Insurance: other; captive insurance company reports and inquiries; modify. Amends secs. 4621 & 4625 of 1956 PA 218 (MCL 500.4621 & 500.4625).
What changed between versions
Mandates that captive insurance companies submit an annual verified financial report, an actuarial opinion on reserves, and audited financial statements to the director.
Requires captive insurers to reply in writing to director inquiries within 30 days and allows the director to require interim business reports.
Requires branch captive insurance companies to file copies of reports from their home jurisdiction, which may be waived if the home report is deemed adequate.
Mandates that examination expenses be paid by the captive insurance company and deposited into the state's regulatory fund.
Allows the director to charge a $15 fee for document certification and a $25 fee for examining amendments to organizational documents.
Establishes a tiered annual renewal fee ranging from $5,000 to $100,000 based on the company's annual premium volume.
Imposes civil penalties of up to $5,000 per occurrence plus $50 per day for failing to file reports or reply to inquiries.
Defines a 'qualified actuary' as a member of the American Academy of Actuaries or the Society of Actuaries meeting director-established criteria.
Clarifies that specific sections of the Insurance Code apply to captive insurance companies, while others do not, unless modified by this chapter.
