MI HB5385

Modifies captive insurance company regulations to allow coverage of excess worker's compensation insurance while continuing to prohibit first-dollar worker's compensation, long-term care, critical care, personal automobile, and homeowners insurance

Removes the requirement for captive insurance companies to hold at least one board of directors meeting per year in Michigan

Reduces the nonrefundable application processing fee for a limited certificate of authority from $10,000 to $5,000

Changes certificate renewal timing from March 1 annually to 90 days after the company's fiscal year ends, with automatic renewal upon fee payment if the company remains in good standing

Permits original financial records to be kept outside Michigan if the company maintains suitable records and obtains director approval, including allowing electronic storage and reproduction