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Code · Michigan · Chapter 500 — Insurance Code of 1956

500.815a Establishment of contingency reserve by mortgage guaranty insurer.

88 words·~1 min read·/mi/chapter-500/500-815a

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500.815a Establishment of contingency reserve by mortgage guaranty insurer.
Sec. 815a.
In addition to the capital, surplus and reserves specified in sections 410, 810 and 815, a mortgage guaranty insurer shall establish a contingency reserve, which shall be reported as a liability in the insurer's financial statements. The amount of the reserve shall be computed in accordance with rules prescribed by the commissioner.
History: Add. 1972, Act 345, Imd. Eff. Jan. 9, 1973
Popular Name: Act 218
Admin Rule: R 500.1231 et seq. of the Michigan Administrative Code.
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