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2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-64 CHAPTER 64 COOPERATIVE PLAN INSURERS (DOMESTIC) (500.6400...500.6460)
Section 500.6434 Contingency reserve; deposit.
Universal Citation: MI Comp L § 500.6434 (2017)
500.6434 Contingency reserve; deposit.
Sec. 6434.
Every domestic insurer subject to this chapter shall maintain a contingency reserve at all times at least equal to 1/10 of the total premium income for the preceding calendar year but not less than $5,000.00 for each kind of insurance enumerated in section 6406 which the insurer undertakes to issue and shall maintain a deposit with the state treasurer, of the kind and amount and for the purposes specified in section 411.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1972, Act 360, Imd. Eff. Jan. 9, 1973
Popular Name: Act 218
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