Michigan § 500.713 - Minimum unearned premium reserve; basis; sum of unearned premium and contract reserves; limitation.
Full text of Michigan Michigan Compiled Laws § 500.713 — Minimum unearned premium reserve; basis; sum of unearned premium and contract reserves; limitation., with citation guidance and answers to common questions.
§ 500.713. Minimum unearned premium reserve; basis; sum of unearned premium and contract reserves; limitation.
The minimum unearned premium reserve with respect to any health insurance policy or certificate is the pro rata unearned modal premium that applies to the premium period beyond the valuation date, with such premium determined on the basis of either of the following:
The valuation net modal premium on the contract reserve basis applying to the health insurance policy or certificate.
The gross modal premium for the health insurance policy or certificate if no contract reserve applies.
The sum of the unearned premium and contract reserves for all health insurance policies and certificates of the insurer subject to contract reserve requirements shall not be less than the gross modal unearned premium reserve on all such health insurance policies and certificates, as of the date of valuation. This reserve shall not be less than the expected claims for the period beyond the valuation date represented by the unearned premium reserve, to the extent not provided for under this chapter.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.713
What does Michigan Compiled Laws § 500.713 cover?
Section 500.713 ("Minimum unearned premium reserve; basis; sum of unearned premium and contract reserves; limitation.") 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 § 500.713?
A common citation format is "Michigan Compiled Laws § 500.713" (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 § 500.713 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.