CHAPTER

SPECIAL PURPOSE FINANCIAL CAPTIVES

Mich. Comp. Laws § 500.4701— Definitions
Mich. Comp. Laws § 500.4703— Conflict between provision of act and provision of chapter; chapter as controlling; sections applicable to SPFCs; exemption
Mich. Comp. Laws § 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
Mich. Comp. Laws § 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
Mich. Comp. Laws § 500.4709— Minimum initial capitalization; additional capitalization; maintenance of deposits
Mich. Comp. Laws § 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
Mich. Comp. Laws § 500.4713— Protected cells; creation and use by SPFC; written approval of commissioner; possession of minimum capitalization; fraudulent purpose not inferred
Mich. Comp. Laws § 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
Mich. Comp. Laws § 500.4717— Issuance of SPFC securities
Mich. Comp. Laws § 500.4719— Asset management agreements
Mich. Comp. Laws § 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
Mich. Comp. Laws § 500.4723— Insurance securitization; not considered as insurance producers or brokers
Mich. Comp. Laws § 500.4725— SPFC; duty to ensure contracts fulfill certain requirements
Mich. Comp. Laws § 500.4727— Creation of trust to hold assets of SPFC
Mich. Comp. Laws § 500.4729— Declaration and payment of dividends prohibited; exception; limitation; sufficiency of assets; provisions
Mich. Comp. Laws § 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
Mich. Comp. Laws § 500.4732— Activities requiring notice to commissioner
Mich. Comp. Laws § 500.4733— Captive insurance company examination; expenses and charges; payment; fee
Mich. Comp. Laws § 500.4734— Confidentiality requirements; exception
Mich. Comp. Laws § 500.4735— Cessation of business; suspension or revocation of limited certificate of authority; violations; penalties; notice
Mich. Comp. Laws § 500.4741— Administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers
Mich. Comp. Laws § 500.4745— Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority
Mich. Comp. Laws § 500.4747— Issuance of regulations; employment of legal counsel