Michigan Laws 500.4811 – Insurance securitization not considered insurance or reinsurance contract; investor not considered as conducting insurance business in state
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 500.4811
- Contract: A legal written agreement that becomes binding when signed.
- Protected cell: means an identified pool of assets and liabilities of a protected cell company segregated and insulated by means of this chapter from the remainder of the protected cell company's assets and liabilities. See Michigan Laws 500.4801
- Protected cell company: means a domestic insurer or captive insurer that has 1 or more protected cells. See Michigan Laws 500.4801
- Protected cell company insurance securitization: means the issuance of debt instruments, the proceeds from which support the exposures attributed to the protected cell, by a protected cell company where repayment of principal or interest, or both, to investors pursuant to the transaction terms is contingent upon the occurrence or nonoccurrence of an event with respect to which the protected cell company is exposed to loss under insurance or reinsurance contracts it has issued. See Michigan Laws 500.4801
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
A protected cell company insurance securitization is not, and shall not be considered to be, an insurance or reinsurance contract. An investor in a protected cell company insurance securitization, by sole means of this investment, is not, and shall not be considered to be, conducting an insurance business in this state. The underwriters or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in a protected cell company insurance securitization are not, and shall not be considered to be, conducting an insurance or reinsurance agency, brokerage, intermediary, advisory, or consulting business by virtue of their activities in connection with that business.