Section 500.4745 - Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.4745 Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.
Sec. 4745.
(1) A contested case brought by a third party based on a decision of the commissioner pursuant to this chapter is governed by applicable law of this state except that the third party shall do all of the following:
(a) Prove its case in accordance with the applicable rules of evidence.
(b) Demonstrate irreparable harm to the SPFC or its counterparty, or both.
(c) Show that there is no other adequate remedy at law.
(d) Post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders so long as it is not less than 15% of the total amount of the securitized transaction.
(2) The commissioner may suspend, revoke, or modify a limited certificate of authority issued to an SPFC or an order made in connection with a limited certificate of authority issued to an SPFC in compliance with the standards and criteria provided in subsection (1) or in conformance with section 4735(2).
History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008
Popular Name: Act 218