500.922 Qualified assets in stocks, bonds, or evidences of corporate indebtedness; authorization.
119 words·~1 min read·
/mi/chapter-500/500-922A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
500.922 Qualified assets in stocks, bonds, or evidences of corporate indebtedness; authorization.
Sec. 922.
Qualified assets for purposes of section 901 include stocks, bonds, and other evidence of indebtedness of solvent corporations as approved by its board of directors or a committee of the board entrusted with the investment of the company's funds. The insurer may hold the stocks, bonds, and other evidences of indebtedness as an investment.
History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1957, Act 91, Eff. Sept. 27, 1957 ;-- Am. 1969, Act 318, Eff. Mar. 20, 1970 ;-- Am. 1991, Act 79, Imd. Eff. July 18, 1991 ;-- Am. 2002, Act 462 , Imd. Eff. June 21, 2002
Popular Name: Act 218