Bill > HB5386

This bill modifies reporting and inquiry requirements for captive insurance companies, which are specialized insurance companies formed to insure the risks of their parent company or a group of companies. Key changes include requiring captive insurers to submit audited financial statements prepared by an independent public accountant within five months of their fiscal year-end, and clarifying that the director, rather than the commissioner, will handle inquiries and may prescribe the format for interim reports. The bill also adjusts the deadline for annual renewal fees to be paid within 90 days after the captive insurance company's fiscal year ends, and updates various references from "commissioner" to "director" and "office" to "department" to reflect current administrative structures. Additionally, it specifies that the director may employ legal counsel as needed for responsibilities under this chapter and clarifies that confidentiality provisions do not extend to final examination reports for captive insurance companies formed as risk retention groups.

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https://legislature.mi.gov/Bills/Bill?ObjectName=2025-HB-5386