2006 Michigan Compiled Laws - CHAPTER 52 CORPORATE POWERS, PROCEDURES OF STOCK AND MUTUAL INSURERS (500.5200...500.5290)

THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956 Chapter 52
CORPORATE POWERS, PROCEDURES OF STOCK AND MUTUAL INSURERS

Document	Description
Section 500.5200	Applicability of chapter.
Section 500.5202	Life, accident or sickness insurers; reorganization under code.
Section 500.5204	Companies deemed bodies corporate and politic; corporation law applicable.
Section 500.5205	Proof of corporate existence and authority to insure.
Section 500.5206	Corporate powers; enumeration; exercise by board of directors.
Section 500.5208	Corporate powers; limitations; applicability of prohibition; services performed in connection with noninsured benefit plan; provisions; interference with rights and obligations under collective bargaining agreement prohibited; report; liability of employee covered under noninsured benefit plan; "noninsured benefit plan" or "plan" defined.
Section 500.5208a	Definitions; prohibited conduct; probable cause of violation; notice of hearing; opportunity to confer and discuss complaint and proceedings; action for damages; hearing; findings and decision; cease and desist order; processing claims for benefits; interest; claim form; service contract provisions; violation of section; penalties; severability.
Section 500.5209	Insurer's name; restrictions.
Section 500.5210	Dealing in commodities prohibited; exception.
Section 500.5214	Articles of incorporation; amendment.
Section 500.5215	Articles of domestic stock insurer; amendment as to increase, decrease, or reclassification of capital stock.
Section 500.5216	Articles; amendment as to reduction of capital; condition; methods of effecting reduction.
Section 500.5218	Increase or decrease of capital stock; authorization by commissioner; approval by stockholders; vote; final approval; par value of stock; issuance of new stock.
Section 500.5220	Blank forms for amending articles.
Section 500.5222	Corporate life; extension.
Section 500.5224	Corporate life; expiration, liquidation.
Section 500.5228	Bylaws; adoption; filing.
Section 500.5230	Special meetings of stockholders or members; notice of meetings.
Section 500.5232	Voting rights; stockholders, members, proxies, fiduciaries, pledgees.
Section 500.5234	Stockholders and members; voting rights, quorum.
Section 500.5236	Voting rights; inspectors of election.
Section 500.5238	Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.
Section 500.5239	Repealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5240	Discharging duties of director or officer; commencement of action for failure to perform duties.
Section 500.5241	Indemnification against expenses of action, suit, or proceeding generally.
Section 500.5242	Indemnification against expenses of action, suit, or proceeding; additional provisions.
Section 500.5242a	Indemnification against expenses of action, suit, or proceeding; mandatory; standard of conduct; determination.
Section 500.5242b	Payment of expenses in advance of final disposition of action, suit, or proceeding; undertaking.
Section 500.5242c	Indemnification or advancement of expenses not exclusive of other rights; indemnification inuring to benefit of heirs, executors, and administrators.
Section 500.5242d	"Corporation" defined for purposes of §§ 500.5241 to 500.5242c.
Section 500.5243	Repealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5244	Liability for payment under invalid law or ordinance.
Section 500.5245	Board of directors; quorum; special meetings; consent to action taken without meeting.
Section 500.5246	Officers and agents; appointment, removal, bond.
Section 500.5248	Directors, officers, and employees of domestic insurer; compensation.
Section 500.5252	Director or officer of insurance corporation; receiving money or valuables for, or having pecuniary interest in, purchase, sale, or loan prohibited; certain transactions not prohibited; issuing certificate of exemption; hearing; refusal to issue certificate; order; judicial review; violation as felony; penalty.
Section 500.5256	Records relating to insurer's business or affairs; locations; production; safekeeping of securities, notes, mortgages, or other evidences of indebtedness; exceptions; holding certificates in name of nominee; indorsement; control or possession of certificate; reproduction of records; removal of records; hearing; findings, decision, and order; violation of section; liability; failure to comply with order; transfer of domicile.
Section 500.5258	Acknowledgments.
Section 500.5260	Stock certificates; substitutions.
Section 500.5264	Expenditures, vouchers, and affidavits.
Section 500.5266	Dividends to stockholders; general provision.
Section 500.5267	Dividends to stockholders; domestic fire insurance company.
Section 500.5270	Insurer's rights as stockholder in other corporations.
Section 500.5272	Domestic fire insurance company; deficiency of assets; notice; cessation of business; liability.
Section 500.5274	Domestic fire insurance company; assessment of stockholders.
Section 500.5276	Domestic fire insurance company; liability of directors under new risks accepted during deficiency.
Section 500.5280	Domestic mutual insurer; assets; deficiency; liability of director.
Section 500.5282	Domestic stock insurer; statement of beneficial ownership of equity securities.
Section 500.5283	Unfair use of information; prevention; actions for recovery of profits; limitations; exempt transactions.
Section 500.5283a	Acquisition of stock or stock option; exemption from § 500.5283; conditions; definition.
Section 500.5283b	Selection of director or officer to whom stock allocated or options granted; exercise of discretion; director or committee member as disinterested person; section inapplicable to certain options or equity securities.
Section 500.5283c	Stock purchase plan; limitations.
Section 500.5284	Securities not owned; sale; failure to deliver to transferee; exception.
Section 500.5285	Nonapplication of sections to certain transactions.
Section 500.5286	Foreign or domestic arbitrage transactions; exemptions.
Section 500.5287	Equity security; definition.
Section 500.5288	Registered equity securities; exemptions; conditions.
Section 500.5289	Insurance commissioner; regulatory powers; effect of good faith.
Section 500.5290	Unlawful solicitation; use of name to solicit proxies or consents.

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