Michigan § 500.5840 - Domestic mutual insurers; deficiency in assets; assessment of members.
Full text of Michigan Michigan Compiled Laws § 500.5840 — Domestic mutual insurers; deficiency in assets; assessment of members., with citation guidance and answers to common questions.
§ 500.5840. Domestic mutual insurers; deficiency in assets; assessment of members.
Such insurer not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each such member in proportion to such liability as expressed in his policy: Provided, The commissioner may, by written order, relieve the insurer from an assessment or other proceedings to restore such assets during the time fixed in such order.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.5840
What does Michigan Compiled Laws § 500.5840 cover?
Section 500.5840 ("Domestic mutual insurers; deficiency in assets; assessment of members.") 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 § 500.5840?
A common citation format is "Michigan Compiled Laws § 500.5840" (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 § 500.5840 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.