Bill > HB6099

This bill amends Section 4665 of the Insurance Code of 1956 to modify the requirements for a sponsor of a sponsored captive insurance company. Specifically, the bill removes the requirement that a sponsor must be an insurer, insurance holding company, reinsurer, or captive insurance company authorized in a state or the District of Columbia. Instead, the bill allows the Director of the Department of Insurance and Financial Services to approve any person as a sponsor, based on a determination that the approval is consistent with the purposes of the chapter. The bill also provides criteria for the Director to consider in evaluating the qualifications of a proposed sponsor, including the type and structure of the sponsor, its financial operations and stability, business reputation, and other relevant factors.

Business and Industry, Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2024-HB-6099