reglab/housing_qa huggingface dataset:
MI Comp L § 500.4707 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4707 - 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.

500.4707 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.Sec. 4707.  (1) An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the commissioner.  (2) The SPFC's organizational documents shall limit the SPFC's authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this chapter and activities it conducts pursuant to any other chapter in this act.  (3) The SPFC shall not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this state.  (4) The provisions of this act pertaining to mergers, consolidations, conversions, mutualizations, and redomestications apply in determining the procedures to be followed by an SPFC in carrying out any of the transactions described in those provisions.  (5) At least 1 of the members of the management of the SPFC shall be a resident of this state.   (6) An SPFC or captive LLC formed as a limited liability company has the privileges and is subject to the provisions of the Michigan limited liability company act, 1993 PA 23, MCL 450.4101 to 450.5200, for limited liability companies, as well as the applicable provisions contained in this chapter. Nothing contained in this provision with respect to an SPFC shall abrogate, limit, or rescind in any way the authority of the commissioner.  (7) All SPFCs formed as corporations under this chapter are considered bodies corporate and politic, in fact and in name, are subject to all of the provisions of law in relation to corporations as far as they are applicable, and have the corporate powers provided for in chapter 52. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4709 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4709 - Minimum Initial Capitalization; Additional Capitalization; Maintenance of Deposits.

500.4709 Minimum initial capitalization; additional capitalization; maintenance of deposits.Sec. 4709.  (1) An SPFC initially shall possess and after that maintain minimum capitalization of not less than $250,000.00. All of the minimum initial capitalization shall be in cash. All other funds of the SPFC in excess of its minimum initial capitalization shall be in the forms as provided in section 4727.  (2) Additional capitalization for the SPFC shall be determined, if so required, by the commissioner after giving due consideration to the SPFC's business plan, feasibility study, pro formas, and the nature of the risks being insured or reinsured, which may be prescribed in formulas approved by the commissioner.  (3) An SPFC that is authorized as an insurer other than solely pursuant to this chapter and chapter 46 initially shall possess, and after that maintain, minimum capital and surplus in compliance with sections 408 to 410a.  (4) An SPFC that is authorized as an insurer other than solely pursuant to this chapter and chapter 46 shall maintain deposits as specified in section 411. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4711 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4711 - 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.

500.4711 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.Sec. 4711.  (1) An SPFC may insure or reinsure only the risks insured or reinsured by a counterparty.  (2) An SPFC shall not issue a contract for assumption of risk or indemnification of loss other than an SPFC contract. However, the SPFC may cede risks assumed through an SPFC contract to third party reinsurers through the purchase of reinsurance or retrocession protection.  (3) An SPFC may enter into contracts and conduct other commercial activities related or incidental to and necessary to fulfill the purposes of the SPFC contract, insurance securitization, and this chapter. Those activities may include, but are not limited to: entering into SPFC contracts; issuing securities of the SPFC in accordance with applicable securities law; complying with the terms of these contracts or securities; entering into trust, swap, tax, administration, reimbursement, or fiscal agent transactions; or complying with trust indenture, reinsurance, or retrocession, and other agreements necessary or incidental to effectuate an insurance securitization in compliance with this chapter or the plan of operation submitted to the commissioner.   (4) An SPFC shall annually submit to the commissioner the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the reserves are computed appropriately, are based on assumptions that satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state. The actuarial opinion required by this section shall be submitted in a form prescribed by the commissioner. For purposes of this section, "qualified actuary" means a member of either the American academy of actuaries or the society of actuaries who also meets any other criteria that the commissioner may establish by rule, regulation, or order. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4717 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4717 - Issuance of Spfc Securities.

500.4717 Issuance of SPFC securities.Sec. 4717.  (1) An SPFC may issue securities, including SPFC securities and preferred securities, surplus notes, and other forms of financial instruments, subject to and in accordance with applicable law, the SPFC's approved plan of operation, and its organizational documents.  (2) An SPFC, its parent or an affiliated company, its counterparty, or a captive LLC may issue SPFC securities and any other securities necessary to implement the insurance securitization.  (3) Preferred securities may be issued by the SPFC to the issuer of the SPFC securities in connection with the insurance securitization in order to facilitate distributions to service SPFC securities and these preferred securities shall identify the associated protected cell. The SPFC may lawfully account for preferred securities as surplus and not as debt for purposes of statutory accounting.  (4) An SPFC, in connection with the issuance of securities, may enter into and perform all of its obligations under any required contracts to facilitate the issuance of these securities.   (5) Subject to the commissioner's approval, the issuer of the SPFC securities or, if the issuer is a captive LLC, the party controlling the captive LLC, may lawfully account for the SPFC securities as surplus and not as debt for purposes of statutory accounting and submit for the commissioner's prior approval periodic written requests for payments of interest on and repayments of principal of surplus notes.  (6) Surplus notes issued pursuant to this section constitute surplus or contribution notes of the type described in section 8142(1)(h).  (7) The commissioner, without otherwise prejudicing the commissioner's authority, may approve formulas for an ongoing plan of interest payments, principal repayments, or both interest payments and principal repayments, to provide guidance in connection with his or her ongoing reviews of requests to approve the payments on and principal repayments of the surplus notes.  (8) The obligation to repay principal or interest, or both, on the SPFC securities shall reflect, in whole or in part, the risk associated with the obligations of the SPFC to the counterparty under the SPFC contract, either directly or by being secured by assets, including the preferred securities, obtained with the proceeds of the sale of the SPFC securities. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4719 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4719 - Asset Management Agreements.

