Michigan Laws 500.1326 – Registration statement; nonmaterial information not disclosed
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.1326
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- Insurer: means that term as defined in section 106 and includes a nonprofit dental care corporation operating under 1963 PA 125, MCL 550. See Michigan Laws 500.1301
- NAIC: means the National Association of Insurance Commissioners. See Michigan Laws 500.1301
(1) Information does not need to be disclosed on a registration statement filed under section 1325 if the information is not material for the purposes of section 1324 to 1325a and 1327 to 1343.
(2) Unless the director by rule or order provides otherwise, a sale, purchase, exchange, loan, extension of credit, or investment involving 1/2 of 1% or less of an insurer‘s admitted assets on the preceding December 31 is not material for purposes of section 1324 to 1325a and 1327 to 1343.
(3) A sale, purchase, exchange, loan, extension of credit, or investment involving 1/2 of 1% or less of an insurer’s admitted assets on the preceding December 31 is not material for purposes of an annual group capital calculation under section 1325b or an NAIC liquidity stress test under section 1325c.