500.2658 Joint underwriting or reinsurance; unfair activities.
148 words·~1 min read·
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500.2658 Joint underwriting or reinsurance; unfair activities.
Sec. 2658.
(1)Every group, association or other organization of insurers which engages in joint underwriting or joint reinsurance, shall be subject to regulation with respect thereto as herein provided, subject, however, with respect to joint underwriting, to all other provisions of this chapter and, with respect to joint reinsurance, to sections 2662 (examination), 2670 (penalties), and 2672 (appeals).
(2)If, after a hearing, the commissioner finds that any activity or practice of any such group, association or other organization is unfair or unreasonable or otherwise inconsistent with the provisions of this chapter, he may issue a written order specifying in what respects such activity or practice is unfair or unreasonable or otherwise inconsistent with the provisions of this chapter, and requiring the discontinuance of such activity or practice.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218