MI HB5384

Expands the scope of risks that participants in sponsored captive insurance companies may insure, now allowing coverage of risks for affiliates and controlled unaffiliated businesses in addition to the participant's own risks.

Updates terminology throughout the section, changing "commissioner" to "director" and "pursuant to" to "under" for consistency with current statutory language.

Clarifies grammatical structure regarding participant requirements, specifying that participants "need not" be shareholders or affiliates of the sponsored captive insurance company.

Applies to sponsored captive insurance companies authorized under Chapter 46 of Michigan's Insurance Code of 1956.