THE INSURANCE CODE OF 1956
Act 218 of 1956
500.424 Admission of foreign or alien insurer to state; application; report of financial standing; issuance of certificate of authority; filing fees.
Sec. 424.
(1) A foreign or alien insurer shall not be admitted to this state until the insurer files with the commissioner an application for admission upon a form as prescribed by the commissioner. The application shall be accompanied by a copy of the insurer's charter, compact, or articles of incorporation or agreement, and bylaws, duly certified by the commissioner of insurance or corresponding officer of the state of origin or entry, together with a sworn statement of the insurer's business affairs up to any date required by the commissioner to be furnished and any other information, under oath or otherwise, that the commissioner may demand of the applicant.
(2) In addition to subsection (1), an alien insurer shall make and execute under oath a report of its financial standing and of its deposit together with a full statement of its business in the United States for the year preceding the statement pursuant to section 438.
(3) The commissioner shall examine the application and if satisfied that the applicant is safe, reliable, and entitled to public confidence and meets the same financial conditions required of like insurers organized in this state, is authorized to do the kind or class of insurance it seeks to transact, and has complied in all other respects with the applicable laws of this state, the commissioner shall issue a certificate of authority to the applicant.
(4) The applicant shall pay the filing fees as provided by sections 223 and 240.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1972, Act 360, Imd. Eff. Jan. 9, 1973 ;-- Am. 1992, Act 182, Imd. Eff. Oct. 1, 1992
PopularName Notes:
Act 218
Notes of Decisions
Ligons v. Crittenton Hosp., 803 N.W.2d 271 (Mich. 2011).
· cites it 2× “920(3), and MCL 500.424(2); required a “complete statement” in MCL 14.”
Roberts v. Mecosta Cnty. Gen. Hosp., 684 N.W.2d 711 (Mich. 2004).
· cites it 2× “MCL 500.424(2) in the Insurance Code provides: In addition to subsection (1), an alien insurer shall make and execute under oath a report of its financial standing *727 and of its deposit together with a full statement of its business in the United States for the year preceding…”
Nw. Nat'l Cas. Co. v. Comm'r of Ins., 586 N.W.2d 563 (Mich. Ct. App. 1998).
“MCL 500.424(3); MSA 24.1424(3). Also contrary to appellants’ protestations, the commissioner is specifically authorized to consider, among many other things, reports and information obtained from the national association of insurance commissioners; the competence of the…”
Coates v. Attorney Gen., 328 N.W.2d 113 (Mich. Ct. App. 1982).
· cites it 2× “Foreign insurers are required to file certain documents concerning their admission to do business in the state of their origin or incorporation, MCL 500.424; MSA 24.1424. The rules concerning names for the conduct of business differ, MCL 500.”
BCS Ins. v. Comm'r of Ins., 397 N.W.2d 552 (Mich. Ct. App. 1986).
· cites it 2× “The *378 only basis which the commissioner has cited for her conclusion is bcs’s self-confessed intention to reinsure one hundred percent of its business with reinsurance comphnies which the commissioner believes are illegally owned by bcbsm.”
Bcs Ins. Co. v. Ins. Comm'r, 397 N.W.2d 552 (Mich. Ct. App. 1986).
· cites it 2× “The *378 only basis which the commissioner has cited for her conclusion is BCS'S self-confessed intention to reinsure one hundred percent of its business with reinsurance companies which the commissioner believes are illegally owned by BCBSM.”
— Mich. Comp. Laws § 500.424(2) — 2 cases
Roberts v. Mecosta Cnty. Gen. Hosp., 684 N.W.2d 711 (Mich. 2004).
“MCL 500.424(2) in the Insurance Code provides: In addition to subsection (1), an alien insurer shall make and execute under oath a report of its financial standing *727 and of its deposit together with a full statement of its business in the United States for the year preceding…”
— Mich. Comp. Laws § 500.424(3) — 3 cases
Nw. Nat'l Cas. Co. v. Comm'r of Ins., 586 N.W.2d 563 (Mich. Ct. App. 1998).
“MCL 500.424(3); MSA 24.1424(3). Also contrary to appellants’ protestations, the commissioner is specifically authorized to consider, among many other things, reports and information obtained from the national association of insurance commissioners; the competence of the…”
BCS Ins. v. Comm'r of Ins., 397 N.W.2d 552 (Mich. Ct. App. 1986).
“The *378 only basis which the commissioner has cited for her conclusion is bcs’s self-confessed intention to reinsure one hundred percent of its business with reinsurance comphnies which the commissioner believes are illegally owned by bcbsm.”
Bcs Ins. Co. v. Ins. Comm'r, 397 N.W.2d 552 (Mich. Ct. App. 1986).
“The *378 only basis which the commissioner has cited for her conclusion is BCS'S self-confessed intention to reinsure one hundred percent of its business with reinsurance companies which the commissioner believes are illegally owned by BCBSM.”
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