(1) To be chartered in this state, a risk retention group shall obtain a certificate of authority from the commissioner and be licensed as a domestic stock or mutual casualty insurer.
  (2) Except as otherwise provided in this chapter, a risk retention group chartered in this state shall comply with all statutes, rules, regulations, and requirements applicable to domestic stock or mutual casualty insurers.

Terms Used In Michigan Laws 500.1803

  • Chartered: means a risk retention group licensed and authorized to engage in business as a liability insurance company in a state. See Michigan Laws 500.1801
  • 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
  • Liability: means legal liability for damages including costs of defense, legal costs and fees, and other claims expenses because of personal injuries, property damage, or other damage or loss, to another person resulting from or arising out of a profit or nonprofit business, trade, product, service, including professional service, a premises or operation, or an activity of a state or local government or an agency or political subdivision of a state or local government. See Michigan Laws 500.1801
  • Risk retention group: means a corporation or other limited liability association which meets all of the following criteria:
  (i) Is either of the following:
  (A) Chartered in a state. See Michigan Laws 500.1801
  • State: means any state of the United States or the District of Columbia. See Michigan Laws 500.1801
    •   (3) A certificate of authority issued to a risk retention group chartered in this state shall be limited to the business of insurance for liability.
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