HB 5384
Insurance: other; sponsored captive insurance companies; modify. Amends sec. 4667 of 1956 PA 218 (MCL 500.4667).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies existing Michigan law regarding sponsored captive insurance companies. It clarifies that various business entities, such as associations, corporations, and partnerships, can participate in these types of insurance companies. The bill also specifies that participants don’t need to be shareholders and that they can only insure their own risks or those of affiliated businesses, subject to approval by the insurance commissioner. Essentially, it’s a technical update to the state’s insurance regulations.
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