Introduced
by
To mandate that a person with a controlling ownership interest in a Michigan insurance company who plans to divest that interest must submit a statement of intent to the state insurance bureau at least 30 days before the divestment, along with a statement describing the “enterprise risk” of the transaction, defined in the bill as the chances it will have a “material adverse effect upon the financial condition or liquidity” of the insurer.
Referred to the Committee on Insurance
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Passed in the House 107 to 0 (details)
Referred to the Committee on Insurance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Amendment offered
To not let the bill become law unless House Bill 5823 also does so. HB 5823 would require larger insurance companies to regularly perform and submit to state regulators an “own risk and solvency assessment" (ORSA).
The amendment passed by voice vote
Passed in the Senate 38 to 0 (details)
To mandate that a person with a controlling ownership interest in a Michigan insurance company who plans to divest that interest must submit a statement of intent to the state insurance bureau at least 30 days before the divestment, along with a statement describing the “enterprise risk” of the transaction, defined in the bill as the chances it will have a “material adverse effect upon the financial condition or liquidity” of the insurer.
