500.6828 Financial report to members; penalty for violations.
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500.6828 Financial report to members; penalty for violations.
Sec. 6828.
(1)It shall be the duty of the secretary of each mutual insurance company doing business in this state under the authority of this chapter to make out and deliver by mail or otherwise to the last known post office address as shown by the company's records each year to each individual member of such company a copy of the financial report required by law to be made by such company to the commissioner.
(2)Any person, being a resident of this state, acting as secretary of any such mutual insurance companies, doing business in this state, who shall wilfully refuse, or neglect to make out and deliver the reports, as provided in subsection (1), above, shall be deemed guilty of a misdemeanor, and on conviction thereof, shall be subject to a fine of not more than $100.00.
History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218