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2022 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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