(1) As soon as practicable after the liquidation order but not later than 120 days after the liquidation order, the liquidator shall prepare in duplicate a list of the insurer‘s assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One copy shall be filed in the office of the clerk of the circuit court and 1 copy shall be retained for the liquidator’s files. All amendments and supplements shall be similarly filed.
  (2) The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.

Terms Used In Michigan Laws 500.8125

  • 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
  (3) A submission to the court for disbursement of assets in accordance with section 8134 fulfills the requirements of subsection (1).
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