HB 5380
Insurance: other; sponsor of sponsored captive insurance company; modify. Amends sec. 4665 of 1956 PA 218 (MCL 500.4665).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies the requirements for sponsors of sponsored captive insurance companies in Michigan. It clarifies that sponsors must be authorized insurers, insurance holding companies, reinsurers, or approved captive insurance companies. The bill also outlines specific criteria the Director of the Department of Insurance and Financial Services must consider when evaluating a potential sponsor, focusing on their financial stability, experience, and reputation. Furthermore, it establishes rules for the business written by these captive companies to ensure policyholder protection.
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