Michigan HB5382 amends insurance regulations for special purpose financial captives.

Michigan HB5382 modifies the operation of special purpose financial captives (SPFC) by updating their reporting requirements. It mandates that SPFCs file annual reports with the commissioner, including a statement of operations, income, and balance sheet. SPFCs must also maintain records in Michigan or approved locations outside the state. The bill outlines penalties for failing to file reports or respond to inquiries, and it allows for interim reporting and performance assessments.

Michigan HB5382 amends insurance regulations for special purpose financial captives.

Michigan HB5382 modifies the operation of special purpose financial captives (SPFC) by updating their reporting requirements. It mandates that SPFCs file annual reports with the commissioner, including a statement of operations, income, and balance sheet. SPFCs must also maintain records in Michigan or approved locations outside the state. The bill outlines penalties for failing to file reports or respond to inquiries, and it allows for interim reporting and performance assessments.