Michigan HB5386 modifies regulations for captive insurance companies, including reporting requirements and fees.

Michigan HB5386 amends sections 4621 and 4625 of the Michigan insurance code to modify regulations for captive insurance companies. The bill specifies that certain provisions do not apply to captive insurance companies. It outlines the annual reporting requirements for captive insurance companies, including the submission of financial condition reports and actuarial opinions. The bill also details the annual renewal fees based on the volume of insurance or reinsurance premiums received, ranging from $5,000 to $100,000.

Michigan HB5386 modifies regulations for captive insurance companies, including reporting requirements and fees.

Michigan HB5386 amends sections 4621 and 4625 of the Michigan insurance code to modify regulations for captive insurance companies. The bill specifies that certain provisions do not apply to captive insurance companies. It outlines the annual reporting requirements for captive insurance companies, including the submission of financial condition reports and actuarial opinions. The bill also details the annual renewal fees based on the volume of insurance or reinsurance premiums received, ranging from $5,000 to $100,000.