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MI HB6298
Bill
Status
12/8/2022
Primary Sponsor
Ken Borton
Click for details
AI Summary
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Amends section 1326 of the Insurance Code (1956 PA 218) regarding materiality thresholds for insurance company disclosures and transactions.
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Establishes that transactions involving 1/2 of 1% or less of an insurer's admitted assets as of the preceding December 31 are not considered material for registration statement disclosure purposes.
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Extends the 1/2 of 1% materiality threshold to annual group capital calculations and NAIC liquidity stress tests.
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Takes effect only if six companion bills are also enacted: HB 6297, 6299, 6300, 6301, 6302, and 6303.
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Approved by the Governor on December 22, 2022 with an effective date of Sine Die (end of legislative session).
Legislative Description
Insurance: other; procedures for insurance holding companies' annual capital calculation; provide for. Amends sec. 1326 of 1956 PA 218 (MCL 500.1326).
Insurance: other
Last Action
Assigned Pa 259'22
12/8/2022