MI SB0495

Replaces "shall" with "must" and "is" throughout MCL 500.8182 for grammatical consistency in provisions governing fraternal benefit society certificates and member contracts.

Adds 90-day waiting period before assessments of member deficiencies take effect, with director authority to approve earlier dates or disapprove assessments that violate insurance code provisions or harm member interests.

Authorizes director to order societies with regulatory control level events or hazardous conditions to remedy the situation, including negotiating transfers of members, certificates, and assets to other insurers or fraternal benefit societies.

Suspends membership approval requirements for transfers, allowing board majority vote alone to approve transfers, with member notification required within 30 days.

Establishes that rehabilitation is presumed futile unless director believes it can restore viability or facilitate transfer; restricts post-liquidation assessments to satisfy only highest-priority creditor classes and requires liquidators to attempt policy transfers to qualified insurers or fraternal societies.