500.5840 Domestic mutual insurers; deficiency in assets; assessment of members.
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500.5840 Domestic mutual insurers; deficiency in assets; assessment of members.
Sec. 5840.
Such insurer not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each such member in proportion to such liability as expressed in his policy: Provided, The commissioner may, by written order, relieve the insurer from an assessment or other proceedings to restore such assets during the time fixed in such order.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218