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Current as of February 09, 2022 | Updated by FindLaw Staff
Sec. 4669. (1) Except as otherwise provided in this chapter, the terms and conditions provided in chapter 48 1 relating to a protected cell insurance company apply in full to a sponsored captive insurance company.
(2) Except as otherwise provided, all of the following apply to a sponsored captive insurance company:
(a) A protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a sponsored captive insurance company participant.
(b) The sponsored captive insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell.
(c) Section 4805 2 does not apply.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.4669 - last updated February 09, 2022 | https://codes.findlaw.com/mi/chapter-500-insurance-code-of-1956/mi-comp-laws-500-4669/
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