HB 5382
Insurance: other; special purpose financial captive plan of operation; modify. Amends sec. 4731 of 1956 PA 218 (MCL 500.4731).
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies regulations for Special Purpose Financial Captive Plans (SPFCs) operating in Michigan. Specifically, it clarifies rules regarding material changes to the plan of operation, including certain securities issuances and counterparty swaps. It also outlines requirements for financial reporting, including audited statements and annual statements of operations, and establishes penalties for non-compliance. The bill aims to ensure transparency and oversight of these captive insurance arrangements.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsor
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.