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Section 500.1344 Officers and Directors; Obligation or Liability; Common Management or Cooperative or Joint Use of Personnel, Property, or Services.

MI Comp L § 500.1344 (2019) (N/A)
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Sec. 1344.

(1) Notwithstanding the control of a domestic insurer by any person, the insurer's officers and directors shall not be relieved of any obligation or liability to which they would otherwise be subject by law and the insurer shall be managed so as to assure its separate operating identity consistent with this act.

(2) Nothing in this section shall preclude a domestic insurer from having or sharing a common management or cooperative or joint use of personnel, property, or services with 1 or more other persons under arrangements meeting the standards of this act.

History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992 Popular Name: Act 218

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Section 500.1343 Ordinary Shareholder Dividends Paid by Domestic Insurers; Review by Director; Determination of Reasonableness; Factors; Limiting or Disallowing Payment of Shareholder Dividends; Declaration or Payment From Earned Surplus; Declaration of Shareholder Dividend by Domestic Insurer as Member of Insurance Holding Company System; Extraordinary Dividend or Distribution to Shareholders; Hearing.
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Section 500.1351 Examination of Insurer or Affiliates; Information; Experts; Expenses.