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

Sec. 4673.
(1) The captive insurance regulatory and supervision fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the captive insurance regulatory and supervision fund. All fees and assessments received by the department of treasury or the office pursuant to the administration of this chapter and chapter 47 shall be credited to the captive insurance regulatory and supervision fund. All fees received by the department of treasury from reinsurers who assume risk only from captive insurance companies shall be deposited into the captive insurance regulatory and supervision fund. All fines and administrative penalties ordered under this chapter or chapter 47 shall be deposited directly into the captive insurance regulatory and supervision fund. The state treasurer shall direct the investment of the captive insurance regulatory and supervision fund. The state treasurer shall credit to the captive insurance regulatory and supervision fund interest and earnings from fund investments.
(3) Money in the captive insurance regulatory and supervision fund at the close of the fiscal year shall remain in the captive insurance regulatory and supervision fund and shall not lapse to the general fund.
(4) The commissioner shall be the administrator of the captive insurance regulatory and supervision fund for auditing purposes. Money in the captive insurance regulatory and supervision fund shall be expended by the commissioner, upon appropriation, for the purpose of administering chapters 18 and 47 and this chapter and for reasonable expenses incurred in promoting the captive insurance industry in this state.
History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218

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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.