Revises definitions in the Michigan insurance code related to captive insurance companies.
This bill amends the Michigan insurance code to revise definitions related to captive insurance companies. It updates terms such as "affiliated company," "alien captive insurance company," "association," "control," "participant," and "protected cell." The changes aim to clarify the roles and operations of various types of captive insurance companies, including pure, association, sponsored, special purpose, and industrial insured captive insurance companies.
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