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Public Act Number: 29
Public Act Year: 2008
Document Type(s): MCLs
(52 results found)
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Document Type Description
Section 500.4601 Section Definitions.
Section 500.4603 Section Limited certificate of authority; application; conditions; organizational documents; submission; contents; liability of director; submission of documents to attorney general for examination; duty of commissioner to require, consider, and review certain documents and factors; issuance of certificate; confidentiality; fee; foreign captive insurance company as captive insurance company.
Section 500.4607 Section Adoption of name by captive insurance company.
Section 500.4609 Section Confidentiality requirements.
Section 500.4611 Section Issuance of limited certificate of authority; possession and maintenance of unimpaired paid-in capital and retained earnings; form of minimum capitalization; incorporation as nonprofit; unencumbered equity; assets; evidence to be submitted to commissioner; additional capital; branch captive insurance company; security for payment of liabilities; trust fund; payment of dividends; limitation; distributions.
Section 500.4619 Section Pure captive insurance company or sponsored captive insurance company; association captive insurance company or industrial insured captive insurance company; incorporation as stock insurer or limited liability company; issuance of capital stock or membership interests; formation of captive insurance company as corporation or nonprofit corporation or as limited liability company; state residency; chapter as controlling provision of law.
Section 500.4621 Section Reports and inquiries.
Section 500.4623 Section Sponsored captive insurance company; discount of reserves.
Section 500.4625 Section Conflict between act and chapter; exemption; applicability of certain sections; expenses and charges of examination; annual renewal fee; other fees; employment of legal counsel; confidentiality.
Section 500.4637 Section Limited certificate of authority; suspension or revocation; findings; best interest of public and policyholders.
Section 500.4639 Section Association captive insurance company and industrial insured captive insurance company; compliance with investment requirements; pure captive insurance company and special purpose captive insurance company not subject to restrictions on allowable investments; exception; loans; combining of assets for purposes of investment; sponsored captive insurance companies to be in compliance with chapter 9; waiver of investment requirements.
Section 500.4641 Section Reinsurance on risks ceded by other insurer.
Section 500.4643 Section Rating organization; joining not required.
Section 500.4645 Section Plan, pool, association, or guaranty or insolvency fund; joining, contributing to, or receiving benefit from prohibited.
Section 500.4651 Section Rules.
Section 500.4655 Section Applicability of terms and conditions in chapter 81 pertaining to administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers; payment of expenses or claims from assets of protected cell or from capital and surplus of sponsored captive insurance company.
Section 500.4659 Section Exercise of control of risk management function by parent or affiliated company; standards.
Section 500.4663 Section Sponsored captive insurance company; formation; establishment and maintenance of protected cell to insure risks; conditions.
Section 500.4665 Section Sponsor of sponsored captive insurance company; authorized insurer; risk retention group as sponsor or participant prohibited; business written by sponsored captive insurance company with respect to protected cell; requirements.
Section 500.4667 Section Sponsored captive insurance companies; business entities as participants.
Section 500.4669 Section Sponsored captive insurance companies; applicability of terms and conditions in chapter 48 pertaining to protected cell insurance company.
Section 500.4673 Section Captive insurance regulatory and supervision fund; creation; deposit of certain money, assets, fees, and assessments; money remaining in fund at close of fiscal year; commissioner as administrator for auditing purposes.
Section 500.4701 Section Definitions.
Section 500.4703 Section Conflict between provision of act and provision of chapter; chapter as controlling; sections applicable to SPFCs; exemption.
Section 500.4705 Section Limited certificate of authority to transact insurance or reinsurance; transaction of business by SPFC; limitation; requirements; submission of documents to commissioner; contents; liability of director; submission of documents to office of attorney general; evidence and documents required, considered, and reviewed by commissioner; additional filings; confidentiality; transaction of business; fees; limited certificate of authority granted after certain findings; renewal; foreign captive as SPFC.
Section 500.4707 Section SPFC; establishment; form of organization; documents; limitation; adoption of name; applicability of certain provisions in carrying out transactions; state residency; privileges and provisions applicable to limited liability company; corporate powers.
Section 500.4709 Section Minimum initial capitalization; additional capitalization; maintenance of deposits.
Section 500.4711 Section SPFC; insuring or reinsuring risks insured or reinsured by counterparty; contract for assumption of risk or indemnification of loss; related and incidental contracts; submission of actuarial opinion.
Section 500.4713 Section Protected cells; creation and use by SPFC; written approval of commissioner; possession of minimum capitalization; fraudulent purpose not inferred.
Section 500.4715 Section Protected cell; consideration as separate person; purposes; distinct name or designation; subject to orders of court; service of process; contract with third party advisor or manager; recourse by creditors; availability of assets; attachment of security interest to protected cell; identification of protected cell assets and liabilities; provisions in contracts or other documentation; income; crediting to or charging against protected cell; investment or reinvestment of amounts; annual report; notification of insolvency.
Section 500.4717 Section Issuance of SPFC securities.
Section 500.4719 Section Asset management agreements.
Section 500.4721 Section SPFC contracts; agreements with affiliated companies and third parties; contents of contract; withdrawal of assets or income from trust and transfer to SPFC; approval from counterparty.
Section 500.4723 Section Insurance securitization; not considered as insurance producers or brokers.
Section 500.4725 Section SPFC; duty to ensure contracts fulfill certain requirements.
Section 500.4727 Section Creation of trust to hold assets of SPFC.
Section 500.4729 Section Declaration and payment of dividends prohibited; exception; limitation; sufficiency of assets; provisions.
Section 500.4731 Section Plan of operation; changes; filing of audited financial statements; inquiries by commissioner; filing of statement of operations; reports; preservation of books, records, documents, accounts, and vouchers; authority of securities commissioner.
Section 500.4732 Section Activities requiring notice to commissioner.
Section 500.4733 Section Captive insurance company examination; expenses and charges; payment; fee.
Section 500.4734 Section Confidentiality requirements; exception.
Section 500.4735 Section Cessation of business; suspension or revocation of limited certificate of authority; violations; penalties; notice.
Section 500.4741 Section Administrative supervision, conservation, rehabilitation, receivership, and liquidation of insurers.
Section 500.4745 Section Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.
Section 500.4747 Section Issuance of regulations; employment of legal counsel.
Section 500.4801 Section Definitions.
Section 500.4803 Section Protected cells; establishment; written approval of commissioner; name or designation; attribution of assets and liabilities; attachment of security interest; contracting with third party; identification of protected cell assets and protected cell liabilities.
Section 500.4805 Section Income credited to or charged against protected cell; insurance securitization; language to be contained in documentation; cessation of business of protected cell.
Section 500.4807 Section Creditors; recourse; activities, assets, and obligations not subject to chapters 77 and 79; establishment of protected cell not considered fraudulent conveyance.
Section 500.4809 Section Receiver to deal with protected cell company's assets and liabilities; effect of order of conservation, rehabilitation, or liquidation.
Section 500.4811 Section Insurance securitization not considered insurance or reinsurance contract; investor not considered as conducting insurance business in state.
Section 500.4813 Section Rules, regulations, or orders.