Michigan Laws 500.3350 – Additional duties of facility
Current as of: 2023 | Check for updates
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The facility shall provide for all of the following:
(a) One or more optional deferred premium payment plans, which shall require an advance payment at least equal to 25% of the total premium or $100.00, whichever is greater.
Terms Used In Michigan Laws 500.3350
- Automobile insurance: means insurance for automobiles which provides any of the following:
(i) Security required pursuant to section 3101. See Michigan Laws 500.3303Commissioner: means the director. See Michigan Laws 500.102 Facility: means the automobile insurance placement facility created pursuant to this chapter. See Michigan Laws 500.3303 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Statute: A law passed by a legislature.
(b) That policies issued on facility placed business may be indorsed to exclude coverage for any named person who is operating a motor vehicle after his or her driver’s license has been refused, revoked, or suspended by governmental authority other than pursuant to section 310, 310b, 310d, 315, 321a, 324, 328, 512, 515, 625, 625b, 625f, 748, 801c, or 907 of Act No. 300 of the Public Acts of 1949, as amended.
(c) For publicizing and developing public understanding of the facility.
(d) For the rendering of an annual financial statement to all participating members and the commissioner.
(e) For the reinsurance of facility placed risks including, if desired, a pool for reinsuring automobile insurance coverages with limits in excess of those required by statute, or such other underwriting arrangements as may be necessary to enable participating members to offer said limits of liability insurance.