Michigan § 500.703 - Claim reserves and claim expense reserves required; conditions; testing for adequacy and reasonableness.
Full text of Michigan Michigan Compiled Laws § 500.703 — Claim reserves and claim expense reserves required; conditions; testing for adequacy and reasonableness., with citation guidance and answers to common questions.
§ 500.703. Claim reserves and claim expense reserves required; conditions; testing for adequacy and reasonableness.
Claim reserves are required for all incurred but unpaid claims on all health insurance policies and certificates.
Appropriate claim expense reserves are required with respect to the estimated expense of settlement of all incurred but unpaid claims on health insurance policies and certificates.
All claim reserves on health insurance policies and certificates for prior valuation years are to be tested for adequacy and reasonableness consistent with claim runoff schedules in accordance with the insurer's annual statutory financial statement including consideration of any residual unpaid liability.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.703
What does Michigan Compiled Laws § 500.703 cover?
Section 500.703 ("Claim reserves and claim expense reserves required; conditions; testing for adequacy and reasonableness.") 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 § 500.703?
A common citation format is "Michigan Compiled Laws § 500.703" (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 § 500.703 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.