
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • Public library: means a library that is lawfully established for free public purposes by 1 or more counties, cities, townships, villages, school districts, or other local governments or a combination thereof, or by a public or local act, the entire interests of which belong to the general public. See Michigan Laws 397.552
  • Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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