Michigan Compiled Laws, Chapter 550. General Insurance Laws § 550.1606
Current as of February 09, 2022 | Updated by FindLaw Staff
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Sec. 606. (1) The commissioner shall have the same authority regarding the officers and directors of a health care corporation as the commissioner has with respect to the officers and directors of insurers under sections 249 and 250 of the insurance code of 1956, 1956 PA 218, MCL 500.249 and 500.250.
(2) The commissioner shall have the same authority with respect to the dissolution, taking over, or liquidation of corporations formed or doing business under this act as is provided in chapter 81 of the insurance code of 1956, 1956 PA 218, MCL 500.8101 to 500.8159. For purposes of this subsection, a health care corporation shall be considered to be insolvent if its liabilities exceed its assets, unless otherwise defined in chapter 81 of the insurance code of 1956, 1956 PA 218, MCL 500.8101 to 500.8159.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 550. General Insurance Laws § 550.1606 - last updated February 09, 2022 | https://codes.findlaw.com/mi/chapter-550-general-insurance-laws/mi-comp-laws-550-1606/
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