MI HB5242

Amends the Insurance Code to authorize the director of the Department of Insurance and Financial Services to act as group-wide supervisor for internationally active insurance groups.

Defines "internationally active insurance group" as an insurance holding company system with an insurer registered in Michigan, premiums written in at least 3 countries, at least 10% of gross premiums written outside the United States, and total assets of at least $50 billion or total gross written premiums of at least $10 billion (based on 3-year rolling average).

Grants the director authority to assess enterprise risks, request information from group members, coordinate with other regulatory agencies, and enter into agreements with insurers and regulatory officials regarding group-wide supervision activities.

Allows the director to acknowledge another regulatory official as group-wide supervisor if the insurance group lacks substantial U.S. operations, lacks operations in Michigan, or if the director determines another official is more appropriate based on specified factors.

Requires registered insurers subject to group-wide supervision to pay the reasonable expenses of the director's participation, including professional fees and travel costs.