Michigan Laws 500.8117 – Liquidation of domestic or alien insurer; basis
Current as of: 2023 | Check for updates
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The commissioner may petition the circuit court for Ingham county for an order directing him or her to liquidate a domestic insurer or an alien insurer domiciled in this state on the following basis:
(a) Any ground for an order of rehabilitation as specified in section 8112, whether or not there has been a prior order directing the rehabilitation of the insurer.
Terms Used In Michigan Laws 500.8117
- Commissioner: means the director. See Michigan Laws 500.102
- insolvent: means :
(i) For an insurer issuing only assessable fire insurance policies:
(A) The inability to pay an obligation within 30 days after it becomes payable. See Michigan Laws 500.8103Insurer: 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 State: means a state, district, or territory of the United States. See Michigan Laws 500.8103
(b) That the insurer is insolvent.
(c) That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.