MCL - 218-1956-52

Act 218 of 1956
Chapter 52
Document Type Description
Section 500.5200 Section Applicability of chapter.
Section 500.5202 Section Life, accident or sickness insurers; reorganization under code.
Section 500.5204 Section Companies deemed bodies corporate and politic; corporation law applicable.
Section 500.5205 Section Proof of corporate existence and authority to insure.
Section 500.5206 Section Corporate powers; enumeration; exercise by board of directors.
Section 500.5208 Section Corporate powers; limitations; applicability of prohibition; services performed in connection with noninsured benefit plan; provisions; interference with rights and obligations under collective bargaining agreement prohibited; report; liability of employee covered under noninsured benefit plan; “noninsured benefit plan” or “plan” defined.
Section 500.5208a Section Definitions; prohibited conduct; probable cause of violation; notice of hearing; opportunity to confer and discuss complaint and proceedings; action for damages; hearing; findings and decision; cease and desist order; processing claims for benefits; interest; claim form; service contract provisions; violation of section; penalties; severability.
Section 500.5209 Section Insurer's name; restrictions.
Section 500.5210 Section Dealing in commodities prohibited; exception.
Section 500.5214 Section Articles of incorporation; amendment.
Section 500.5215 Section Articles of domestic stock insurer; amendment as to increase, decrease, or reclassification of capital stock.
Section 500.5216 Section Articles; amendment as to reduction of capital; condition; methods of effecting reduction.
Section 500.5218 Section Increase or decrease of capital stock; authorization by commissioner; approval by stockholders; vote; final approval; par value of stock; issuance of new stock.
Section 500.5220 Section Blank forms for amending articles.
Section 500.5222 Section Corporate life; extension.
Section 500.5224 Section Corporate life; expiration, liquidation.
Section 500.5228 Section Bylaws; adoption; filing.
Section 500.5230 Section Special meetings of stockholders or members; notice of meetings.
Section 500.5232 Section Voting rights; stockholders, members, proxies, fiduciaries, pledgees.
Section 500.5234 Section Stockholders and members; voting rights, quorum.
Section 500.5236 Section Voting rights; inspectors of election.
Section 500.5238 Section Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.
Section 500.5239 Section Repealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5240 Section Discharging duties of director or officer; commencement of action for failure to perform duties.
Section 500.5241 Section Indemnification against expenses of action, suit, or proceeding generally.
Section 500.5242 Section Indemnification against expenses of action, suit, or proceeding; additional provisions.
Section 500.5242a Section Indemnification against expenses of action, suit, or proceeding; mandatory; standard of conduct; determination.
Section 500.5242b Section Payment of expenses in advance of final disposition of action, suit, or proceeding; undertaking.
Section 500.5242c Section Indemnification or advancement of expenses not exclusive of other rights; indemnification inuring to benefit of heirs, executors, and administrators.
Section 500.5242d Section “Corporation” defined for purposes of MCL 500.5241 to 500.5242c.
Section 500.5243 Section Repealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5244 Section Liability for payment under invalid law or ordinance.
Section 500.5245 Section Board of directors; quorum; special meetings; consent to action taken without meeting.
Section 500.5246 Section Officers and agents; appointment, removal, bond.
Section 500.5248 Section Directors, officers, and employees of domestic insurer; compensation.
Section 500.5252 Section Director or officer of insurance corporation; receiving money or valuables for, or having pecuniary interest in, purchase, sale, or loan prohibited; certain transactions not prohibited; issuing certificate of exemption; hearing; refusal to issue certificate; order; judicial review; violation as felony; penalty.
Section 500.5256 Section Records relating to insurer's business or affairs; locations; production; safekeeping of securities, notes, mortgages, or other evidences of indebtedness; exceptions; holding certificates in name of nominee; indorsement; control or possession of certificate; reproduction of records; removal of records; hearing; findings, decision, and order; violation of section; liability; failure to comply with order; transfer of domicile.
Section 500.5258 Section Acknowledgments.
Section 500.5260 Section Stock certificates; substitutions.
Section 500.5264 Section Expenditures, vouchers, and affidavits.
Section 500.5266 Section Dividends to stockholders; general provision.
Section 500.5267 Section Dividends to stockholders; domestic fire insurance company.
Section 500.5270 Section Insurer's rights as stockholder in other corporations.
Section 500.5272 Section Domestic fire insurance company; deficiency of assets; notice; cessation of business; liability.
Section 500.5274 Section Domestic fire insurance company; assessment of stockholders.
Section 500.5276 Section Domestic fire insurance company; liability of directors under new risks accepted during deficiency.
Section 500.5280 Section Domestic mutual insurer; assets; deficiency; liability of director.
Section 500.5282 Section Domestic stock insurer; statement of beneficial ownership of equity securities.
Section 500.5283 Section Unfair use of information; prevention; actions for recovery of profits; limitations; exempt transactions.
Section 500.5283a Section Acquisition of stock or stock option; exemption from MCL 500.5283; conditions; definition.
Section 500.5283b Section Selection of director or officer to whom stock allocated or options granted; exercise of discretion; director or committee member as disinterested person; section inapplicable to certain options or equity securities.
Section 500.5283c Section Stock purchase plan; limitations.
Section 500.5284 Section Securities not owned; sale; failure to deliver to transferee; exception.
Section 500.5285 Section Nonapplication of sections to certain transactions.
Section 500.5286 Section Foreign or domestic arbitrage transactions; exemptions.
Section 500.5287 Section Equity security; definition.
Section 500.5288 Section Registered equity securities; exemptions; conditions.
Section 500.5289 Section Insurance commissioner; regulatory powers; effect of good faith.
Section 500.5290 Section Unlawful solicitation; use of name to solicit proxies or consents.