2024 House Bill 6101

Insurance: other; special purpose financial captive plan of operation; modify.

A bill to amend 1956 PA 218, entitled “The insurance code of 1956,” by amending section 4731 (MCL 500.4731), as added by 2008 PA 29.

Official record

AI Analysis – Experimental

The bill amends the Insurance Code to regulate SPFCs' operations, reporting requirements, and penalties for non-compliance, while clarifying conditions under which certain operational changes are not deemed material.

Introduced in the House

Nov. 13, 2024

Introduced by Rep. Stephanie Young (D-16) and 12 co-sponsors

Co-sponsored by Reps. Brenda Carter (D-53), Laurie Pohutsky (D-17), Mike McFall (D-8), Amos O’Neal (D-94), Tyrone Carter (D-1), Cynthia Neeley (D-70), Jason Morgan (D-23), Emily Dievendorf (D-77), Donavan McKinney (D-14), John Fitzgerald (D-83), Felicia Brabec (D-33) and Helena Scott (D-7)

Referred to the Committee on Insurance and Financial Services

Dec. 5, 2024

Reported without amendment

Dec. 12, 2024

Passed in the House 96 to 13 (details)

Motion to give immediate effect by Rep. Abraham Aiyash (D-9)

The motion prevailed by voice vote

Received in the Senate

Dec. 18, 2024

Referred to the Committee on Government Operations