500.4667 Sponsored captive insurance companies; business entities as participants.Sec. 4667. (1) An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a sponsored captive insurance company authorized pursuant to this chapter. (2) A sponsor may be a participant in a sponsored captive insurance company. (3) A participant need not be a shareholder of the sponsored captive insurance company or an affiliate of the company. (4) A participant shall insure only its own risks through a sponsored captive insurance company, unless otherwise approved by the commissioner. History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218
Michigan Legal Code