Michigan Laws 500.5276 – Domestic fire insurance company; liability of directors under new risks accepted during deficiency
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.5276
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the director. See Michigan Laws 500.102
In the event of any additional losses accruing upon new risks, taken after the expiration of the period limited by the commissioner in the requisition, pursuant to section 5272, for the filling up of the deficiency in the capital and assets of such company, and before said deficiency shall have been made up, the directors shall be individually liable to the extent thereof.