Insurance: other; sponsored captive insurance companies; modify. Amends sec. 4667 of 1956 PA 218 (MCL 500.4667).

This bill modifies Michigan's insurance code to clarify the rules for sponsored captive insurance companies. It allows a wider range of business entities, including associations and trusts, to participate in these companies without needing to be shareholders or affiliates. The legislation also permits sponsors to participate in their own sponsored captives and requires that participants generally insure only their own risks or those of their affiliates, unless approved by the state insurance director. These changes aim to provide clearer guidelines on who can join such insurance structures and what risks they can cover.