A bill to amend 1956 PA 218, entitled “The insurance code of 1956,” by amending section 4705 (MCL 500.4705), as added by 2008 PA 29.
House Bills 5380 through 5386 comprehensively modernize Michigan’s captive insurance regulatory framework by expanding eligibility and flexibility for sponsored and special purpose financial captives, strengthening reporting, auditing, and oversight authority, updating definitions and compliance standards, revising fee structures and application processes, and centralizing regulatory control under the Department of Insurance to encourage industry growth while maintaining financial accountability.
Introduced
by
Referred to the Committee on Insurance
