Michigan Compiled Laws
218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)
Section 500.4747 - Issuance of Regulations; Employment of Legal Counsel.

Sec. 4747.
(1) The commissioner may issue regulations necessary to effectuate the purposes of this chapter. Regulations issued pursuant to this section do not affect an SPFC insurance securitization in effect at the time of the issuance of the regulation.
(2) Notwithstanding any other provision of law, the commissioner may employ legal counsel as he or she considers necessary to assist in his or her responsibilities under this chapter.
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)

218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)

Section 500.4701 - Definitions.

Section 500.4703 - Conflict Between Provision of Act and Provision of Chapter; Chapter as Controlling; Sections Applicable to Spfcs; Exemption.

Section 500.4705 - Limited Certificate of Authority to Transact Insurance or Reinsurance; Transaction of Business by Spfc; Limitation; Requirements; Submission of Documents to Commissioner; Contents; Liability of Director; Submission of Documents to...

Section 500.4707 - Spfc; Establishment; Form of Organization; Documents; Limitation; Adoption of Name; Applicability of Certain Provisions in Carrying Out Transactions; State Residency; Privileges and Provisions Applicable to Limited Liability Compan...

Section 500.4709 - Minimum Initial Capitalization; Additional Capitalization; Maintenance of Deposits.

Section 500.4711 - Spfc; Insuring or Reinsuring Risks Insured or Reinsured by Counterparty; Contract for Assumption of Risk or Indemnification of Loss; Related and Incidental Contracts; Submission of Actuarial Opinion.

Section 500.4713 - Protected Cells; Creation and Use by Spfc; Written Approval of Commissioner; Possession of Minimum Capitalization; Fraudulent Purpose Not Inferred.

Section 500.4715 - Protected Cell; Consideration as Separate Person; Purposes; Distinct Name or Designation; Subject to Orders of Court; Service of Process; Contract With Third Party Advisor or Manager; Recourse by Creditors; Availability of Assets;...

Section 500.4717 - Issuance of Spfc Securities.

Section 500.4719 - Asset Management Agreements.

Section 500.4721 - Spfc Contracts; Agreements With Affiliated Companies and Third Parties; Contents of Contract; Withdrawal of Assets or Income From Trust and Transfer to Spfc; Approval From Counterparty.

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 500.4729 - Declaration and Payment of Dividends Prohibited; Exception; Limitation; Sufficiency of Assets; Provisions.

Section 500.4731 - Plan of Operation; Changes; Filing of Audited Financial Statements; Inquiries by Commissioner; Filing of Statement of Operations; Reports; Preservation of Books, Records, Documents, Accounts, and Vouchers; Authority of Securities C...

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 500.4735 - Cessation of Business; Suspension or Revocation of Limited Certificate of Authority; Violations; Penalties; Notice.

Section 500.4741 - Administrative Supervision, Conservation, Rehabilitation, Receivership, and Liquidation of Insurers.

Section 500.4745 - Contested Case Brought by Third Party; Suspension, Revocation, or Modification of Limited Certificate of Authority.

Section 500.4747 - Issuance of Regulations; Employment of Legal Counsel.