Michigan Administrative Code
Department - Insurance and Financial Services
Insurance
Certificates of No-Fault Self-Insurance
Section R. 257.531 - Definitions
Universal Citation: MI Admin Code R. 257.531
Current through Vol. 24-04, March 15, 2024
Rule 1.
(1) As used in these rules:
(a) "Act" means the insurance
code of 1956, 1956 PA 218, MCL
500.100
to MCL
500.8302.
(b) "Applicant" means a motor vehicle
registrant who is required to maintain security for the payment of benefits
under section 3101 of the no-fault law and who applies for a certificate of
self-insurance.
(c) "Casualty
insurance company" means an insurer authorized, as defined in section 108 of
the act, MCL
500.108,
to transact casualty insurance business in this state, or an eligible
unauthorized insurer recognized by the director of insurance pursuant to
section 1920 of the act, MCL
500.1920.
(d) "Financial responsibility law" means
Chapter V of the Motor vehicle code, 1949 PA 300, MCL
257.501
to MCL
257.532.
(e) "Motor vehicle" means a vehicle,
including a trailer operated or designed for operation upon a public highway by
power other than muscular power that has more than 2 wheels and is required to
be registered under the Michigan vehicle code. Motor vehicle does not include a
motorcycle or a moped.
(f)
"No-fault law" means sections 3101 to 3179 of the act, MCL
500.3101
to MCL
500.3179.
(g) "Michigan vehicle code" means the
Michigan vehicle code, 1949 PA 300, MCL
257.1
to MCL
257.923.
(h)"Qualified actuary" means an individual
who meets the following:
(i) Is a member in
good standing of the American academy of actuaries or the casualty actuarial
society.
(ii) Notwithstanding
subdivision (c) of this subrule, has not been found by the director to have
done any of the following:
(A) Violated any
provision of, or any obligation imposed by, the act or other law in the course
of his or her dealings as a qualified actuary.
(B) Been found guilty of fraudulent or
dishonest practices.
(C)
Demonstrated his or her incompetence, lack of cooperation, or untrustworthiness
to act as a qualified actuary.
(D)
Resigned or been removed as an actuary within the past five 5 years as a result
of failure to adhere to generally acceptable actuarial standards.
(iii) If an individual has done
any of the activities listed in paragraphs (i) to (iv) of this subrule, but has
subsequently been reinstated as a qualified actuary following appropriate
notice and hearing, the director may, in his or her discretion, deem the
individual to be a qualified actuary for purposes of this rule.
(iv) Has notified the director of any action
taken by the director of insurance of any other state similar to that described
in paragraph (ii) of this subdivision.
(2) A term defined in the act has the same meaning when used in these rules, unless defined otherwise in this rule.
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