Section 500.2062 - False reports; forfeiture of franchise or right to do business; violation by officers or agents as misdemeanor; penalty.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.2062 False reports; forfeiture of franchise or right to do business; violation by officers or agents as misdemeanor; penalty.
Sec. 2062.
(1) It shall be unlawful for any person in any report required by law to be made by any insurance corporation, organized or authorized to do business in this state, to make any such statement or report as to fraudulently conceal the real facts, and if intentionally so made shall, if the insurer is organized under the laws of this state, be cause of forfeiture of the corporate franchise, and if the insurer is organized under the laws of any other state or government, be cause for revocation of such insurer's authority to do business in this state by the commissioner, after hearing granted.
(2) Any officer or agent guilty of any such fraudulent statement or of any intentional violation of this section, or who aids or abets others in any such violation, shall be deemed guilty of a misdemeanor and upon conviction thereof shall be punished by a fine not exceeding $1,000.00, or by imprisonment not exceeding 6 months, or by both such fine and imprisonment, in the discretion of the court.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218