MI HB6100

Amends section 4601 of the Insurance Code of 1956 to revise definitions related to captive insurance companies and related entities.

Changes definition of "Participant" to allow multiple entities (rather than singular) to be insured by a sponsored captive insurance company with recovery limited to protected cell assets.

Changes definition of "Participant contract" to reflect that contracts may insure multiple participants and limit recovery of participants (plural) to protected cell assets.

Changes definition of "Sponsor" from "an entity" to "any entity" that meets requirements to provide capital, retained earnings, and organize a sponsored captive insurance company.

Makes technical grammatical revisions including changing "the participant" to "the participants" and removing "of the entity" in relevant definitional sections.