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MICHIGAN STATUTES AND CODES
218-1956-47 - CHAPTER 47 SPECIAL PURPOSE FINANCIAL CAPTIVES (500.4701...400.4747)
- Section 400.4747 - Issuance of regulations; employment of legal counsel.
- 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;
- 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
- 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
- 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 manage
- 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 counterpa
- 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,
- 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.
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