Insurance: other; captive insurance company limited certificate of authority; modify. Amends sec. 4603 of 1956 PA 218 (MCL 500.4603).

This bill amends Michigan's insurance code to update the requirements for captive insurance companies seeking a limited certificate of authority to operate in the state. It clarifies the specific types of risks these companies can insure based on their category, such as pure or association captives, while explicitly excluding certain coverages like first-dollar workers' compensation and personal automobile insurance. The legislation also outlines the detailed information and documentation that applicants must submit to the commissioner and attorney general, including organizational documents, financial evidence, and biographical affidavits for officers. Additionally, the bill permits organizational documents to include provisions limiting director liability for monetary damages, provided that liability for breaches of loyalty, intentional misconduct, or improper personal benefits remains intact.