Michigan § 500.1155 - Transactions between reinsurance intermediary-broker and insurer; authorization.
Full text of Michigan Michigan Compiled Laws § 500.1155 — Transactions between reinsurance intermediary-broker and insurer; authorization., with citation guidance and answers to common questions.
§ 500.1155. Transactions between reinsurance intermediary-broker and insurer; authorization.
Transactions between a reinsurance intermediary-broker and the insurer it represents in such capacity shall be entered into only pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide for all of the following:
That the insurer may terminate the reinsurance intermediary-broker's authority at any time.
That the reinsurance intermediary-broker will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing to, the reinsurance intermediary-broker, and remit all funds due to the insurer within 30 days of receipt.
That all funds collected for the insurer's account will be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank that is a qualified United States financial institution.
That the reinsurance intermediary-broker will comply with the record-keeping requirements of section 1157.
That the insurer will have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.
That the reinsurance intermediary-broker will comply with the written standards established by the insurer for the cession or retrocession of all risks.
That the reinsurance intermediary-broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.1155
What does Michigan Compiled Laws § 500.1155 cover?
Section 500.1155 ("Transactions between reinsurance intermediary-broker and insurer; authorization.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 500.1155?
A common citation format is "Michigan Compiled Laws § 500.1155" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 500.1155 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.