Michigan § 500.5238 - Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.
Full text of Michigan Michigan Compiled Laws § 500.5238 — Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath., with citation guidance and answers to common questions.
§ 500.5238. Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.
(1) In all insurers organized under the laws of Michigan, at least 1 of the trustees or directors shall be a resident of the state of Michigan. The articles of incorporation or bylaws of an insurer other than a stock insurer may provide that a director shall be a policyholder of the insurer.
(2) The board of directors of a domestic insurer shall meet not fewer than 4 times per fiscal year in person or by means of electronic communication devices that enable all participants in a meeting to communicate with each other.
(3) Each director of a domestic insurer when elected or appointed shall take and subscribe an oath that he or she will diligently and honestly perform the duties of the office and will not knowingly violate, or knowingly permit to be violated, any provisions of this act. The oath shall be transmitted to the commissioner for filing.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.5238
What does Michigan Compiled Laws § 500.5238 cover?
Section 500.5238 ("Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.") 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 § 500.5238?
A common citation format is "Michigan Compiled Laws § 500.5238" (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 § 500.5238 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.