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218-1956-52
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THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
Chapter 52
CORPORATE POWERS, PROCEDURES OF STOCK AND MUTUAL INSURERS

DocumentTypeDescription
Section 500.5200SectionApplicability of chapter.
Section 500.5202SectionLife, accident or sickness insurers; reorganization under code.
Section 500.5204SectionCompanies deemed bodies corporate and politic; corporation law applicable.
Section 500.5205SectionProof of corporate existence and authority to insure.
Section 500.5206SectionCorporate powers; enumeration; exercise by board of directors.
Section 500.5208SectionCorporate 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 500.5208aSectionDefinitions; 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 500.5209SectionInsurer's name; restrictions.
Section 500.5210SectionDealing in commodities prohibited; exception.
Section 500.5214SectionArticles of incorporation; amendment.
Section 500.5215SectionArticles of domestic stock insurer; amendment as to increase, decrease, or reclassification of capital stock.
Section 500.5216SectionArticles; amendment as to reduction of capital; condition; methods of effecting reduction.
Section 500.5218SectionIncrease or decrease of capital stock; authorization by commissioner; approval by stockholders; vote; final approval; par value of stock; issuance of new stock.
Section 500.5220SectionBlank forms for amending articles.
Section 500.5222SectionCorporate life; extension.
Section 500.5224SectionCorporate life; expiration, liquidation.
Section 500.5228SectionBylaws; adoption; filing.
Section 500.5230SectionSpecial meetings of stockholders or members; notice of meetings.
Section 500.5232SectionVoting rights; stockholders, members, proxies, fiduciaries, pledgees.
Section 500.5234SectionStockholders and members; voting rights, quorum.
Section 500.5236SectionVoting rights; inspectors of election.
Section 500.5238SectionTrustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.
Section 500.5239SectionRepealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5240SectionDischarging duties of director or officer; commencement of action for failure to perform duties.
Section 500.5241SectionIndemnification against expenses of action, suit, or proceeding generally.
Section 500.5242SectionIndemnification against expenses of action, suit, or proceeding; additional provisions.
Section 500.5242aSectionIndemnification against expenses of action, suit, or proceeding; mandatory; standard of conduct; determination.
Section 500.5242bSectionPayment of expenses in advance of final disposition of action, suit, or proceeding; undertaking.
Section 500.5242cSectionIndemnification or advancement of expenses not exclusive of other rights; indemnification inuring to benefit of heirs, executors, and administrators.
Section 500.5242dSection“Corporation” defined for purposes of MCL 500.5241 to 500.5242c.
Section 500.5243SectionRepealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5244SectionLiability for payment under invalid law or ordinance.
Section 500.5245SectionBoard of directors; quorum; special meetings; consent to action taken without meeting.
Section 500.5246SectionOfficers and agents; appointment, removal, bond.
Section 500.5248SectionDirectors, officers, and employees of domestic insurer; compensation.
Section 500.5252SectionDirector 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 500.5256SectionRecords 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 500.5258SectionAcknowledgments.
Section 500.5260SectionStock certificates; substitutions.
Section 500.5264SectionExpenditures, vouchers, and affidavits.
Section 500.5266SectionDividends to stockholders; general provision.
Section 500.5267SectionDividends to stockholders; domestic fire insurance company.
Section 500.5270SectionInsurer's rights as stockholder in other corporations.
Section 500.5272SectionDomestic fire insurance company; deficiency of assets; notice; cessation of business; liability.
Section 500.5274SectionDomestic fire insurance company; assessment of stockholders.
Section 500.5276SectionDomestic fire insurance company; liability of directors under new risks accepted during deficiency.
Section 500.5280SectionDomestic mutual insurer; assets; deficiency; liability of director.
Section 500.5282SectionDomestic stock insurer; statement of beneficial ownership of equity securities.
Section 500.5283SectionUnfair use of information; prevention; actions for recovery of profits; limitations; exempt transactions.
Section 500.5283aSectionAcquisition of stock or stock option; exemption from MCL 500.5283; conditions; definition.
Section 500.5283bSectionSelection 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 500.5283cSectionStock purchase plan; limitations.
Section 500.5284SectionSecurities not owned; sale; failure to deliver to transferee; exception.
Section 500.5285SectionNonapplication of sections to certain transactions.
Section 500.5286SectionForeign or domestic arbitrage transactions; exemptions.
Section 500.5287SectionEquity security; definition.
Section 500.5288SectionRegistered equity securities; exemptions; conditions.
Section 500.5289SectionInsurance commissioner; regulatory powers; effect of good faith.
Section 500.5290SectionUnlawful solicitation; use of name to solicit proxies or consents.
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