Michigan Compiled Laws
Mich. Comp. Laws § 500.404 (2026)
Insurers; financial conditions; compliance required.
✓ laws through the 2026 session (checked Aug. 2026)
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THE INSURANCE CODE OF 1956
Act 218 of 1956
500.404 Insurers; financial conditions; compliance required.
Sec. 404.
Every like domestic, foreign, or alien insurer doing business in this state shall at all times be subject to the same standards and requirements concerning financial conditions and shall be in substantial compliance with those standards and requirements.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992
PopularName Notes:
Act 218Notes of Decisions
Cited in 2
cases, 1982–1985 · leading case: Allard v. Benjamin (In re DeLorean Motor Co.), 49 B.R. 900 (Bankr. E.D. Mich. 1985).
Allard v. Benjamin (In re DeLorean Motor Co.), 49 B.R. 900 (Bankr. E.D. Mich. 1985). “§ 500.404 operates by means of Fed.R.Civ.”
Coates v. Attorney Gen., 328 N.W.2d 113 (Mich. Ct. App. 1982). “Special requirements for possession of assets for foreign insurers are set forth in MCL 500.404; MSA *826 24.1404. Special requirements concerning the corporate purposes of foreign insurers are set forth in MCL 500.”
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