500.4719 Asset management agreements.Sec. 4719.  An SPFC may enter into swap agreements, or other forms of asset management agreements, including guaranteed investment contracts, or other transactions that have the objective of leveling timing differences in funding of up front or ongoing transaction expenses or managing asset, credit, or interest rate risk of the investments in the trust to ensure that the investments are sufficient to assure payment or repayment of the securities, and related interest or principal payments, issued pursuant to an SPFC insurance securitization transaction or the obligations of the SPFC under the SPFC contract. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4723 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4723 - Insurance Securitization; Not Considered as Insurance Producers or Brokers.

500.4723 Insurance securitization; not considered as insurance producers or brokers.Sec. 4723.  SPFC securities and preferred securities issued pursuant to an insurance securitization are not, and shall not be considered to be, insurance or reinsurance contracts. An investor in these securities or a holder or issuer of these securities, by sole means of this investment, holding, or issuance, is not, and shall not be considered to be, transacting the business of insurance in this state. The underwriter's placement agent or selling agent and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization pursuant to this chapter shall not be considered to be insurance producers or brokers or conducting business as an insurance or reinsurance company or agency, brokerage, intermediary, advisory, or consulting business only by virtue of their activities in connection with them. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4729 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4729 - Declaration and Payment of Dividends Prohibited; Exception; Limitation; Sufficiency of Assets; Provisions.

500.4729 Declaration and payment of dividends prohibited; exception; limitation; sufficiency of assets; provisions.Sec. 4729.  (1) An SPFC shall not declare or pay dividends in any form to its owners other than in accordance with the insurance securitization transaction agreements, and in no event shall the dividends decrease the capital of the SPFC below $250,000.00, and, after giving effect to the dividends, the assets of the SPFC, including assets held in trust pursuant to the terms of the insurance securitization, shall be sufficient to satisfy the commissioner that it can meet its obligations. Approval by the commissioner of an ongoing plan for the payment of dividends or other distribution by an SPFC with respect to securities shall be conditioned upon the retention, at the time of each payment, of capital or surplus equal to or in excess of amounts specified by, or determined in accordance with formulas approved for the SPFC by the commissioner.  (2) The dividends may be declared by the management of the SPFC if the dividends do not violate the provisions of this chapter or jeopardize the fulfillment of the obligations of the SPFC or the trustee pursuant to the SPFC insurance securitization agreements, the SPFC contract, or any related transaction and other provisions of this chapter. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4732 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4732 - Activities Requiring Notice to Commissioner.

500.4732 Activities requiring notice to commissioner.Sec. 4732.  An SPFC shall not enter into any of the following transactions or engage in any of the following activities unless the SPFC has notified the commissioner in writing of its intention to enter into the transaction or activity at least 30 days, or a shorter period as the commissioner allows, prior to entering into the transaction or activity and the commissioner has not disapproved of it within that period:  (a) A sale, an exchange, or another transfer of assets made by the SPFC between or among any of its protected cells.  (b) Any third party management contract or arrangement that does not meet the requirements of section 4715(7).  (c) Any material change to the SPFC's plan of operation submitted pursuant to section 4705(6)(b) except those changes listed in section 4731(1).  (d) Except as otherwise contemplated in the SPFC contract or related insurance securitization documents, or both, a sale, an exchange, or a transfer of assets from a protected cell to a counterparty, captive LLC, or parent or affiliated company of the SPFC. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4733 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4733 - Captive Insurance Company Examination; Expenses and Charges; Payment; Fee.

500.4733 Captive insurance company examination; expenses and charges; payment; fee.Sec. 4733.  (1) The expenses and charges of a captive insurance company examination shall be paid to the state by the captive insurance company or companies examined, and the office shall issue warrants for the proper charges incurred in all examinations. The payments received by the state shall be deposited into the captive insurance regulatory and supervision fund.  (2) The office may charge a $15.00 fee for any document requiring certification of authenticity or the signature of the commissioner. The payments received shall be deposited into the captive insurance regulatory and supervision fund.  (3) The office may charge a fee of $25.00 payable to the attorney general for the examination of any amendment to the organizational documents. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4734 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4734 - Confidentiality Requirements; Exception.

