Michigan Laws 500.433 – Trusteed assets below minimum required; proceeding against alien insurer
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 500.433
- 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
- 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
If it appears to the commissioner from any annual or quarterly statement or any other report that a U.S. branch’s trusteed assets are below the minimum required to be maintained pursuant to section 431c, the commissioner may proceed against the alien insurer pursuant to the provisions of chapter 81 as an insurer whose condition no longer meets the requirements of section 403.