***** 500.1325c.added THIS ADDED SECTION IS EFFECTIVE MARCH 29, 2023 *****
Sec. 1325c.
(1) Except as otherwise provided in this section, the ultimate controlling person of every insurer that is subject to registration under section 1324 and that is scoped into the NAIC liquidity stress test framework for the specified data year shall file with the lead state commissioner the results of that year's liquidity stress test.
(2) A change to the NAIC liquidity stress test framework or to the data year for which the scope criteria are to be measured must be effective on January 1 of the year following the calendar year when the change is adopted by NAIC.
(3) An insurer that meets at least 1 threshold of the scope criteria is considered scoped into the NAIC liquidity stress test framework for the specified data year, unless the lead state commissioner, in consultation with the NAIC financial stability task force or its successor, determines that the insurer should not be scoped into the framework for the specified data year.
(4) An insurer that does not meet at least 1 threshold of the scope criteria is considered scoped out of the NAIC liquidity stress test framework for the specified data year, unless the lead state commissioner, in consultation with the NAIC financial stability task force or its successor, determines the insurer should be scoped into the NAIC liquidity stress test framework for the specified data year.
(5) As part of a determination made under subsection (3) or (4), the lead state commissioner, in consultation with the NAIC financial stability task force or its successor, shall consider that regulators wish to avoid having insurers scoped in and out of the NAIC liquidity stress test framework on a frequent basis.
(6) The performance of, and filing of the results from, a specified year's liquidity stress test must comply with the NAIC liquidity stress test framework's instructions and reporting templates for that year and any lead state commissioner determination, in conjunction with the NAIC financial stability task force or its successor, provided within the NAIC liquidity stress test framework.
History: Add. 2022, Act 263, Eff. Mar. 29, 2023 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
218-1956-13 - Chapter 13 Holding Companies (500.1301...500.1379)
Section 500.1301 - Insurance Holding Companies; Definitions.
Section 500.1301.amended - Insurance Holding Companies; Definitions.
Section 500.1312 - Statement Filed With Director; Contents; Duties.
Section 500.1314 - Alternative Filing Materials.
Section 500.1316 - Information to Shareholders; Expense; Bond; Examination or Investigation.
Section 500.1317 - Exemptions.
Section 500.1318 - Violations.
Section 500.1319 - Jurisdiction of Actions Arising Out of Violations; Consent to Process.
Section 500.1324 - Insurers Subject to Registration; Time.
Section 500.1325 - Registration Statement; Form; Contents; Other Reports or Information Required.
Section 500.1325a - Annual Enterprise Risk Report.
Section 500.1325a.amended - Annual Enterprise Risk Report.
Section 500.1325b.added - Annual Group Capital Calculation; Filing; Exemption.
Section 500.1325c.added - Liquidity Stress Test Framework; Results; Filing; Compliance With Naic.
Section 500.1326 - Registration Statement; Nonmaterial Information Not Disclosed.
Section 500.1326.amended - Registration Statement; Nonmaterial Information Not Disclosed.
Section 500.1328 - Registration; Termination.
Section 500.1329 - Consolidated Registration Statements.
Section 500.1330 - Registration on Behalf of Affiliated Insurer.
Section 500.1331 - Exemptions.
Section 500.1332 - Petition for Disclaimer of Affiliation; Filing; Contents; Effect; Disallowance.
Section 500.1333 - Registration Statement; Failure to File.
Section 500.1334 - Person Subject to Registration; Providing Information to Insurer.
Section 500.1341a.added - Domestic Insurer Investments; Limitations.
Section 500.1342 - Application of MCL 500.436a.
Section 500.1351 - Examination of Insurer or Affiliates; Information; Experts; Expenses.
Section 500.1357 - Participation of Director in Supervisory College.
Section 500.1361 - Issuance of Rules and Orders.
Section 500.1365 - Injunctions; Violation of Chapter, Rule or Order.
Section 500.1367 - Voting Certain Securities Prohibited; Injunction.
Section 500.1368 - Voting Securities in Violation of Chapter; Sequestration of Securities.
Section 500.1375 - Violation of Chapter; Receivership.
Section 500.1377 - Liquidation or Rehabilitation; Recovery of Certain Distributions or Payments.
Section 500.1379 - Violation of Chapter; Suspension, Revocation or Refusal to Renew License.