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Mich. Comp. Laws § 500.6434

Contingency reserve; deposit.

Michigan · Michigan Compiled Laws — THE INSURANCE CODE OF 1956 (Act 218 of 1956) · Status: effective

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Mich. Comp. Laws § 500.6434, Contingency reserve; deposit, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1368641
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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.