Michigan Laws 500.7070 – Certificate of authority; grounds for suspension, revocation, or limitation
Current as of: 2023 | Check for updates
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The commissioner may suspend, revoke, or limit the certificate of authority of a MEWA if the commissioner determines that any of the following conditions exists:
(a) The MEWA has failed to maintain a policy for excess insurance as required by section 7011.
Terms Used In Michigan Laws 500.7070
- Commissioner: means the director. See Michigan Laws 500.102
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- Fraud: Intentional deception resulting in injury to another.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Trustee: A person or institution holding and administering property in trust.
(b) The MEWA is using financial methods and practices in the conduct of its business which render further transaction of business in this state hazardous or injurious to its members, employees, beneficiaries, or to the public.
(c) The MEWA has failed, after written request by the commissioner, to remove or discharge an officer, director, trustee, or other employee who has been convicted of any crime involving fraud, dishonesty, or moral turpitude.
(d) The MEWA has failed or refused to furnish any report or statement required under section 7040.
(e) The MEWA has failed for an unreasonable period to pay any final judgment rendered against it in this state on any contractual obligation.
(f) The commissioner, upon investigation, determines that the MEWA is conducting business fraudulently, or is not meeting its contractual obligations in good faith.