Until all payments of or on account of the insurer‘s contractual obligations by all guaranty associations and all expenses and interest on the payments and expenses are repaid to the guaranty associations or a plan of repayment by the insurer is approved by the guaranty associations, an insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall not:
  (a) Be released from the proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding.

Terms Used In Michigan Laws 500.8108a

  • 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
  (b) Be permitted to solicit or accept new business or request or accept the restoration of a suspended or revoked license or certificate of authority.
  (c) Be returned to the control of its shareholders or private management.
  (d) Have its assets returned to the control of its shareholders or private management.
  Previous section
Next section  
 Chapter 81 Contents