MCL - 218-1956-46

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Chapter 500
Act 218 of 1956
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THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
CHAPTER 46
CAPTIVE INSURANCE COMPANIES
Document Type Description
Section 500.4601 Section Definitions.
Section 500.4603 Section Limited certificate of authority; application; conditions; organizational documents; submission; contents; liability of director; submission of documents to attorney general for examination; duty of commissioner to require, consider, and review certain documents and factors; issuance of certificate; confidentiality; fee; foreign captive insurance company as captive insurance company.
Section 500.4607 Section Adoption of name by captive insurance company.
Section 500.4609 Section Confidentiality requirements.
Section 500.4611 Section Issuance of limited certificate of authority; possession and maintenance of unimpaired paid-in capital and retained earnings; form of minimum capitalization; incorporation as nonprofit; unencumbered equity; assets; evidence to be submitted to commissioner; additional capital; branch captive insurance company; security for payment of liabilities; trust fund; payment of dividends; limitation; distributions.
Section 500.4619 Section Pure captive insurance company or sponsored captive insurance company; association captive insurance company or industrial insured captive insurance company; incorporation as stock insurer or limited liability company; issuance of capital stock or membership interests; formation of captive insurance company as corporation or nonprofit corporation or as limited liability company; state residency; chapter as controlling provision of law.
Section 500.4621 Section Reports and inquiries.
Section 500.4623 Section Sponsored captive insurance company; discount of reserves.
Section 500.4625 Section Conflict between act and chapter; exemption; applicability of certain sections; expenses and charges of examination; annual renewal fee; other fees; employment of legal counsel; confidentiality.
Section 500.4637 Section Limited certificate of authority; suspension or revocation; findings; best interest of public and policyholders.
Section 500.4639 Section Association captive insurance company and industrial insured captive insurance company; compliance with investment requirements; pure captive insurance company and special purpose captive insurance company not subject to restrictions on allowable investments; exception; loans; combining of assets for purposes of investment; sponsored captive insurance companies to be in compliance with chapter 9; waiver of investment requirements.
Section 500.4641 Section Reinsurance on risks ceded by other insurer.
Section 500.4643 Section Rating organization; joining not required.
Section 500.4645 Section Plan, pool, association, or guaranty or insolvency fund; joining, contributing to, or receiving benefit from prohibited.
Section 500.4651 Section Rules.
Section 500.4655 Section Applicability of terms and conditions in chapter 81 pertaining to administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers; payment of expenses or claims from assets of protected cell or from capital and surplus of sponsored captive insurance company.
Section 500.4659 Section Exercise of control of risk management function by parent or affiliated company; standards.
Section 500.4663 Section Sponsored captive insurance company; formation; establishment and maintenance of protected cell to insure risks; conditions.
Section 500.4665 Section Sponsor of sponsored captive insurance company; authorized insurer; risk retention group as sponsor or participant prohibited; business written by sponsored captive insurance company with respect to protected cell; requirements.
Section 500.4667 Section Sponsored captive insurance companies; business entities as participants.
Section 500.4669 Section Sponsored captive insurance companies; applicability of terms and conditions in chapter 48 pertaining to protected cell insurance company.
Section 500.4673 Section Captive insurance regulatory and supervision fund; creation; deposit of certain money, assets, fees, and assessments; money remaining in fund at close of fiscal year; commissioner as administrator for auditing purposes.