Introduced
by
To require a person with a controlling ownership interest in a Michigan insurance company who plans to divest that interest to submit a statement of intent to the state insurance bureau at least 30 days before the divestment, along with a statement describing the “enterprise risk” of the transaction, defined in the bill as the chances it will have a “material adverse effect upon the financial condition or liquidity” of the insurer. The bill would also authorize public hearings and specify other procedures related to this.
Referred to the Committee on Insurance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Passed in the Senate 38 to 0 (details)
Referred to the Committee on Insurance
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Amendment offered
by
To increase the maximum sentence for violations of this section of the insurance code from two years to five years.
The amendment failed by voice vote
Passed in the House 106 to 0 (details)
To mandate that a person with a controlling ownership interest in a Michigan insurance company who plans to divest that interest must submit a statement of intent to the state insurance bureau at least 30 days before the divestment, along with a statement describing the “enterprise risk” of the transaction, defined in the bill as the chances it will have a “material adverse effect upon the financial condition or liquidity” of the insurer.
Passed in the Senate 38 to 0 (details)
To concur with the House-passed version of the bill.
