500.8189 Examination of society.
176 words·~1 min read·
/mi/chapter-500/500-8189A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
500.8189 Examination of society.
Sec. 8189.
(1)The commissioner, or any person he or she may appoint, may examine any domestic, foreign, or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign, or alien insurers, shall have free access to all the books, papers, and documents that relate to the business of the society, and may summon and qualify as witness under oath and examine its officers, agents, and employees or other persons in relation to the affairs, transactions, and condition of the society. Requirements of notice and an opportunity to respond before findings are made public as provided in the laws regulating insurers shall also be applicable to the examination of societies.
(2)The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon statements furnished by the commissioner.
History: Add. 1990, Act 1, Eff. Apr. 1, 1990
Popular Name: Act 218