January 25, 2005, Introduced by Senator THOMAS and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
by amending section 202 (MCL 500.202).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
202. (1) The chief officer of the department office of
financial and insurance services shall be known as the commissioner
of
insurance. He The
commissioner shall be a citizen of this
state, shall have his or her office at the seat of government,
shall
personally superintend the duties of his the
office, and
shall not be a stockholder or directly or indirectly connected with
the
management of affairs of any insurer. He The commissioner
shall
be appointed by the governor elected for a term of 4 years
by
and with the consent of the senate at the general election in
each alternate even-numbered year.
(2)
Whenever If a vacancy occurs in the office of
commissioner by reason of death, removal, or otherwise, the
governor
shall fill such that vacancy by appointment, by and with
the
advice and consent of the senate, if in session for the
balance of the unexpired term.
Enacting section 1. This amendatory act does not take effect
unless Senate Joint Resolution A
of the 93rd Legislature becomes a part of
the state constitution of 1963 as provided in section 1 of article
XII of the state constitution of 1963.