2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-4 CHAPTER 4 AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS (500.402...500.480)
Section 500.480 Definitions.
Sec. 480.
As used in sections 478 and 479:
(a) “Fee” means financial data base fees, annual statement filing fees, securities valuation fees, user fees, and any other financial assessment or charge of any kind imposed directly or indirectly by the NAIC.
(b) “NAIC” means the national association of insurance commissioners.
(c) “NAIC standard” means a directive; financial annual statement requirement; model act; model regulation; issue paper; market conduct or financial examination report or requirement; accounting practice, procedure, or reporting standard; securities valuation requirement; or any report, action, or program of any kind promulgated by the NAIC, or a committee, task force, working group, or advisory committee of the NAIC.
(d) “Solvency oversight” means an activity directly related to regulating the financial condition of an insurer. Solvency oversight does not include an activity related to market conduct regulation, market regulatory support, or general regulatory support.
(e) “Solvency-related revenue” means only financial data base fees, annual statement fees, and securities valuation fees.
History: Add. 1998, Act 279, Imd. Eff. July 27, 1998
Popular Name: Act 218
