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2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-46 CHAPTER 46 CAPTIVE INSURANCE COMPANIES (500.4601...500.4673)
Section 500.4623 Sponsored captive insurance company; discount of reserves.
Universal Citation: MI Comp L § 500.4623 (2017)
500.4623 Sponsored captive insurance company; discount of reserves.
Sec. 4623.
(1) A sponsored captive insurance company may discount its loss and loss adjustment expense reserves at the lesser of treasury rates or the captive insurance company's actual rate of return applied to the applicable payments projected through the use of the expected payment pattern associated with the reserves.
(2) The commissioner may disallow the discounting of reserves if a sponsored captive insurance company violates a provision of this act.
History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008
Popular Name: Act 218
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