Bill > HB6106

This bill amends sections 4621 and 4625 of the Insurance Code of 1956 in Michigan. The key provisions are: 1. Captive insurance companies must submit an annual financial report to the Director within 60 days of the end of their fiscal year, using generally accepted accounting principles, international financial reporting standards, or statutory accounting principles. 2. The Director can make inquiries to captive insurers about their activities or conditions, and the insurer must reply in writing within 30 days. The Director can also require interim reporting from captive insurers. 3. Captive insurers that fail to file required reports or respond to inquiries are subject to civil penalties and potential proceedings. 4. The bill adds a new requirement for captive insurers to file audited financial statements prepared by an independent public accountant within 5 months of the end of their fiscal year. 5. The bill makes various changes to the fees and oversight processes for captive insurers, including clarifying the Director's authority to employ legal counsel and the confidentiality of examination reports for certain types of captive insurers.

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https://legislature.mi.gov/Bills/Bill?ObjectName=2024-HB-6106