Michigan Laws 500.1805 – Risk retention group chartered in state; summary form of required information
Current as of: 2023 | Check for updates
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To be chartered in this state, a risk retention group shall provide to the commissioner in summary form, at the time of its application for a certificate of authority, all of the following:
(a) The identity of the initial members of the risk retention group.
Terms Used In Michigan Laws 500.1805
- 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
- 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 500.1801State: means any state of the United States or the District of Columbia. See Michigan Laws 500.1801
(b) The identity of those individuals who organized the risk retention group or who will provide administrative services or otherwise influence or control the activities of the group.
(c) The amount and nature of initial capitalization.
(d) The coverages to be afforded.
(e) The states in which the risk retention group intends to operate.