Michigan Compiled Laws § 500.4669 Sponsored Captive Insurance Companies; Applicability Of Terms And Conditions In Chapter 48 Pertaining To Protected Cell Insurance Company.

500.4669 Sponsored captive insurance companies; applicability of terms and conditions in chapter 48 pertaining to protected cell insurance company.

Sec. 4669.

(1) Except as otherwise provided in this chapter, the terms and conditions provided in chapter 48 relating to a protected cell insurance company apply in full to a sponsored captive insurance company.

(2) Except as otherwise provided, all of the following apply to a sponsored captive insurance company:

(a) A protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a sponsored captive insurance company participant.

(b) The sponsored captive insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell.

History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008
Popular Name: Act 218

Section: Previous 500.4625 500.4637 500.4639 500.4641 500.4643 500.4645 500.4651 500.4655 500.4659 500.4663 500.4665 500.4667 500.4669 500.4673 Next

Last modified: October 10, 2016