{"data":{"id":"us-mi/mich.-comp.-laws-500.713","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 500.713","heading":"Minimum unearned premium reserve; basis; sum of unearned premium and contract reserves; limitation.","body":"Sec. 713.\n\nThe minimum unearned premium reserve with respect to any health insurance policy or certificate is the pro rata unearned modal premium that applies to the premium period beyond the valuation date, with such premium determined on the basis of either of the following:\n\nThe valuation net modal premium on the contract reserve basis applying to the health insurance policy or certificate.\n\nThe gross modal premium for the health insurance policy or certificate if no contract reserve applies.\n\nThe sum of the unearned premium and contract reserves for all health insurance policies and certificates of the insurer subject to contract reserve requirements shall not be less than the gross modal unearned premium reserve on all such health insurance policies and certificates, as of the date of valuation. This reserve shall not be less than the expected claims for the period beyond the valuation date represented by the unearned premium reserve, to the extent not provided for under this chapter.","path":["MI Code","Chapter 500","Act Act-218-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-500-713","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"ad701a712d4070098b85277eb0ed278cdebf6d7a5d077ab7389f88e9f14ea524","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-500.711","next":"us-mi/mich.-comp.-laws-500.715"},"notice":"GroundRules: Original legal text. Not legal advice."}