Mich. Admin. Code R. 257.531 - Definitions
Current through Vol. 22-05, April 1, 2022
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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 act 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.
History: 1993 AACS; 2018 AACS.