Michigan § 500.6534 - Contingency reserve; deposit with state treasurer; use of deposit.
Full text of Michigan Michigan Compiled Laws § 500.6534 — Contingency reserve; deposit with state treasurer; use of deposit., with citation guidance and answers to common questions.
§ 500.6534. Contingency reserve; deposit with state treasurer; use of deposit.
Every pool subject to this chapter shall maintain a contingency reserve at all times at least equal to 2/7 of the total premium income for the preceding calendar year but not less than $300,000.00 and shall maintain a deposit with the state treasurer of the kind and amount and for the purposes specified in section 411. The deposit with the state treasurer may be used by the pool for purposes of calculating the contingency reserve. This contingency reserve shall be in addition to the ordinary reserves maintained for unpaid losses and loss adjustment expenses, including those claims which have been incurred but not reported and the reserve required under section 6532.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.6534
What does Michigan Compiled Laws § 500.6534 cover?
Section 500.6534 ("Contingency reserve; deposit with state treasurer; use of deposit.") 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 § 500.6534?
A common citation format is "Michigan Compiled Laws § 500.6534" (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 § 500.6534 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.