Michigan Compiled Laws
218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)
Section 500.4667 - Sponsored Captive Insurance Companies; Business Entities as Participants.

Sec. 4667.
(1) An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a sponsored captive insurance company authorized pursuant to this chapter.
(2) A sponsor may be a participant in a sponsored captive insurance company.
(3) A participant need not be a shareholder of the sponsored captive insurance company or an affiliate of the company.
(4) A participant shall insure only its own risks through a sponsored captive insurance company, unless otherwise approved by the commissioner.
History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 500 - Insurance Code of 1956

Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)

218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)

Section 500.4601 - Definitions.

Section 500.4603 - 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, Conside...

Section 500.4607 - Adoption of Name by Captive Insurance Company.

Section 500.4609 - Confidentiality Requirements.

Section 500.4611 - 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 S...

Section 500.4619 - 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...

Section 500.4621 - Reports and Inquiries.

Section 500.4623 - Sponsored Captive Insurance Company; Discount of Reserves.

Section 500.4625 - 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 - Limited Certificate of Authority; Suspension or Revocation; Findings; Best Interest of Public and Policyholders.

Section 500.4639 - 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 Restrictio...

Section 500.4641 - Reinsurance on Risks Ceded by Other Insurer.

Section 500.4643 - Rating Organization; Joining Not Required.

Section 500.4645 - Plan, Pool, Association, or Guaranty or Insolvency Fund; Joining, Contributing To, or Receiving Benefit From Prohibited.

Section 500.4651 - Rules.

Section 500.4655 - 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...

Section 500.4659 - Exercise of Control of Risk Management Function by Parent or Affiliated Company; Standards.

Section 500.4663 - Sponsored Captive Insurance Company; Formation; Establishment and Maintenance of Protected Cell to Insure Risks; Conditions.

Section 500.4665 - 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 - Sponsored Captive Insurance Companies; Business Entities as Participants.

Section 500.4669 - Sponsored Captive Insurance Companies; Applicability of Terms and Conditions in Chapter 48 Pertaining to Protected Cell Insurance Company.

Section 500.4673 - 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.