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Committee hears DIFS and industry testimony on captive-insurance modernization package
Summary
Sponsors and Department of Insurance and Financial Services presented a seven-bill package (HB 53-80 through HB 53-86) proposing modernizations to Michigan captive-insurance law, including lower application fees, a flexible renewal deadline, broader sponsor definitions, and removal of an in-state board meeting requirement.
The House Insurance Committee spent the latter portion of its meeting hearing testimony on a seven‑bill package (House Bills 53-80 through 53-86) intended to modernize Michigan law for captive insurance domiciles. Sponsors and Department of Insurance and Financial Services (DIFS) staff said the changes aim to make Michigan more competitive as a domicile and to clarify regulatory expectations without weakening consumer protections.
Rep. Tisdale, a package sponsor, framed captives as licensed insurers owned and controlled by their insured entities and said the bills would expand who may serve as sponsors or captive managers, producing economic benefits and jobs if more captives choose Michigan as their…
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