HB 5386
Insurance: other; captive insurance company reports and inquiries; modify. Amends secs. 4621 & 4625 of 1956 PA 218 (MCL 500.4621 & 500.4625).
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies regulations for captive insurance companies in Michigan. It clarifies reporting requirements, including annual financial reports and responses to director inquiries, and outlines penalties for non-compliance. The bill also addresses the fees associated with examining captive insurance companies and establishes rules for renewal fees based on premium volume. It aims to ensure the financial stability and regulatory oversight of these companies.
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