Section 500.2301 - Participation in facility by insurers required; purposes.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.2301 Participation in facility by insurers required; purposes.
Sec. 2301.
Each insurer authorized to write worker's compensation insurance in this state shall participate in the Michigan worker's compensation placement facility for the purpose of doing all of the following:
(a) Providing worker's compensation insurance to any person who is unable to procure the insurance through ordinary methods.
(b) Preserving to the public the benefits of price competition by encouraging maximum use of the normal private insurance system.
History: Add. 1982, Act 8, Eff. Jan. 1, 1983 ;-- Am. 1993, Act 200, Eff. Dec. 28, 1994
Compiler's Notes: Section 3 of Act 200 of 1993 provides as follows:“Section 3. This amendatory act shall not take effect unless the state administrative board certifies in writing to the secretary of state by December 31, 1994 that an agreement for the transfer of all or substantially all of the assets and the assumption of all or substantially all of the liabilities of the state accident fund has been consummated with a permitted transferee pursuant to the requirements of section 701a of the worker's disability compensation act of 1969, Act No. 317 of the Public Acts of 1969, being section 418.701a of the Michigan Compiled Laws.”
Popular Name: Act 218