Michigan Compiled Laws
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)

Section 500.4701 - Definitions. - Sec. 4701. As used in this chapter: (a) "Affiliated company"...

Section 500.4703 - Conflict Between Provision of Act and Provision of Chapter; Chapter as Controlling; Sections Applicable to Spfcs; Exemption. - Sec. 4703. (1) No provisions of this act, other than...

Section 500.4705 - Limited Certificate of Authority to Transact Insurance or Reinsurance; Transaction of Business by Spfc; Limitation; Requirements; Submission of Documents to Commissioner; Contents; Liability of Director; Submission of Documents to... - Sec. 4705. (1) A captive insurance company, a captive LLC,...

Section 500.4707 - Spfc; Establishment; Form of Organization; Documents; Limitation; Adoption of Name; Applicability of Certain Provisions in Carrying Out Transactions; State Residency; Privileges and Provisions Applicable to Limited Liability Compan... - Sec. 4707. (1) An SPFC may be established as a...

Section 500.4709 - Minimum Initial Capitalization; Additional Capitalization; Maintenance of Deposits. - Sec. 4709. (1) An SPFC initially shall possess and after...

Section 500.4711 - Spfc; Insuring or Reinsuring Risks Insured or Reinsured by Counterparty; Contract for Assumption of Risk or Indemnification of Loss; Related and Incidental Contracts; Submission of Actuarial Opinion. - Sec. 4711. (1) An SPFC may insure or reinsure only...

Section 500.4713 - Protected Cells; Creation and Use by Spfc; Written Approval of Commissioner; Possession of Minimum Capitalization; Fraudulent Purpose Not Inferred. - Sec. 4713. (1) This section and section 4715 provide a...

Section 500.4715 - Protected Cell; Consideration as Separate Person; Purposes; Distinct Name or Designation; Subject to Orders of Court; Service of Process; Contract With Third Party Advisor or Manager; Recourse by Creditors; Availability of Assets;... - Sec. 4715. (1) The creation of a protected cell does...

Section 500.4717 - Issuance of Spfc Securities. - Sec. 4717. (1) An SPFC may issue securities, including SPFC...

Section 500.4719 - Asset Management Agreements. - Sec. 4719. An SPFC may enter into swap agreements, or...

Section 500.4721 - Spfc Contracts; Agreements With Affiliated Companies and Third Parties; Contents of Contract; Withdrawal of Assets or Income From Trust and Transfer to Spfc; Approval From Counterparty. - Sec. 4721. (1) An SPFC, at any given time, may...

Section 500.4723 - Insurance Securitization; Not Considered as Insurance Producers or Brokers. - Sec. 4723. SPFC securities and preferred securities issued pursuant to...

Section 500.4725 - Spfc; Duty to Ensure Contracts Fulfill Certain Requirements. - Sec. 4725. In fulfilling its function, the SPFC shall adhere...

Section 500.4727 - Creation of Trust to Hold Assets of Spfc. - Sec. 4727. (1) Assets of the SPFC held in trust...

Section 500.4729 - Declaration and Payment of Dividends Prohibited; Exception; Limitation; Sufficiency of Assets; Provisions. - Sec. 4729. (1) An SPFC shall not declare or pay...

Section 500.4731 - Plan of Operation; Changes; Filing of Audited Financial Statements; Inquiries by Commissioner; Filing of Statement of Operations; Reports; Preservation of Books, Records, Documents, Accounts, and Vouchers; Authority of Securities C... - Sec. 4731. (1) An SPFC may make the following material...

Section 500.4732 - Activities Requiring Notice to Commissioner. - Sec. 4732. An SPFC shall not enter into any of...

Section 500.4733 - Captive Insurance Company Examination; Expenses and Charges; Payment; Fee. - Sec. 4733. (1) The expenses and charges of a captive...

Section 500.4734 - Confidentiality Requirements; Exception. - Sec. 4734. (1) Information and testimony submitted or furnished to...

Section 500.4735 - Cessation of Business; Suspension or Revocation of Limited Certificate of Authority; Violations; Penalties; Notice. - Sec. 4735. (1) At the cessation of business of an...

Section 500.4741 - Administrative Supervision, Conservation, Rehabilitation, Receivership, and Liquidation of Insurers. - Sec. 4741. (1) Except as otherwise provided in this section,...

Section 500.4745 - Contested Case Brought by Third Party; Suspension, Revocation, or Modification of Limited Certificate of Authority. - Sec. 4745. (1) A contested case brought by a third...

Section 500.4747 - Issuance of Regulations; Employment of Legal Counsel. - Sec. 4747. (1) The commissioner may issue regulations necessary to...