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Form a Business

Contingency reserve; deposit.

MCL 500.6434
in effect
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500.6434. Contingency reserve; deposit. 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 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. 1956, Act 218, Eff. Jan. 1, 1957; Am. 1972, Act 360, Imd. Eff. Jan. 9, 1973 [PopularName] Act 218
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-500-6434Fetched: 10/20/2026

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