2024 House Bill 6102

Insurance: other; limited certificate of authority to transact insurance or reinsurance; modify.

A bill to amend 1956 PA 218, entitled “The insurance code of 1956,” by amending section 4705 (MCL 500.4705), as added by 2008 PA 29.

Official record

AI Analysis – Experimental

The bill amends the insurance code to regulate Special Purpose Financial Captives in Michigan, detailing application processes, fees, and compliance requirements while updating references to the Director of the Department and allowing foreign captives to operate as SPFCs in the state.

Introduced in the House

Nov. 13, 2024

Introduced by Rep. Jerry Neyer (R-92) and 13 co-sponsors

Co-sponsored by Reps. Brenda Carter (D-53), Stephanie Young (D-16), 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 99 to 10 (details)

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

The motion prevailed by voice vote