Section 500.6822 - Certificate of authority; required to transact business; expiration; renewal; revocation; qualification for certificate of authority or commencing business.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.6822 Certificate of authority; required to transact business; expiration; renewal; revocation; qualification for certificate of authority or commencing business.
Sec. 6822.
(1) An insurance company organized or operating under this chapter shall not transact any business without a certificate of authority from the commissioner.
(2) All such certificates of authority shall expire on the last day of June of each year and shall be renewed annually upon full compliance with the provisions of this chapter, and such certificates of authority shall be revocable by the commissioner for violation of any of the provisions of this chapter after due notice to the company and a hearing on the question of the violation.
(3) An insurance company hereafter organized under this chapter shall not be granted a certificate of authority and shall not commence business until bona fide agreements have been entered into for insurance with at least 200 individuals covering property to be insured to the amount of not less than $500,000.00.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1994, Act 226, Imd. Eff. June 27, 1994
Popular Name: Act 218