MI HB5382

Amends Michigan's Insurance Code section 4731 governing Special Purpose Financial Captives (SPFCs) to change the annual statement of operations filing deadline from March 1 to 60 days after the SPFC's fiscal year end

Replaces references to "commissioner" with "director" throughout the section to reflect current agency terminology

Updates language from "pursuant to" to "under" and modernizes other statutory phrasing (e.g., "shall" to "must") for consistency

Maintains existing requirements for audited financial statements to be filed within 5 months after fiscal year end, prepared by an independent certified public accountant in good standing

Preserves civil penalties of $1,000 to $5,000 per occurrence plus $50 per day for SPFCs that fail to file required reports or respond to director inquiries within 30 days