500.1313 Partnership, syndicate or other group; statement filed with commissioner, amendment.
242 words·~1 min read·
/mi/chapter-500/500-1313A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
500.1313 Partnership, syndicate or other group; statement filed with commissioner, amendment.
Sec. 1313.
(1)If the person required to file the statement referred to in section 1311 is a partnership, limited partnership, syndicate or other group, the commissioner may require that the information required by section 1312 shall be given with respect to each partner of the partnership or limited partnership, each member of the syndicate or group and each person who controls a partner or member. If any partner, member or person is a corporation or the person required to file the statement referred to in section 1311 is a corporation, the commissioner may require that the information required by section 1312 shall be given with respect to the corporation, each officer and director of the corporation and each person who is directly or indirectly the beneficial owner of more than 10% of the outstanding voting securities of the corporation.
(2)If any material change occurs in the facts set forth in the statement filed with the commissioner and sent to the insurer pursuant to section 1311, an amendment setting forth the change, together with copies of all documents and other material relevant to the change, shall be filed with the commissioner and sent to the insurer within 2 business days after the person learns of the change. The insurer shall send the amendment to its shareholders.
History: Add. 1970, Act 136, Imd. Eff. July 29, 1970
Popular Name: Act 218