MI HB5383

Amends Michigan's Insurance Code to replace references to "commissioner" with "director of the department" throughout provisions governing Special Purpose Financial Captives (SPFCs) and limited certificates of authority for insurance and reinsurance transactions.

Reduces the application fee for SPFCs not authorized under chapter 46 from $10,000.00 to $5,000.00 for processing limited certificate of authority applications.

Changes the annual renewal fee deadline from March 1 of each calendar year to 90 days after the SPFC's fiscal year ends.

Updates a statutory reference from the repealed Uniform Securities Act of 1964 to the current Uniform Securities Act of 2002 regarding exempt securities and transactions.

Makes technical language updates throughout the section, including replacing "shall be" with "is" or "must" and "prior to" with "before" for modern drafting conventions.