MI HB6299

Amends section 1325a of the 1956 Insurance Code to modify enterprise risk reporting requirements for ultimate controlling persons of insurers subject to registration under section 1324.

Exempts certain insurance holding company systems from filing annual enterprise risk reports if they meet four conditions: are exempt from federal taxation under IRC section 501(c)(5), were organized in Michigan before January 1, 1921, have not had their affiliation disclaimer approved or allowed by the director, and operate as wholly domestic insurers with no more than 10% of written premium covering out-of-state risks.

Allows ultimate controlling persons to request exemptions from the annual enterprise risk report requirement by submitting a written statement to the director explaining financial or organizational hardship.

Takes effect only upon enactment of House Bills 6297, 6298, 6300, 6301, 6302, and 6303 of the 101st Legislature.