MCL - Act 66 of 1933


Act 66 of 1933

AN ACT to regulate insurance corporations, fraternal benefit and other societies and associations doing an insurance business in Michigan during and under certain emergencies, to extend the powers of the commissioner of insurance over such companies and business in such emergencies; to prevent preferences among policyholders and creditors of such companies in the payment of debts and claims and withdrawals of cash; to preserve the solvency and integrity of such companies during such emergencies for the benefit of all policyholders and other obligees of such companies and societies; and to limit certain legal process and proceedings for the period prescribed herein.

History: 1933, Act 66, Imd. Eff. Apr. 28, 1933
Compiler's Notes: For transfer of the Department of Insurance and Office of the Commissioner on Insurance from the Department of Licensing and Regulation to the Department of Commerce, see E.R.O. No. 1991-9, compiled at MCL 338.3501 of the Michigan Compiled Laws.

The People of the State of Michigan enact:
Document Type Description
Section 550.1 Section Declaration of emergency.
Section 550.2 Section Insurance company disbursement limitations.
Section 550.3 Section Insurance commissioner regulatory powers.
Section 550.4 Section Foreign insurance companies; other states' regulations, application.
Section 550.5 Section Purposes of act.
Section 550.6 Section Suits against insurance companies; statute of limitations, extension.
Section 550.7 Section Duration of emergency; proclamations.
Section 550.8 Section Violation of act; misdemeanor; license revocation, grounds.