{"data":{"id":"us-mi/mich.-comp.-laws-500.7306","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 500.7306","heading":"Claim reserves; requirements.","body":"Sec. 7306.\n\nEvery title insurer shall establish and maintain, in addition to other reserves, a reserve against unpaid claims and claim expense, herein known as the claim reserve. The reserve shall be in an amount estimated in the aggregate as being sufficient to provide for payment of all claim and claim expense likely to be incurred by reason of every claim presented pursuant to written notice from or on behalf of an insured of a title defect in or lien on or adverse claim against the title insured, that may result in a claim being paid or cause expense to be incurred for the proper disposition of the claim.\n\nThe amounts so estimated shall be revised from time to time as circumstances require, but shall be redetermined at least once each year.","path":["MI Code","Chapter 500","Act Act-218-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-500-7306","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"5fbd69fc5d9ce8119c7e0c7eea994c6a1dcbcef80288053ace0e39e71cc74901","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-500.7305","next":"us-mi/mich.-comp.-laws-500.7308"},"notice":"GroundRules: Original legal text. Not legal advice."}