Section 500.4667 - Sponsored captive insurance companies; business entities as participants.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.4667 Sponsored captive insurance companies; business entities as participants.
Sec. 4667.
(1) An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a sponsored captive insurance company authorized pursuant to this chapter.
(2) A sponsor may be a participant in a sponsored captive insurance company.
(3) A participant need not be a shareholder of the sponsored captive insurance company or an affiliate of the company.
(4) A participant shall insure only its own risks through a sponsored captive insurance company, unless otherwise approved by the commissioner.
History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008
Popular Name: Act 218