HB 6102 Summary

• Replaces references to "commissioner" with "director of the department" throughout the statute governing Special Purpose Financial Captive (SPFC) insurance companies.

• Reduces the nonrefundable application fee for SPFCs not authorized under chapter 46 from $10,000 to $5,000, while maintaining the $2,700 examination fee.

• Changes the annual renewal fee payment deadline from March 1 of each calendar year to not later than 90 days after the SPFC's fiscal year ends.

• Updates references to securities laws from the 1964 Uniform Securities Act (MCL 451.802) to the 2008 Uniform Securities Act (MCL 451.2201 and 451.2202).

• Makes technical and grammatical corrections throughout the section, including changes such as "shall" to "must," "upon" to "on," and "such" to "the" for improved clarity.