Section 500.8108a - Prohibited conduct by insurer.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.8108a Prohibited conduct by insurer.
Sec. 8108a.
Until all payments of or on account of the insurer's contractual obligations by all guaranty associations and all expenses and interest on the payments and expenses are repaid to the guaranty associations or a plan of repayment by the insurer is approved by the guaranty associations, an insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall not:
(a) Be released from the proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding.
(b) Be permitted to solicit or accept new business or request or accept the restoration of a suspended or revoked license or certificate of authority.
(c) Be returned to the control of its shareholders or private management.
(d) Have its assets returned to the control of its shareholders or private management.
History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990
Popular Name: Act 218