Sec. 4669.
(1) Except as otherwise provided in this chapter, the terms and conditions provided in chapter 48 relating to a protected cell insurance company apply in full to a sponsored captive insurance company.
(2) Except as otherwise provided, all of the following apply to a sponsored captive insurance company:
(a) A protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a sponsored captive insurance company participant.
(b) The sponsored captive insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell.
(c) Section 4805 does not apply.
History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 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)
218-1956-46 - Chapter 46 Captive Insurance Companies (500.4601...500.4673)
Section 500.4601 - Definitions.
Section 500.4607 - Adoption of Name by Captive Insurance Company.
Section 500.4609 - Confidentiality Requirements.
Section 500.4621 - Reports and Inquiries.
Section 500.4623 - Sponsored Captive Insurance Company; Discount of Reserves.
Section 500.4641 - Reinsurance on Risks Ceded by Other Insurer.
Section 500.4643 - Rating Organization; Joining Not Required.
Section 500.4667 - Sponsored Captive Insurance Companies; Business Entities as Participants.