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Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.6434

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 6434. Every domestic insurer subject to this chapter shall maintain a contingency reserve at all times at least equal to 1/10 of the total premium income for the preceding calendar year but not less than $5,000.00 for each kind of insurance enumerated in section 6406  1 which the insurer undertakes to issue and shall maintain a deposit with the state treasurer, of the kind and amount and for the purposes specified in section 411.  2

1 M.C.L.A. § 500.6406.
2 M.C.L.A. § 500.411.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.6434 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-500-insurance-code-of-1956/mi-comp-laws-500-6434/

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