Section 500.5102 - State accident fund; acquisition of assets; effect of proposed transfer.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.5102 State accident fund; acquisition of assets; effect of proposed transfer.
Sec. 5102.
No person other than an acquiring insurer shall acquire all or substantially all of the assets of the state accident fund. A proposed transfer shall constitute a proposed change of control of a domestic insurer within the meaning of this act and shall be subject to all the requirements of this act governing a change of control of a domestic insurer.
History: Add. 1993, Act 200, Eff. Dec. 28, 1994
Compiler's Notes: Section 3 of Act 200 of 1993 provides as follows:“Section 3. This amendatory act shall not take effect unless the state administrative board certifies in writing to the secretary of state by December 31, 1994 that an agreement for the transfer of all or substantially all of the assets and the assumption of all or substantially all of the liabilities of the state accident fund has been consummated with a permitted transferee pursuant to the requirements of section 701a of the worker's disability compensation act of 1969, Act No. 317 of the Public Acts of 1969, being section 418.701a of the Michigan Compiled Laws.”
Popular Name: Act 218