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Section 500.407 Authorization to Transact Kinds of Insurance; Exceptions.

MI Comp L § 500.407 (2019) (N/A)
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Sec. 407.

An insurer that otherwise qualifies to transact insurance under this act may be authorized to transact any 1 kind or combination of kinds of insurance as defined in chapter 6 except:

(a) A life insurer is not authorized to transact any other kind of insurance except disability insurance as defined in section 606 unless it was engaged in transacting that other kind of insurance in this state prior to January 1, 1909.

(b) A reciprocal insurer is not authorized to transact life or health insurance.

History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1982, Act 501, Imd. Eff. Dec. 31, 1982 ;-- Am. 1996, Act 548, Imd. Eff. Jan. 15, 1997 Popular Name: Act 218

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Section 500.406 Foreign Insurer; Limitation on Corporate Purposes and Powers; Election of Statute; Denial of Admission or Authority; Continuation of License to Transact Insurance Business Previously Authorized; Exception.
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Section 500.407a Noninsured Benefit Plan; Offering and Writing Excess Loss Insurance; Definition; Authority of Insurer Not Limited.