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Bill > HB6101
MI HB6101
MI HB6101Insurance: other; special purpose financial captive plan of operation; modify. Amends sec. 4731 of 1956 PA 218 (MCL 500.4731).
summary
Introduced
11/13/2024
11/13/2024
In Committee
12/18/2024
12/18/2024
Crossed Over
12/12/2024
12/12/2024
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
A bill to amend 1956 PA 218, entitled"The insurance code of 1956,"by amending section 4731 (MCL 500.4731), as added by 2008 PA 29.
AI Summary
This bill amends the Insurance Code of 1956 to modify the provisions related to special purpose financial captives (SPFCs). Key changes include: allowing SPFCs to make certain material changes to their plan of operation without prior approval, requiring SPFCs to file audited financial statements and statements of operations, granting the Director of the Department of Insurance and Financial Services the authority to address inquiries to SPFCs, and establishing penalties for SPFCs that fail to file required reports or respond to inquiries. The bill also clarifies that the authority of the Securities Commissioner is not limited by these SPFC provisions.
Committee Categories
Business and Industry, Government Affairs
Sponsors (13)
Stephanie Young (D)*,
Felicia Brabec (D),
Brenda Carter (D),
Tyrone Carter (D),
Emily Dievendorf (D),
John Fitzgerald (D),
Mike McFall (D),
Donavan McKinney (D),
Jason Morgan (D),
Cynthia Neeley (D),
Amos O'Neal (D),
Laurie Pohutsky (D),
Helena Scott (D),
Last Action
Referred To Committee On Government Operations (on 12/18/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.mi.gov/Bills/Bill?ObjectName=2024-HB-6101 |
| BillText | https://legislature.mi.gov/documents/2023-2024/billengrossed/House/htm/2024-HEBH-6101.htm |
| Fiscal Note/Analysis - House: Summary as Reported from Committee | https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-6099-2ED3482B.pdf |
| Fiscal Note/Analysis - House: Revised Summary as Introduced | https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-6099-890642C4.pdf |
| Fiscal Note/Analysis - House: Summary as Introduced | https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-6099-78139596.pdf |
| BillText | https://legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2024-HIB-6101.htm |
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