Mich. Comp. Laws § 500.5840

Current through Public Act 151 of the 2024 Legislative Session
Section 500.5840 - Domestic mutual insurers; deficiency in assets; assessment of members

Such insurer not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each such member in proportion to such liability as expressed in his policy: Provided, The commissioner may, by written order, relieve the insurer from an assessment or other proceedings to restore such assets during the time fixed in such order.

MCL 500.5840

1956, Act 218, Eff. 1/1/1957.