PocketLaw | Michigan Compiled Laws | Chapter 81 Supervision,

Chapter 81 Supervision, Rehabilitation, and Liquidation (500.8101...500.8160)

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Section
500.8101

Construction and Purpose of Chapter.

Section
500.8102

Applicability of Proceedings Authorized by Chapter.

Section
500.8103

Definitions.

Section
500.8104

Commencement of Delinquency Proceeding; Jurisdiction; Stay of Proceedings.

Section
500.8105

Receiver; Application for Relief.

Section
500.8106

Cooperation With Commissioner; Obstruction or Interference Prohibited; Existing Legal Rights Not Abridged; Penalties; Petition for Relief.

Section
500.8107

Official Bonds.

Section
500.8108a

Prohibited Conduct by Insurer.

Section
500.8109

Orders; Determination; Supervision of Insurer; Restrictions; Compliance; Hearings; Notice; Time; Judicial Review; Review of Supervisor's Action; Violation of Supervision Order; Penalty; Enforcement of Supervision Order; Personal Liability to Insurer for Reduction of Net Worth or Loss; Action; Costs and Expenses.

Section
500.8110

Seizure Order.

Section
500.8111

Confidentiality; Exception; “Third Parties” Defined.

Section
500.8112

Rehabilitation of Insurer; Petition; Grounds.

Section
500.8113

Order to Rehabilitate Insurer; Provisions; Filing as Notice; Title to Assets Vested in Rehabilitator; Accounting.

Section
500.8114

Commissioner as Rehabilitator; Appointment of Special Deputies; Employment of Counsel, Clerks, and Assistants; Compensation; Terms; Expenses; Powers of Rehabilitator; Criminal or Tortious Conduct; Breach of Contractual or Fiduciary Obligation; Plan to Effect Changes; Avoidance of Fraudulent Transfers.

Section
500.8115

Stay of Action or Proceeding; Purpose; Duties of Rehabilitator; Statute of Limitations; Laches; Standing of Guaranty Association.

Section
500.8115a

Netting Agreement or Qualified Financial Contract; Rights; Transfer; Duties of Receiver; Exception; Rights of Counterparties; Definitions.

Section
500.8116

Order of Liquidation; Petition; Duties of Circuit Court; Order Terminating Rehabilitation; Restoration to Possession of Property and Control of Business.

Section
500.8117

Liquidation of Domestic or Alien Insurer; Basis.

Section
500.8118

Order of Liquidation; Provisions; Filing as Notice; Rights and Liabilities; Judicial Declaration of Insolvency; Accounting.

Section
500.8118a

Order Transferring Title to and Possession of Trusteed Assets; Actions of Court; Considerations.

Section
500.8119

Order of Liquidation; Continuation of Policies in Force; Termination of Coverages.

Section
500.8120

Dissolution of Corporation.

Section
500.8121

Powers of Liquidator; Extended Reporting Period; Powers and Authority Not Exclusive; Delaying Sale of Assets.

Section
500.8122

Notice of Liquidation; Filing Claims; Changes of Address.

Section
500.8123

Notice by Agent to Policyholder; Report of Compliance; Penalty; Waiver.

Section
500.8124

Order Appointing Liquidator as Bar to Action at Law or Equity; Full Faith and Credit to Injunctions; Intervention; Expense; Institution of Action or Proceeding on Behalf of Estate of Insurer; Period of Limitation; Statute of Limitation or Defense of Laches.

Section
500.8124a

Guaranty Association or Foreign Guaranty Association; Court Standing; Right to Intervene; Jurisdiction.

Section
500.8125

List of Insurer's Assets; Amendments and Supplements; Filing; Reduction of Assets to Liquidity; Submission of Assets for Disbursement.

Section
500.8126

Transfers and Obligations as Fraudulent; Avoidance by Receiver; Retention of Property, Lien, or Obligation as Security for Repayment; Preservation of Transfer or Obligation; Perfection of Transfer; Transfer Creating Equitable Lien; Fraudulent Transaction of Insurer With Reinsurer.

Section
500.8127

Transfer of Insurer's Real Property; Validity; Constructive Notice of Commencement of Proceeding in Rehabilitation or Liquidation; Judicial Sale of Real Property of Insurer; Validity of Transfer Against Receiver; Payment of Indebtedness or Delivery of Property to Insurer; Knowledge of Pending Rehabilitation or Liquidation; Burden of Proof; Currency or Negotiable Instruments Not Impaired.

Section
500.8128

Preference Generally; Transfers Considered Made or Suffered; Lien Obtainable by Legal or Equitable Proceedings; Dissolution of Voidable Lien; Discharge of Property From Lien; Summary Jurisdiction; Hearing; Notice; Order; Liability of Surety; Set Off Against Preference; Examination of Transactions; Payment of Attorney; Personal Liability; Recovery of Certain Commissions in Delinquency Proceedings.

