§ 500.1001 Definitions
§ 500.1003 Nonapplicability of chapter
§ 500.1005 Insurer; annual audit; filing date; extensions; designation of audit committee
§ 500.1007 Annual audited financial report; contents; form; conduct of examination by independent public accountant
§ 500.1009 Insurer required to file annual audited report; registration of insurer’s independent public accountant; letter required; dismissal or resignation of independent public accountant; notice; report of d
§ 500.1010 Recognition of person or firm as independent public accountant; mediation or arbitration of disputes; limitation on period of service; relief from rotation requirement; restrictions; hearing; ruling
§ 500.1011 Audited consolidated or combined financial statements; application for filing; work sheet
§ 500.1015 Independent public accountant; reporting determination that insurer materially misstated financial condition or does not meet requirements of MCL 500.408 or MCL 500.410; liability; action to be taken
§ 500.1017 Independent public accountant; communicating unremediated material weaknesses; description
§ 500.1019 Independent public accountant; filing letter with annual audited financial report; contents
§ 500.1021 Work papers; availability; retention; review as investigation; use
§ 500.1023 Compliance with chapter; exemption; filing reports on other than calendar year basis; compliance by domestic insurers; schedule; compliance by foreign insurers
§ 500.1025 Canadian and British insurers; annual audited financial report; contents of independent public accountant’s letter
§ 500.1027 Applicability of section to domestic insurer not SOX compliant entity; duties of audit committee; member of audit committee as independent; election of controlling person; report by accountant; report
§ 500.1028 Internal audit function; exemption; confidentiality; report to audit committee
§ 500.1029 Director or officer of insurer; prohibited conduct
§ 500.1031 Report of insurer’s or group of insurers’ internal control over financial reporting; requirements
§ 500.1033 Exemption from any or all provisions of chapter

Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 10 - Annual Audited Financial Reports

  • 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.
  • annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Audit committee: means a committee or equivalent body established by the board of directors of an entity to oversee the accounting and financial reporting processes of an insurer or group of insurers, the internal audit function of an insurer or group of insurers, if applicable, and the external audits of the financial statements of an insurer or group of insurers. See Michigan Laws 500.1001
  • Audited financial report: means the report required in section 1005 and furnished under section 1007. See Michigan Laws 500.1001
  • Authority: means the low-level radioactive waste authority established in section 3. See Michigan Laws 333.26202
  • Candidate site: means a site designated by the authority as a possible host site pursuant to section 11. See Michigan Laws 333.26202
  • Carrier: means a person authorized pursuant to part 137 who is engaged in the transportation of waste by air, rail, highway, or water. See Michigan Laws 333.26202
  • Commissioner: means the director. See Michigan Laws 500.102
  • Committee membership: Legislators are assigned to specific committees by their party. Seniority, regional balance, and political philosophy are the most prominent factors in the committee assignment process.
  • Compact: means a contractual, cooperative agreement among 2 or more states to provide for the disposal of low-level radioactive waste that is reflected by the passage of statutes by the participating states. See Michigan Laws 333.26202
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the department of insurance and financial services. See Michigan Laws 500.102
  • Department: means the department of public health. See Michigan Laws 333.26202
  • Department: means the department of community health. See Michigan Laws 333.26232
  • Dependent: A person dependent for support upon another.
  • Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
  • Director: means the director of public health. See Michigan Laws 333.26202
  • Disposal: means the isolation of waste from the biosphere by emplacement in the disposal site or as otherwise authorized in section 13709(3) of part 137. See Michigan Laws 333.26202
  • Disposal site: means a geographic location in this state upon which the disposal unit and any other structures and appurtenances are located, the property upon which any monitoring equipment is located, and the isolation distance from the disposal unit to adjacent property lines. See Michigan Laws 333.26202
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Fund: means the Amanda's fund for breast cancer prevention and treatment created in section 3. See Michigan Laws 333.26232
  • fund: means the fund created in section 20. See Michigan Laws 333.26202
  • Generator: means any person licensed as a generator by the nuclear regulatory commission and authorized pursuant to part 137 whose act or process results in the production of waste or whose act first causes waste to become subject to regulation under part 137 or federal law. See Michigan Laws 333.26202
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Group of insurers: means those licensed insurers included in the reporting requirements of chapter 13, or a set of insurers as identified by management, for the purpose of assessing the effectiveness of internal control over financial reporting. See Michigan Laws 500.1001
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Host site: means the candidate site that is designated by the commissioner as the location for the disposal site in this state. See Michigan Laws 333.26202
  • Host site community: means the municipality that is designated by the commissioner as the host site. See Michigan Laws 333.26202
  • 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
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Independent public accountant: means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants and in good standing in all states in which the accountant or accounting firm is licensed to practice. See Michigan Laws 500.1001
  • Institute: means the international low-level radioactive waste research and education institute. See Michigan Laws 333.26202
  • Institutional control: means the continued surveillance, monitoring, and care of the disposal site after site closure and stabilization to insure the protection of the public health, safety, and welfare, and the environment until the contents of the disposal site no longer have a radioactive content that is greater than the natural background radiation of the host site as determined during its site characterization. See Michigan Laws 333.26202
  • Insurance holding company system: means 2 or more affiliated persons, 1 or more of which is an insurer. See Michigan Laws 500.115
  • Insurer: means that term as defined in section 106 and includes a nonprofit dental care corporation operating under 1963 PA 125, MCL 550. See Michigan Laws 500.1001
  • Internal audit function: means a person or persons that provide independent, objective, and reasonable assurance designed to add value and improve an organization's operations and accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. See Michigan Laws 500.1001
  • Internal control over financial reporting: means a process effected by an entity's board of directors, management, and other personnel designed to provide reasonable assurance regarding the reliability of the financial statements filed with the director, and includes the following:
  (i) Policies and procedures pertaining to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets. See Michigan Laws 500.1001
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Manifest: means a form provided or approved by the department that is used for identifying the quantity; composition, including the class, curie count, and radioactive nuclides; origin; routing; and destination of waste from the point of generation to the point of processing, collection, or disposal. See Michigan Laws 333.26202
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Municipality: means a city, village, township, or Indian tribe. See Michigan Laws 333.26202
  • 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.
  • Operation: means the control, supervision, or implementation of the actual physical activities involved in the acceptance, storage, disposal, and monitoring of waste at the disposal site, the maintenance of the disposal site, and any other responsibility pertaining to the disposal unit and the disposal site. See Michigan Laws 333.26202
  • Oversight: Committee review of the activities of a Federal agency or program.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Person: means an individual, partnership, cooperative, association, corporation, receiver, trustee, or assignee. See Michigan Laws 333.26202
  • program: means the comprehensive program implemented in 1991 by the department pursuant to a grant from the federal centers for disease control and prevention to provide certain women with access to life-saving cancer screening services and follow-up care, including cancer treatment if necessary. See Michigan Laws 333.26232
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Release: means any intentional or unintentional spilling, leaking, pumping, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing, or placing of waste into the environment, except in compliance with all of the following:
    •   (i) Part 137. See Michigan Laws 333.26202
  • SEC: means the United States Securities and Exchange Commission. See Michigan Laws 500.1001
  • Site closure and stabilization: means the actions taken at the disposal site during the time period after the closure of the disposal unit during which on-site low-level radioactive waste is disposed in accordance with part 137, equipment is dismantled, decontaminated, removed for reuse or disposed of, and radioactive residues are removed from, or properly isolated on, the disposal site in preparation for transfer of ownership of the disposal site to the federal government. See Michigan Laws 333.26202
  • SOX compliant entity: means an entity that either is required to be compliant with, or voluntarily is compliant with, all of the following provisions of the Sarbanes-Oxley act of 2002 and the regulations promulgated under that act:
    •   (i) The preapproval requirements of section 201, section 10A(i) of the securities exchange act of 1934, 15 USC 78j-1. See Michigan Laws 500.1001
  • 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
  • Subpoena: A command to a witness to appear and give testimony.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • waste: means radioactive material that consists of or contains class A, B, or C radioactive waste as defined by 10 C. See Michigan Laws 333.26202