Sec. 4723.
SPFC securities and preferred securities issued pursuant to an insurance securitization are not, and shall not be considered to be, insurance or reinsurance contracts. An investor in these securities or a holder or issuer of these securities, by sole means of this investment, holding, or issuance, is not, and shall not be considered to be, transacting the business of insurance in this state. The underwriter's placement agent or selling agent and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization pursuant to this chapter shall not be considered to be insurance producers or brokers or conducting business as an insurance or reinsurance company or agency, brokerage, intermediary, advisory, or consulting business only by virtue of their activities in connection with them.
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)
218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)
Section 500.4701 - Definitions.
Section 500.4717 - Issuance of Spfc Securities.
Section 500.4719 - Asset Management Agreements.
Section 500.4723 - Insurance Securitization; Not Considered as Insurance Producers or Brokers.
Section 500.4725 - Spfc; Duty to Ensure Contracts Fulfill Certain Requirements.
Section 500.4727 - Creation of Trust to Hold Assets of Spfc.
Section 500.4732 - Activities Requiring Notice to Commissioner.
Section 500.4733 - Captive Insurance Company Examination; Expenses and Charges; Payment; Fee.
Section 500.4734 - Confidentiality Requirements; Exception.
Section 500.4747 - Issuance of Regulations; Employment of Legal Counsel.