Bill Text: MI HB6103 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Insurance: other; sponsored captive insurance companies; modify. Amends sec. 4667 of 1956 PA 218 (MCL 500.4667).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-11-14 - Bill Electronically Reproduced 11/14/2024 [HB6103 Detail]
Download: Michigan-2023-HB6103-Introduced.html
HOUSE BILL NO. 6103
A bill to amend 1956 PA 218, entitled
"The insurance code of 1956,"
by amending section 4667 (MCL 500.4667), as added by 2008 PA 29.
the people of the state of michigan enact:
Sec. 4667. (1) An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a sponsored captive insurance company authorized pursuant to under this chapter.
(2) A sponsor may be a participant in a sponsored captive insurance company.
(3) A participant does not need not to be a shareholder of the sponsored captive insurance company or an affiliate of the company.
(4) A participant shall insure only its own risks or the risks of its affiliates or controlled unaffiliated businesses through a sponsored captive insurance company, unless otherwise approved by the commissioner.director.
