Modifies the process for captive insurance companies to obtain a limited certificate of authority in Michigan.

This bill amends the Michigan insurance law to modify the process for captive insurance companies to obtain a limited certificate of authority. It allows the commissioner to retain external services for examining applications, with costs charged to the applicant. It also specifies that foreign companies must submit organizational documents to the attorney general and pay an examination fee. The commissioner must review various documents and information before granting a limited certificate of authority, including financial records and evidence of the company's character and reputation.

Modifies the process for captive insurance companies to obtain a limited certificate of authority in Michigan.

This bill amends the Michigan insurance law to modify the process for captive insurance companies to obtain a limited certificate of authority. It allows the commissioner to retain external services for examining applications, with costs charged to the applicant. It also specifies that foreign companies must submit organizational documents to the attorney general and pay an examination fee. The commissioner must review various documents and information before granting a limited certificate of authority, including financial records and evidence of the company's character and reputation.