Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.5014

(1) If organized to transact property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6,  1 each share of authorized capital stock shall have a value of not less than $1.00 or more than $100.00.

(2) If organized to transact life, disability, casualty, or fidelity and surety insurance, all as defined in chapter 6 or title insurance as defined in chapter 73,  2 each share of authorized capital stock shall have a value of not less than $1.00.

(3) If organized to insure railway employees against loss of position, and to transact life and disability insurance, as identified in section 6604,  3 each share of authorized capital stock shall have a par value of $50.00.