MI HB6099

Replaces "shall" with "must" in statutory language regarding sponsors of sponsored captive insurance companies

Grants the director discretionary authority to approve any person as a sponsor of a sponsored captive insurance company, removing the previous requirement that sponsors be authorized insurers, insurance holding companies, reinsurers, or captive insurance companies

Requires the director to consider the sponsor's type and structure, financial operations experience, financial stability and strength, business reputation, and other relevant factors when evaluating sponsor qualifications

Removes previous requirements that business written by sponsored captive insurance companies be fronted by authorized subsidiaries, reinsured by authorized reinsurers, or secured by trust funds with specific reserve funding levels