Michigan Laws 500.7018 – Temporary certificate; organization of proposed MEWA; opening books to commissioner; condition to issuance of final certificate
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(1) The MEWA, upon receipt of its initial certificate of authority, which shall be a temporary certificate, shall proceed to the completion of organization of the proposed MEWA.
(2) A MEWA shall open its books to the commissioner, and a final certificate of authority shall not be issued by the commissioner to any MEWA until it has collected in cash reserves as provided in section 7040.
Terms Used In Michigan Laws 500.7018
- Cash reserves: means federally guaranteed obligations that have a fixed recoverable principal amount or an irrevocable and unconditional letter of credit. See Michigan Laws 500.7001
- Commissioner: means the director. See Michigan Laws 500.102
- MEWA: means that term as defined in section 3 of the employee retirement income security act of 1974, Public Law 93-406, 88 Stat. See Michigan Laws 500.7001