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MICHIGAN STATUTES AND CODES
Section 500.4811 - Insurance securitization not considered insurance or reinsurance contract; investor not considered as conducting insurance business in state.
Act 218 of 1956
500.4811 Insurance securitization not considered insurance or reinsurance contract; investor not considered as conducting insurance business in state.
Sec. 4811.
A protected cell company insurance securitization is not, and shall not be considered to be, an insurance or reinsurance contract. An investor in a protected cell company insurance securitization, by sole means of this investment, is not, and shall not be considered to be, conducting an insurance business in this state. The underwriters or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in a protected cell company insurance securitization are not, and shall not be considered to be, conducting an insurance or reinsurance agency, brokerage, intermediary, advisory, or consulting business by virtue of their activities in connection with that business.
History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008
Popular Name: Act 218