Section 500.1344 - Officers and directors; obligation or liability; common management or cooperative or joint use of personnel, property, or services.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.1344 Officers and directors; obligation or liability; common management or cooperative or joint use of personnel, property, or services.
Sec. 1344.
(1) Notwithstanding the control of a domestic insurer by any person, the insurer's officers and directors shall not be relieved of any obligation or liability to which they would otherwise be subject by law and the insurer shall be managed so as to assure its separate operating identity consistent with this act.
(2) Nothing in this section shall preclude a domestic insurer from having or sharing a common management or cooperative or joint use of personnel, property, or services with 1 or more other persons under arrangements meeting the standards of this act.
History: Add. 1992, Act 182, Imd. Eff. Oct. 1, 1992
Popular Name: Act 218