Mich. Comp. Laws § 550.231: Office agent of insurance company taken over by insurance commissioner or receiver; off-set for damages.

Sec. 1.

Any insurance agent, who has been the office agent of an insurance company taken over by the commissioner of insurance or an insurance company in the hands of a receiver, may off-set against any balance unpaid and owing such insurance company the damages resulting to such agent, and his insurance business, due to the taking over of such company by the commissioner of insurance or the placing of such company in the hands of a receiver.