500.815a Establishment of contingency reserve by mortgage guaranty insurer. Sec. 815a. In addition to the capital, surplus and reserves specified in sections 410, 810 and 815, a mortgage guaranty insurer shall establish a contingency reserve, which shall be reported as a liability in the insurer's financial statements. The amount of the reserve shall be computed in accordance with rules prescribed by the commissioner. History: Add. 1972, Act 345, Imd. Eff. Jan. 9, 1973 Popular Name: Act 218Admin Rule: R 500.1231 et seq. of the Michigan Administrative Code.
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