HB 5385
Insurance: other; captive insurance company limited certificate of authority; modify. Amends sec. 4603 of 1956 PA 218 (MCL 500.4603).
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
House Bill 5385 modifies the process for captive insurance companies to obtain limited certificates of authority to operate in Michigan. The bill outlines specific requirements for these companies, including restrictions on the types of risks they can insure based on their ownership structure, and mandates detailed documentation and review by the Department of Insurance and Financial Services. It also addresses fees, renewal processes, and the ability of foreign captive insurance companies to become licensed in Michigan.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Joseph Aragona
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.