500.4734 Confidentiality requirements; exception.Sec. 4734.  (1) Information and testimony submitted or furnished to the office pursuant to this chapter, examination reports, preliminary examination reports or results, and the office's work papers, correspondence, memoranda, reports, records, and other written or oral information related to an examination report or an investigation shall be confidential, shall be withheld from public inspection, shall not be subject to subpoena, and shall not be divulged to any person, except as provided in this section or with the written consent of the company. If assurances are provided that the information will be kept confidential, the commissioner may disclose confidential work papers, correspondence, memoranda, reports, records, or other information as follows:  (a) To the governor or the attorney general.  (b) To any relevant regulatory agency, including regulatory agencies of other states or the federal government.  (c) In connection with an enforcement action brought pursuant to this or another applicable act.  (d) To law enforcement officials.  (e) To persons authorized by the Ingham county circuit court to receive the information.  (f) To persons entitled to receive such information in order to discharge duties specifically provided for in this act.  (2) The confidentiality requirements of subsection (1) do not apply in any proceeding or action brought against or by the insurer under this act or any other applicable act of this state, any other state, or the United States. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4745 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4745 - Contested Case Brought by Third Party; Suspension, Revocation, or Modification of Limited Certificate of Authority.

500.4745 Contested case brought by third party; suspension, revocation, or modification of limited certificate of authority.Sec. 4745.  (1) A contested case brought by a third party based on a decision of the commissioner pursuant to this chapter is governed by applicable law of this state except that the third party shall do all of the following:  (a) Prove its case in accordance with the applicable rules of evidence.  (b) Demonstrate irreparable harm to the SPFC or its counterparty, or both.  (c) Show that there is no other adequate remedy at law.  (d) Post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders so long as it is not less than 15% of the total amount of the securitized transaction.  (2) The commissioner may suspend, revoke, or modify a limited certificate of authority issued to an SPFC or an order made in connection with a limited certificate of authority issued to an SPFC in compliance with the standards and criteria provided in subsection (1) or in conformance with section 4735(2). History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4747 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-47 - Chapter 47 Special Purpose Financial Captives (500.4701...500.4747)|Section 500.4747 - Issuance of Regulations; Employment of Legal Counsel.

500.4747 Issuance of regulations; employment of legal counsel.Sec. 4747.  (1) The commissioner may issue regulations necessary to effectuate the purposes of this chapter. Regulations issued pursuant to this section do not affect an SPFC insurance securitization in effect at the time of the issuance of the regulation.  (2) Notwithstanding any other provision of law, the commissioner may employ legal counsel as he or she considers necessary to assist in his or her responsibilities under this chapter. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4809 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-48 - Chapter 48 Protected Cell Insurance Companies (500.4801...500.4813)|Section 500.4809 - Receiver to Deal With Protected Cell Company's Assets and Liabilities; Effect of Order of Conservation, Rehabilitation, or Liquidation.

500.4809 Receiver to deal with protected cell company's assets and liabilities; effect of order of conservation, rehabilitation, or liquidation.Sec. 4809.  (1) Notwithstanding any other provision of law, rule, or regulation, upon an order of conservation, rehabilitation, or liquidation of a protected cell company, the receiver shall deal with the protected cell company's assets and liabilities, including protected cell assets and protected cell liabilities, in accordance with this chapter.  (2) For amounts recoverable under a protected cell company insurance securitization, the amount recoverable by the receiver shall not be reduced or diminished as a result of the entry of an order of conservation, rehabilitation, or liquidation with respect to the protected cell company, notwithstanding any other provision to the contrary in the contracts or other documentation governing the protected cell company insurance securitization. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4811 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-48 - Chapter 48 Protected Cell Insurance Companies (500.4801...500.4813)|Section 500.4811 - Insurance Securitization Not Considered Insurance or Reinsurance Contract; Investor Not Considered as Conducting Insurance Business in State.

500.4811 Insurance securitization not considered insurance or reinsurance contract; investor not considered as conducting insurance business in state.Sec. 4811.  A protected cell company insurance securitization is not, and shall not be considered to be, an insurance or reinsurance contract. An investor in a protected cell company insurance securitization, by sole means of this investment, is not, and shall not be considered to be, conducting an insurance business in this state. The underwriters or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in a protected cell company insurance securitization are not, and shall not be considered to be, conducting an insurance or reinsurance agency, brokerage, intermediary, advisory, or consulting business by virtue of their activities in connection with that business. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
MI Comp L § 500.4813 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-48 - Chapter 48 Protected Cell Insurance Companies (500.4801...500.4813)|Section 500.4813 - Rules, Regulations, or Orders.

500.4813 Rules, regulations, or orders.Sec. 4813.  The commissioner may issue rules, regulations, or orders necessary to effectuate the purposes of this chapter. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218