Michigan Laws 500.1407 – Bond; errors and omissions policy
Current as of: 2023 | Check for updates
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The commissioner may require a managing general agent to do both of the following:
(a) Maintain a bond in an amount acceptable to the commissioner for the protection of the insurer.
Terms Used In Michigan Laws 500.1407
- Commissioner: means the director. See Michigan Laws 500.102
- Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
(b) Maintain an errors and omissions policy.