Bill Text: MI HB6298 | 2021-2022 | 101st Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Insurance: other; procedures for insurance holding companies' annual capital calculation; provide for. Amends sec. 1326 of 1956 PA 218 (MCL 500.1326).

Spectrum: Bipartisan Bill

Status: (Passed) 2022-12-08 - Assigned Pa 259'22 [HB6298 Detail]

Download: Michigan-2021-HB6298-Introduced.html

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HOUSE BILL NO. 6298

A bill to amend 1956 PA 218, entitled

"The insurance code of 1956,"

by amending section 1326 (MCL 500.1326).

the people of the state of michigan enact:

Sec. 1326. (1) No information Information does not need to be disclosed on the a registration statement filed pursuant to under section 1325 if the information is not material for the purposes of sections 1324 to 1325a and 1327 to 1343. inclusive.

(2) Unless the commissioner director by rule or order provides otherwise, sales, purchases, exchanges, loans or extensions of credit or investments, a sale, purchase, exchange, loan, extension of credit, or investment involving 1/2 of 1% or less of an insurer's admitted assets as of on the preceding December 31 next preceding are is not material for purposes of sections 1324 to 1325a and 1327 to 1343. inclusive.

(3) A sale, purchase, exchange, loan, extension of credit, or investment involving 1/2 of 1% or less of an insurer's admitted assets on the preceding December 31 is not material for purposes of an annual group capital calculation under section 1325b or an NAIC liquidity stress test under section 1325c.

Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 101st Legislature are enacted into law:

(a) Senate Bill No.____ or House Bill No. 6297 (request no. 05935'22).

(b) Senate Bill No.____ or House Bill No. 6299 (request no. 06317'22).

(c) Senate Bill No.____ or House Bill No. 6301 (request no. 06318'22).

(d) Senate Bill No.____ or House Bill No. 6302 (request no. 06319'22).

(e) Senate Bill No.____ or House Bill No. 6303 (request no. 06320'22).

(f) Senate Bill No.____ or House Bill No. 6300 (request no. 06321'22).