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2023 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 500.4601 - Definitions.
- Section 500.4603 - Limited Certificate of Authority; Application; Conditions; Organizational Documents; Submission; Contents; Liability of Director; Submission of Documents to Attorney General for Examination; Duty of Commissioner to Require, Consider, and Review Certain Documents and Factors; Issuance of Certificate; Confidentiality; Fee; Foreign Captive Insurance Company as Captive Insurance Company.
- Section 500.4607 - Adoption of Name by Captive Insurance Company.
- Section 500.4609 - Confidentiality Requirements.
- Section 500.4611 - Issuance of Limited Certificate of Authority; Possession and Maintenance of Unimpaired Paid-in Capital and Retained Earnings; Form of Minimum Capitalization; Incorporation as Nonprofit; Unencumbered Equity; Assets; Evidence to Be Submitted to Commissioner; Additional Capital; Branch Captive Insurance Company; Security for Payment of Liabilities; Trust Fund; Payment of Dividends; Limitation; Distributions.
- Section 500.4619 - Pure Captive Insurance Company or Sponsored Captive Insurance Company; Association Captive Insurance Company or Industrial Insured Captive Insurance Company; Incorporation as Stock Insurer or Limited Liability Company; Issuance of Capital Stock or Membership Interests; Formation of Captive Insurance Company as Corporation or Nonprofit Corporation or as Limited Liability Company; State Residency; Chapter as Controlling Provision of Law.
- Section 500.4621 - Reports and Inquiries.
- Section 500.4623 - Sponsored Captive Insurance Company; Discount of Reserves.
- Section 500.4625 - Conflict Between Act and Chapter; Exemption; Applicability of Certain Sections; Expenses and Charges of Examination; Annual Renewal Fee; Other Fees; Employment of Legal Counsel; Confidentiality.
- Section 500.4637 - Limited Certificate of Authority; Suspension or Revocation; Findings; Best Interest of Public and Policyholders.
- Section 500.4639 - Association Captive Insurance Company and Industrial Insured Captive Insurance Company; Compliance With Investment Requirements; Pure Captive Insurance Company and Special Purpose Captive Insurance Company Not Subject to Restrictions on Allowable Investments; Exception; Loans; Combining of Assets for Purposes of Investment; Sponsored Captive Insurance Companies to Be in Compliance With Chapter 9; Waiver of Investment Requirements.
- Section 500.4641 - Reinsurance on Risks Ceded by Other Insurer.
- Section 500.4643 - Rating Organization; Joining Not Required.
- Section 500.4645 - Plan, Pool, Association, or Guaranty or Insolvency Fund; Joining, Contributing To, or Receiving Benefit From Prohibited.
- Section 500.4651 - Rules.
- Section 500.4655 - Applicability of Terms and Conditions in Chapter 81 Pertaining to Administrative Supervision, Conservation, Rehabilitation, Receivership, and Liquidation of Insurers; Payment of Expenses or Claims From Assets of Protected Cell or From Capital and Surplus of Sponsored Captive Insurance Company.
- Section 500.4659 - Exercise of Control of Risk Management Function by Parent or Affiliated Company; Standards.
- Section 500.4663 - Sponsored Captive Insurance Company; Formation; Establishment and Maintenance of Protected Cell to Insure Risks; Conditions.
- Section 500.4665 - Sponsor of Sponsored Captive Insurance Company; Authorized Insurer; Risk Retention Group as Sponsor or Participant Prohibited; Business Written by Sponsored Captive Insurance Company With Respect to Protected Cell; Requirements.
- Section 500.4667 - Sponsored Captive Insurance Companies; Business Entities as Participants.
- Section 500.4669 - Sponsored Captive Insurance Companies; Applicability of Terms and Conditions in Chapter 48 Pertaining to Protected Cell Insurance Company.
- Section 500.4673 - Captive Insurance Regulatory and Supervision Fund; Creation; Deposit of Certain Money, Assets, Fees, and Assessments; Money Remaining in Fund at Close of Fiscal Year; Commissioner as Administrator for Auditing Purposes.
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