Bill > HB5385

This bill modifies the requirements for captive insurance companies seeking a limited certificate of authority to operate in Michigan, primarily by changing the term "commissioner" to "director" throughout the relevant section of the insurance code, indicating a shift in regulatory oversight. It clarifies that these companies can offer various insurance coverages but are specifically prohibited from insuring "first-dollar" worker's compensation, long-term care, critical care, personal automobile, or homeowners insurance. The bill also adjusts the application fee for a limited certificate of authority from $10,000 to $5,000 and allows the director to use internal resources for application review at a $2,700 fee, in addition to the option of retaining outside legal, financial, and examination services. Furthermore, it updates the renewal period for the limited certificate of authority from March 1st to 90 days after the company's fiscal year ends, provided the company remains in good standing.