Section 500.4641 - Reinsurance on risks ceded by other insurer.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
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