Terms Used In Michigan Laws > Chapter 390 > Act 228 of 1976 - The Legislative Merit Award Program Act

• Alien captive insurance company: means an insurer formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of a country other than the United States or a state, district, commonwealth, territory, or possession of the United States. See Michigan Laws 500.4601
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a legal group of individuals, corporations, limited liability companies, partnerships, political subdivisions, or groups that has been in continuous existence for at least 1 year and the member organizations of which collectively, or that does itself, own, control, or hold, with power to vote, all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer or organized as a limited liability company; or has complete voting control over an association captive insurance company organized as a mutual insurer. See Michigan Laws 500.4601
• Association captive insurance company: means a company that insures risks of the member organizations of the association and their affiliated companies. See Michigan Laws 500.4601
• Branch business: means any insurance business transacted by a branch captive insurance company in this state. See Michigan Laws 500.4601
• Branch captive insurance company: means an alien captive insurance company authorized by the director to transact the business of insurance in this state through a business unit with a principal place of business in this state. See Michigan Laws 500.4601
• Branch operations: means any business operations of a branch captive insurance company in this state. See Michigan Laws 500.4601
• Captive insurance company: means a pure captive insurance company, association captive insurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company authorized under this chapter. See Michigan Laws 500.4601
• Commissioner: means the director. See Michigan Laws 500.102
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
• Industrial insured: means an insured to which all of the following apply: