MCL - 218-1956-52
Act 218 of 1956
CORPORATE POWERS, PROCEDURES OF STOCK AND MUTUAL INSURERS
| 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. |