Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 17 – Risk Management and Own Risk and Solvency Assessment
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Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 17 - Risk Management and Own Risk and Solvency Assessment
- Board: means the state board of forensic polygraph examiners. See Michigan Laws 338.1703
- Commission: means the commission on law enforcement standards created under section 3 of the commission on law enforcement standards act, 1965 PA 203, MCL 28. See Michigan Laws 338.1052
- 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.
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Employer: means a person who employs 1 or more persons or who accepts applications for employment of persons; or an agent of an employer. See Michigan Laws 338.1703
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Examiner: means any person, other than an intern, who does any of the following:
(i) Purports to detect deception, verify truthfulness, or provide a diagnostic opinion of these matters through instrumentation or the use of a mechanical device. See Michigan Laws 338.1703Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Governing board: means a board of regents, board of trustees, board of governors, board of control, or other governing body of an institution of higher education. See Michigan Laws 338.1052 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q 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 Insurance group: means , for the purpose of conducting an ORSA, insurers and affiliates included within an insurance holding company system. See Michigan Laws 500.1701 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. See Michigan Laws 500.1701 Intern: means a person who is actively engaged in an approved training program pursuant to becoming an examiner. See Michigan Laws 338.1703 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. NAIC: means the National Association of Insurance Commissioners. See Michigan Laws 500.1701 ORSA: means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by the insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks. See Michigan Laws 500.1701 ORSA guidance manual: means the own risk and solvency assessment guidance manual as adopted and prescribed by the director. See Michigan Laws 500.1701 ORSA summary report: means a confidential high-level summary of an insurer or insurance group's ORSA. See Michigan Laws 500.1701 Oversight: Committee review of the activities of a Federal agency or program. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means any natural person, firm, association, partnership, or corporation. See Michigan Laws 338.1703 Private college security force: means a security force authorized under section 37. See Michigan Laws 338.1052 Public examiner: means an examiner who performs or purports to perform the service of detecting deception or verifying truthfulness exclusively in his or her official capacity as a salaried employee of some agency, county, city, or township of this state. See Michigan Laws 338.1703 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 Subpoena: A command to a witness to appear and give testimony. Testify: Answer questions in court. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o