Michigan Laws 500.702 – Health insurance reserves; determination of adequacy; basis
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.702
- Contract: A legal written agreement that becomes binding when signed.
- 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
The adequacy of an insurer‘s health insurance reserves shall be determined only on the combined basis of claim, premium, and contract reserves and not on any 1 or 2 of these categories alone.