MI HB5381

Amends section 4601 of Michigan's Insurance Code of 1956 to modify definitions related to sponsored captive insurance companies

Expands the definition of "participant" to include multiple entities and their affiliates insured by a sponsored captive insurance company, rather than limiting to a single entity

Revises the definition of "participant contract" to reference multiple participants whose recovery is limited to protected cell assets

Broadens the definition of "sponsor" from "an entity" to "any entity" that meets requirements to provide capital and organize a sponsored captive insurance company

Introduced December 16, 2025 by Representatives Cavitt and Harris and referred to the Committee on Insurance