Insurance: other; limited certificate of authority to transact insurance or reinsurance; modify. Amends sec. 4705 of 1956 PA 218 (MCL 500.4705).

This bill amends Michigan's insurance code to update the requirements for Special Purpose Financial Corporations (SPFCs) seeking a limited certificate of authority to transact insurance or reinsurance. It mandates that these entities hold annual management meetings in the state, maintain a local principal place of business, and file specific documentation regarding their insurance securitization transactions with the department of insurance. Additionally, the legislation requires the attorney general to review organizational documents before they become effective and ensures that directors retain personal liability for breaches of loyalty or intentional misconduct.