Michigan Laws 500.480 – Definitions
Current as of: 2023 | Check for updates
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As used in section 478 and 479:
(a) “Fee” means financial data base fees, annual statement filing fees, securities valuation fees, user fees, and any other financial assessment or charge of any kind imposed directly or indirectly by the NAIC.
Terms Used In Michigan Laws 500.480
- 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
- Oversight: Committee review of the activities of a Federal agency or program.
- User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
(b) “NAIC” means the national association of insurance commissioners.
(c) “NAIC standard” means a directive; financial annual statement requirement; model act; model regulation; issue paper; market conduct or financial examination report or requirement; accounting practice, procedure, or reporting standard; securities valuation requirement; or any report, action, or program of any kind promulgated by the NAIC, or a committee, task force, working group, or advisory committee of the NAIC.
(d) “Solvency oversight” means an activity directly related to regulating the financial condition of an insurer. Solvency oversight does not include an activity related to market conduct regulation, market regulatory support, or general regulatory support.
(e) “Solvency-related revenue” means only financial data base fees, annual statement fees, and securities valuation fees.