Michigan § 500.1401 - Definitions.
Full text of Michigan Michigan Compiled Laws § 500.1401 — Definitions., with citation guidance and answers to common questions.
§ 500.1401. Definitions.
As used in this chapter:
"Actuary" means a person who is a member in good standing of the American academy of actuaries.
"Managing general agent" or "MGA" means a person who is not listed under section 1403 and meets both of the following:
Negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office.
Acts as an agent for such insurer whether known as a managing general agent or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium of not less than 5% of the policyholder surplus as reported in the last annual statement of the insurer in any 1 quarter or year and adjusts or pays claims in excess of an amount determined by the commissioner or negotiates reinsurance on behalf of the insurer.
"Guaranty association" means the property and casualty guaranty association created in chapter 79 and the life and health insurance guaranty association created in chapter 77.
"Underwrite" means the authority to accept or reject risk on behalf of the insurer.
Frequently Asked Questions About Michigan § 500.1401
What does Michigan Compiled Laws § 500.1401 cover?
Section 500.1401 ("Definitions.") 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 § 500.1401?
A common citation format is "Michigan Compiled Laws § 500.1401" (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 § 500.1401 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.