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MI HB6103
Bill
Status
12/12/2024
Primary Sponsor
Brenda Carter
Click for details
AI Summary
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Amends the Insurance Code of 1956 to modify provisions governing sponsored captive insurance companies under MCL 500.4667
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Allows participants in sponsored captive insurance companies to insure risks of their affiliates or controlled unaffiliated businesses, in addition to their own risks
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Permits insurance commissioner approval for participants to insure risks beyond their own and affiliated entities
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Changes regulatory terminology from "commissioner" to "director" for consistency with current statutory language
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Clarifies grammatical phrasing regarding participant requirements and authorization procedures for sponsored captive insurance participation
Legislative Description
Insurance: other; sponsored captive insurance companies; modify. Amends sec. 4667 of 1956 PA 218 (MCL 500.4667).
Insurance: other
Last Action
Referred To Committee On Government Operations
12/18/2024