Michigan § 500.7218 - Reciprocal insurance exchanges; limit of risk; statement of maximum assumed by subscriber.
Full text of Michigan Michigan Compiled Laws § 500.7218 — Reciprocal insurance exchanges; limit of risk; statement of maximum assumed by subscriber., with citation guidance and answers to common questions.
§ 500.7218. Reciprocal insurance exchanges; limit of risk; statement of maximum assumed by subscriber.
There shall be filed with the commissioner by such attorney a statement under the oath of such attorney, showing the maximum amount of indemnity upon any single risk, and such attorney shall, whenever and as often as the same shall be required, file with the commissioner a statement verified by his oath to the effect that he has examined the commercial rating of such subscribers as shown by the reference book of a commercial agency having at least 100,000 subscribers, and that from such examination or from other information in his possession it appears that no subscriber has assumed on any single risk an amount greater than 10% of the net worth of such subscriber.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.7218
What does Michigan Compiled Laws § 500.7218 cover?
Section 500.7218 ("Reciprocal insurance exchanges; limit of risk; statement of maximum assumed by subscriber.") 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 § 500.7218?
A common citation format is "Michigan Compiled Laws § 500.7218" (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 § 500.7218 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.