2006 Michigan Compiled Laws - Mich. Comp. Laws § 500.640 Insurers; limitation of risk; exception.
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Act 218 of 1956 500.640 Insurers; limitation of risk; exception. Sec. 640. An insurer transacting business in this state shall not expose itself to any loss on any 1 risk or hazard in an amount exceeding 10% of its paid-up capital and surplus. However, no portion of a risk or hazard that has been reinsured in an insurer licensed to do insurance business in this state shall be included in determining the limitation of risk prescribed in this section.
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