2006 House Bill 6224 ↩

Senate Roll Call 620: Passed

To establish that any collateral held to secure the obligations of an insolvent insurance company to a policyholder under a deductible agreement shall not be considered assets of the insurance company subject to liquidation and disbursement. The bill is part of package comprised of House Bills 6223 to 6235, which revise the state law governing the Michigan guaranty association, which is essentially the insurer of insurance companies, providing coverage to an insolvent company’s policyholders up to a certain level.