500.5238 Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.
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500.5238 Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.
Sec. 5238.
(1)In all insurers organized under the laws of Michigan, at least 1 of the trustees or directors shall be a resident of the state of Michigan. The articles of incorporation or bylaws of an insurer other than a stock insurer may provide that a director shall be a policyholder of the insurer.
(2)The board of directors of a domestic insurer shall meet not fewer than 4 times per fiscal year in person or by means of electronic communication devices that enable all participants in a meeting to communicate with each other.
(3)Each director of a domestic insurer when elected or appointed shall take and subscribe an oath that he or she will diligently and honestly perform the duties of the office and will not knowingly violate, or knowingly permit to be violated, any provisions of this act. The oath shall be transmitted to the commissioner for filing.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1962, Act 48, Eff. Mar. 28, 1963 ;-- Am. 1982, Act 338, Imd. Eff. Dec. 17, 1982 ;-- Am. 1989, Act 139, Eff. July 1, 1989 ;-- Am. 2006, Act 291 , Imd. Eff. July 20, 2006
Popular Name: Act 218