2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-81 CHAPTER 81 SUPERVISION, REHABILITATION, AND LIQUIDATION (500.8101...500.8160)
Section 500.8141a Payment of special deposit claims; priority; transfer of special deposits.
Sec. 8141a.
(1) Special deposit claims shall be paid pursuant to the following order of priority:
(a) To the receiver for the costs and expenses of the receivership.
(b) To the guaranty association for the costs and expenses of administration with respect to the payment of claims.
(c) To claims of Michigan policyholders of the insurer and to claimants of those Michigan policyholders.
(d) To Michigan beneficiaries of insurance contracts owned by non-Michigan residents.
(e) To other Michigan claimants of the insurer.
(f) To claims of non-Michigan policyholders of the insurer and to claimants of those non-Michigan policyholders.
(g) To non-Michigan beneficiaries of insurance contracts owned by non-Michigan residents.
(h) To the stockholders or owners of the insurer.
(2) Upon request of a guaranty association of this state to which the insurer is a member, special deposits made by the insurer shall be transferred to that guaranty association for the payment of claims pursuant to this section.
History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990 ;-- Am. 1994, Act 443, Imd. Eff. Jan. 10, 1995
Popular Name: Act 218
