MI SB1174

Requires persons seeking to acquire control of a domestic insurer to file a statement with the commissioner and obtain commissioner approval before completing the acquisition.

Establishes heightened protections for domestic property and casualty insurers with 200 or fewer employees until May 1, 2012, requiring 66.67% approval of outstanding voting securities for control acquisitions or board takeovers if the insurer's board does not support the proposal.

Applies the heightened approval requirement only to domestic insurers that generate 100% of their premiums from sales in Michigan.

Expands the definition of "domestic insurer" to include foreign insurers whose Michigan premiums exceed their domicile state premiums and represent 20% or more of total written premiums for the most recent three years.

Requires persons proposing to acquire control of a domestic insurer to file notification with the commissioner in the form and manner prescribed by applicable rules or orders.