Modifies rules for sponsored captive insurance companies in Michigan.
The bill amends Michigan's insurance laws to allow various business entities to participate in a sponsored captive insurance company. These entities can insure their own risks or those of affiliates or controlled unaffiliated businesses. The sponsor of the captive insurance company can also participate, and participants do not need to be shareholders or affiliates of the company. The commissioner must approve any deviations from these rules.
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