Section
500.8129

Claim of Creditor; Allowance; Excused Late Filing.

Section
500.8130

Setoff or Counterclaim.

Section
500.8130a

Contributions of Parties; Determination by Court; Distribution to Stockholders; Recovery of Distributions; Limitations.

Section
500.8131

Report of Liquidator to Court; Levy of Assessment; Order to Show Cause; Notice; Hearing; Determination; Enforcement.

Section
500.8132

Amount Recoverable by Liquidator From Reinsurers; Reduction Prohibited; Reinsurer's Obligation to Insurer's Estate; Assumption of Obligations by Life and Health Insurance Guaranty Association.

Section
500.8133

Payment of Unpaid Earned Premium; Recovery of Unearned Premium; Prohibited Credits and Setoffs; Violation; Penalty; Notice; Hearing; Appeal.

Section
500.8133a

Deductible Agreement; Collateral as Asset Maintained and Administered by Receiver; Jurisdiction of Circuit Court; Rights of Guaranty Association or Foreign Guaranty Association; Applicability to Delinquency Proceedings; Applicability to First Party Claims; Definitions.

Section
500.8134

Proposal to Make Early Access Disbursements; Effect of Insufficient Assets; Report; Provisions of Proposal; Notice of Application; Action on Application; Return of Early Access Funds; Limitation.

Section
500.8135

Proof of Claims; Filing; Circumstances Permitting Late Filing; Receipt of Distributions by Late Filing Claimants.

Section
500.8136

Proof of Claim; Statement; Form; Additional Information or Evidence; Judgment or Order Entered by Default or Collusion; Judgment or Order as Evidence of Liability or Quantum of Damages; Claims of Guaranty Association.

Section
500.8137

Contingent Claims; Discounting Claims at Legal Rate of Interest; Claims Made Under Employment Contracts.

Section
500.8138

Third Party Claim; Claim by Insured; Insured as Unexcused Late Filer; Recommendations of Liquidator; Withholding Dividends; Hearing; Payment of Insured; Reversions to Undistributed Assets; Delay in Final Payment; Filing of Several Claims Founded on 1 Policy; Prohibited Claims.

Section
500.8139

Denial of Claim; Filing of Objections; Hearing; Notice.

Section
500.8140

Subrogation to Rights of Creditor; Distribution; Excess Received by Creditor.

Section
500.8141

Value of Security; Determination; Supervision and Control; Crediting Amount Determined; Deficiency Treated as Unsecured Claim; Surrender of Security to Liquidator.

Section
500.8141a

Payment of Special Deposit Claims; Priority; Transfer of Special Deposits.

Section
500.8142

Priority of Distribution of Claims From Insurer's Estate; Class of Claims; Subclasses Prohibited; Order of Distribution; Assets in Separate Account; Definitions.

Section
500.8143

Review of Claims by Liquidator; Investigation; Negotiation; Unresolved Disputes; Report on Claims by Liquidator; Approval, Disapproval, or Modification; Limitation.

Section
500.8144

Distributions; Manner of Payment; Distribution of Assets in Kind.

Section
500.8145

Disposition of Unclaimed or Withheld Funds.

Section
500.8146

Application for Discharge.

Section
500.8147

Petition to Reopen Proceedings.

Section
500.8148

Retention or Destruction of Records.

Section
500.8149

Audits.

Section
500.8150

Conservator.

Section
500.8151

Petition for Order Directing Commissioner to Liquidate Assets; Grounds; Notice; Order; Liquidator as Ancillary Receiver; Commissioner as Receiver; Paying Claims of Residents.

Section
500.8152

Vesting of Title in Domiciliary Liquidator or Commissioner; Filing Claims.

Section
500.8153

Petition Requesting Appointment of Ancillary Receiver; Order; Notice; Powers and Duties of Ancillary Receiver.

Section
500.8154

Institution of Proceedings Under MCL 500.8109 to 500.8111.

Section
500.8155

Filing of Claims; Proof; Conclusiveness of Final Allowance of Claims.

Section
500.8156

Filing of Claims; Proof; Recommendation; Hearing; Notice; Appearance or Representation; Conclusiveness of Final Allowance of Claim.

Section
500.8157

Prohibited Action or Proceeding.

Section
500.8158

Controlling Order of Distribution; Equal Priority of Payment; Priority Against Special Deposits; Deficiency; Deferred Sharing; Surrender of Security and Filing Claim as General Creditor; Discharge of Claim.

Section
500.8159

Failure to Transfer Assets.

Section
500.8160

Repealed. 2001, Act 143, Imd. Eff. Oct. 26, 2001.