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MI HB6301
Bill
Status
12/8/2022
Primary Sponsor
Richard Steenland
Click for details
AI Summary
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Adds Section 1325b to Michigan's insurance laws requiring the ultimate controlling person of an insurer subject to registration to file an annual group capital calculation with the lead state commissioner.
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Annual group capital calculation must be completed according to NAIC group capital calculation instructions and filed with the lead state commissioner.
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Exempts certain insurance holding company systems from filing requirements, including single-insurer systems, systems with Federal Reserve Board calculations, systems in reciprocal jurisdictions, and systems meeting NAIC accreditation standards.
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Lead state commissioner may require group capital calculations for non-United States based insurance holding company systems if deemed necessary for prudential oversight, solvency monitoring, or marketplace competitiveness.
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Takes effect only upon enactment of House Bills 6297, 6299, 6300, 6302, 6303, and 6298 in the 101st Legislature.
Legislative Description
Insurance: other; procedures for insurance holding companies' annual capital calculation; provide for. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 1325b.
Insurance: other
Last Action
Assigned Pa 262'22
12/8/2022