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MI HB5381
MI HB5381Insurance: other; definitions in the insurance code of 1956; revise. Amends sec. 4601 of 1956 PA 218 (MCL 500.4601).
summary
Introduced
12/16/2025
12/16/2025
In Committee
02/04/2026
02/04/2026
Crossed Over
03/04/2026
03/04/2026
Passed
Dead
Introduced Session
103rd Legislature
Bill Summary
A bill to amend 1956 PA 218, entitled"The insurance code of 1956,"by amending section 4601 (MCL 500.4601), as amended by 2016 PA 276.
AI Summary
This bill amends Section 4601 of the Insurance Code of 1956 to revise definitions related to captive insurance companies, which are companies formed to insure the risks of their parent companies, affiliates, or other specific groups. Key changes include clarifying that "participant" can refer to multiple entities and their affiliates insured by a sponsored captive insurance company, and that "participant contract" can insure the risks of multiple participants. Additionally, the bill broadens the definition of "sponsor" to include any entity approved by the director to provide capital and operate a sponsored captive insurance company, rather than a single entity. These revisions aim to provide clearer and more inclusive definitions within the state's insurance code concerning these specialized insurance entities.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Transmitted (on 03/04/2026)
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=2025-HB-5381 |
| Fiscal Note/Analysis - House: Summary as Reported from Committee | https://legislature.mi.gov/documents/2025-2026/billanalysis/House/pdf/2025-HLA-5380-WBY6D0PJ.pdf |
| BillText | https://legislature.mi.gov/documents/2025-2026/billengrossed/House/htm/2025-HEBH-5381.htm |
| Fiscal Note/Analysis - House: Summary as Introduced | https://legislature.mi.gov/documents/2025-2026/billanalysis/House/pdf/2025-HLA-5380-HPL15DBN.pdf |
| BillText | https://legislature.mi.gov/documents/2025-2026/billintroduced/House/htm/2025-HIB-5381.htm |
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