Section R. 500.109 - Obligation to report certain eventsRule 9. An applicant for a limited certificate of authority and the holder of a limited certificate of authority shall provide written notice to the director at the time the applicant or holder becomes aware of any of the following:
(a) Any change in the officers, directors, or managers of the captive insurance company.(b) Insolvency or impairment of capital or retained earnings.(c) Failure to meet the requirements of section 4611 of the act, MCL 500.4611, if applicable.(d) The suspension or revocation of the certificate of authority or equivalent authorization of a branch captive insurance company in the jurisdiction in which the company was formed.(e) A captive insurance company that is a limited liability company is no longer in good standing under section 207a of 1993 PA 23, MCL 450.4207a.(f) The captive insurance company fails to remove or discharge an officer or director of the company within 30 days after the director of the department of insurance and financial services makes a written request that the officer or director of the company should be removed or discharged.(g) The captive insurance company fails to pay any final judgment rendered against it in this state on any policy, bond, recognizance, or undertaking issued or guaranteed by it within a reasonable period of time after entry of the final judgment.Mich. Admin. Code R. 500.109
2015 MR 12, Eff. June 25, 2015