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Code · Michigan · Chapter 500 — Insurance Code of 1956

500.4641 Reinsurance on risks ceded by other insurer.

112 words·~1 min read·/mi/chapter-500/500-4641

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500.4641 Reinsurance on risks ceded by other insurer.
Sec. 4641.
(1)A captive insurance company may provide reinsurance, as authorized by this act and with the prior approval of the commissioner, on risks ceded by any other insurer.
(2)A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers complying with the provisions of sections 1103 and 1105. A captive insurer shall not take credit for reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with sections 1103 and 1105.
History: Add. 2008, Act 29 , Imd. Eff. Mar. 13, 2008
Popular Name: Act 218
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