Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)

  1. Law
  2. Michigan Compiled Laws
  3. Insurance Code of 1956
  4. 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
  5. Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)

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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 Office of Attorney General; Evidence and Documents Required, Considered, and Reviewed by Commissioner; Additional Filings; Confidentiality; Transaction of Business; Fees; Limited Certificate of Authority Granted After Certain Findings; Renewal; Foreign Captive as Spfc.

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 Company; Corporate Powers.

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; Attachment of Security Interest to Protected Cell; Identification of Protected Cell Assets and Liabilities; Provisions in Contracts or Other Documentation; Income; Crediting to or Charging Against Protected Cell; Investment or Reinvestment of Amounts; Annual Report; Notification of Insolvency.

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 Commissioner.

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.