Section 500.8117 - Liquidation of domestic or alien insurer; basis.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.8117 Liquidation of domestic or alien insurer; basis.
Sec. 8117.
The commissioner may petition the circuit court for Ingham county for an order directing him or her to liquidate a domestic insurer or an alien insurer domiciled in this state on the following basis:
(a) Any ground for an order of rehabilitation as specified in section 8112, whether or not there has been a prior order directing the rehabilitation of the insurer.
(b) That the insurer is insolvent.
(c) That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.
History: Add. 1989, Act 302, Imd. Eff. Jan. 3, 1990
Popular Name: Act 218