HB 5383
Insurance: other; limited certificate of authority to transact insurance or reinsurance; modify. Amends sec. 4705 of 1956 PA 218 (MCL 500.4705).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies existing regulations regarding limited certificates of authority for captive insurance companies (SPFCs) operating in Michigan. It outlines specific requirements for these companies to obtain and maintain authorization to transact insurance or reinsurance business within the state. The bill focuses on ensuring the financial stability and operational soundness of SPFCs, including detailed documentation and reporting requirements, and establishes fees for application and renewal.
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