2017 Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 THE INSURANCE CODE OF 1956 (500.100 - 500.8302)
218-1956-47 CHAPTER 47 SPECIAL PURPOSE FINANCIAL CAPTIVES (500.4701...500.4747)
- Section 500.4701 Definitions.
- Section 500.4703 Conflict between provision of act and provision of chapter; chapter as controlling; sections applicable to SPFCs; exemption.
- Section 500.4705 Limited certificate of authority to transact insurance or reinsurance; transaction of business by SPFC; limitation; requirements; submission of documents to commissioner; contents; liability of director; submission of documents to office of attorney general; evidence and documents required, considered, and reviewed by commissioner; additional filings; confidentiality; transaction of business; fees; limited certificate of authority granted after certain findings; renewal; foreign captive as SPFC.
- Section 500.4707 SPFC; establishment; form of organization; documents; limitation; adoption of name; applicability of certain provisions in carrying out transactions; state residency; privileges and provisions applicable to limited liability company; corporate powers.
- Section 500.4709 Minimum initial capitalization; additional capitalization; maintenance of deposits.
- Section 500.4711 SPFC; insuring or reinsuring risks insured or reinsured by counterparty; contract for assumption of risk or indemnification of loss; related and incidental contracts; submission of actuarial opinion.
- Section 500.4713 Protected cells; creation and use by SPFC; written approval of commissioner; possession of minimum capitalization; fraudulent purpose not inferred.
- Section 500.4715 Protected cell; consideration as separate person; purposes; distinct name or designation; subject to orders of court; service of process; contract with third party advisor or manager; recourse by creditors; availability of assets; attachment of security interest to protected cell; identification of protected cell assets and liabilities; provisions in contracts or other documentation; income; crediting to or charging against protected cell; investment or reinvestment of amounts; annual report; notification of insolvency.
- Section 500.4717 Issuance of SPFC securities.
- Section 500.4719 Asset management agreements.
- Section 500.4721 SPFC contracts; agreements with affiliated companies and third parties; contents of contract; withdrawal of assets or income from trust and transfer to SPFC; approval from counterparty.
- Section 500.4723 Insurance securitization; not considered as insurance producers or brokers.
- Section 500.4725 SPFC; duty to ensure contracts fulfill certain requirements.
- Section 500.4727 Creation of trust to hold assets of SPFC.
- Section 500.4729 Declaration and payment of dividends prohibited; exception; limitation; sufficiency of assets; provisions.
- Section 500.4731 Plan of operation; changes; filing of audited financial statements; inquiries by commissioner; filing of statement of operations; reports; preservation of books, records, documents, accounts, and vouchers; authority of securities commissioner.
- Section 500.4732 Activities requiring notice to commissioner.
- Section 500.4733 Captive insurance company examination; expenses and charges; payment; fee.
- Section 500.4734 Confidentiality requirements; exception.
- Section 500.4735 Cessation of business; suspension or revocation of limited certificate of authority; violations; penalties; notice.
- Section 500.4741 Administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers.
- Section 500.4745 Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.
- Section 500.4747 Issuance of regulations; employment of legal counsel.
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