Michigan § 500.7702 - Purpose and construction of chapter.
Full text of Michigan Michigan Compiled Laws § 500.7702 — Purpose and construction of chapter., with citation guidance and answers to common questions.
§ 500.7702. Purpose and construction of chapter.
(1) The purpose of this chapter is to protect, subject to certain limitations, persons specified in section 7704(1) against failure in the performance of contractual obligations under insurance policies and annuity contracts specified in section 7704(2) because of the impairment or insolvency of the insurer issuing the policies or contracts. To provide this protection:
(a) An association of insurers is created to enable the guaranty of payment of benefits and continuation of coverages as limited in this chapter.
(b) Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
(c) The association is authorized to assist the commissioner, in the prescribed manner, in the detection and prevention of insurer impairments or insolvencies.
(2) This chapter shall be construed to execute the purposes provided in subsection (1).
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.7702
What does Michigan Compiled Laws § 500.7702 cover?
Section 500.7702 ("Purpose and construction of chapter.") 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 § 500.7702?
A common citation format is "Michigan Compiled Laws § 500.7702" (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 § 500.7702 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.