Mich. Comp. Laws § 500.922: Qualified assets in stocks, bonds, or evidences of corporate indebtedness; authorization.

Sec. 922.

Qualified assets for purposes of section 901 include stocks, bonds, and other evidence of indebtedness of solvent corporations as approved by its board of directors or a committee of the board entrusted with the investment of the company's funds. The insurer may hold the stocks, bonds, and other evidences of indebtedness as an investment.