Michigan Laws 500.5100 – Definitions
Current as of: 2023 | Check for updates
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As used in this chapter:
(a) “Acquiring insurer” means a domestic stock insurer, domestic mutual insurer, or reciprocal or inter-insurance exchange organized pursuant to this chapter.
Terms Used In Michigan Laws 500.5100
- Acquiring insurer: means a domestic stock insurer, domestic mutual insurer, or reciprocal or inter-insurance exchange organized pursuant to this chapter. See Michigan Laws 500.5100
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- State accident fund: means the state accident fund created pursuant to the worker's disability compensation act of 1969, Act No. See Michigan Laws 500.5100
- Transfer: means the acquisition by an acquiring insurer of all or substantially all of the assets, and assumption by the acquiring insurer of all or substantially all of the liabilities of, the state accident fund pursuant to Act No. See Michigan Laws 500.5100
(b) “Effective date of the transfer” means the date upon which a transfer occurs.
(c) “State accident fund” means the state accident fund created pursuant to the worker’s disability compensation act of 1969, Act No. 317 of the Public Acts of 1969, being section 418.101 to 418.941 of the Michigan Compiled Laws.
(d) “Transfer” means the acquisition by an acquiring insurer of all or substantially all of the assets, and assumption by the acquiring insurer of all or substantially all of the liabilities of, the state accident fund pursuant to Act No. 317 of the Public Acts of 1969, being section 418.101 to 418.941 of the Michigan Compiled Laws.