Mich. Comp. Laws § 500.8108a

Current through Public Act 156 of the 2024 Legislative Session

Section 500.8108a - Prohibited conduct by insurer

Until all payments of or on account of the insurer's contractual obligations by all guaranty associations and all expenses and interest on the payments and expenses are repaid to the guaranty associations or a plan of repayment by the insurer is approved by the guaranty associations, an insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall not:

(a) Be released from the proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding.

(b) Be permitted to solicit or accept new business or request or accept the restoration of a suspended or revoked license or certificate of authority.

(c) Be returned to the control of its shareholders or private management.

(d) Have its assets returned to the control of its shareholders or private management.

MCL 500.8108a

Add. 1989, Act 302, Imd. Eff. 1/3/1990 .