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Bill > HB6102
MI HB6102
MI HB6102Insurance: other; limited certificate of authority to transact insurance or reinsurance; modify. Amends sec. 4705 of 1956 PA 218 (MCL 500.4705).
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 4705 (MCL 500.4705), as added by 2008 PA 29.
AI Summary
This bill amends Section 4705 of the Insurance Code of 1956 to modify the requirements for obtaining a limited certificate of authority to transact insurance or reinsurance business as a Special Purpose Financial Captive (SPFC) in Michigan. The key changes include:
- Replacing the term "commissioner" with "director of the department" throughout the section.
- Clarifying requirements for obtaining a limited certificate of authority, such as providing documentation of the insurance securitization, meeting capitalization and operational requirements, and submitting organizational documents for review.
- Modifying the application and annual renewal fees for SPFCs, including reduced initial application fees and a new tiered structure for annual renewal fees based on the SPFC's premium volume.
- Allowing a foreign captive to become an SPFC in Michigan by complying with the requirements in this chapter, without the need for additional reorganization steps.
Overall, the bill aims to update and streamline the process for SPFCs to obtain and maintain their limited certificate of authority in the state.
Committee Categories
Business and Industry, Government Affairs
Sponsors (14)
Jerry Neyer (R)*,
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),
Stephanie Young (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-6102 |
| BillText | https://legislature.mi.gov/documents/2023-2024/billengrossed/House/htm/2024-HEBH-6102.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-6102.htm |
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