MCL - 218-1956-47
Act 218 of 1956
SPECIAL PURPOSE FINANCIAL CAPTIVES
| Document | Type | Description |
|---|---|---|
| Section 500.4701 | Section | Definitions. |
| Section 500.4703 | Section | Conflict between provision of act and provision of chapter; chapter as controlling; sections applicable to SPFCs; exemption. |
| Section 500.4705 | Section | 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 | Section | 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 | Section | Minimum initial capitalization; additional capitalization; maintenance of deposits. |
| Section 500.4711 | Section | 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 | Section | Protected cells; creation and use by SPFC; written approval of commissioner; possession of minimum capitalization; fraudulent purpose not inferred. |
| Section 500.4715 | Section | 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 | Section | Issuance of SPFC securities. |
| Section 500.4719 | Section | Asset management agreements. |
| Section 500.4721 | Section | 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 | Section | Insurance securitization; not considered as insurance producers or brokers. |
| Section 500.4725 | Section | SPFC; duty to ensure contracts fulfill certain requirements. |
| Section 500.4727 | Section | Creation of trust to hold assets of SPFC. |
| Section 500.4729 | Section | Declaration and payment of dividends prohibited; exception; limitation; sufficiency of assets; provisions. |
| Section 500.4731 | Section | 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 | Section | Activities requiring notice to commissioner. |
| Section 500.4733 | Section | Captive insurance company examination; expenses and charges; payment; fee. |
| Section 500.4734 | Section | Confidentiality requirements; exception. |
| Section 500.4735 | Section | Cessation of business; suspension or revocation of limited certificate of authority; violations; penalties; notice. |
| Section 500.4741 | Section | Administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers. |
| Section 500.4745 | Section | Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority. |
| Section 500.4747 | Section | Issuance of regulations; employment of legal counsel. |