Dickinson Wright Selected by the State to Aid in the Development of the Michigan Captive Insurance Program

Dickinson Wright Selected by the State to Aid in the Development of the Michigan Captive Insurance Program

1/12/2009
Dickinson Wright PLLC recently was selected by the State of Michigan to assist the Michigan Office of Financial and Insurance Regulation ("OFIR") in the development and implementation of the newly enacted Michigan Captive Insurance Act. The State of Michigan awarded Dickinson Wright the contract to provide services on August 11, 2008. Dickinson Wright attorneys will work closely with the Commissioner of OFIR and OFIR staff to craft regulations and related forms for the licensing and oversight of captive insurance companies in Michigan. On March 13, 2008, Governor Jennifer Granholm signed into law the Michigan Captive Insurance Act, Public Act 29 of 2008, which authorizes the formation and licensing of captive insurance companies in Michigan.(1) The Michigan Captive Insurance Act requires OFIR to implement regulations for the licensing and oversight of captive insurance companies. Captive insurance companies are insurance companies which are formed to insure and reinsure the risks of their shareholder(s). Captive insurance companies often offer businesses greater flexibility and cost efficiencies in conjunction with effective risk management programs. Dickinson Wright has extensive experience with respect to insurance regulatory matters, formation of captive insurance companies, and the utilization and licensing of captive insurance companies. The Dickinson Wright attorneys selected to assist in this project include: Robert W. Stocker II, Joseph A. Fink, Todd A. Svanda and Peter J. Kulick, all of whom are resident in the firm's Lansing, Michigan office. Bob Stocker has more than 30 years experience in the development, licensing and operation of captive insurance companies. Joe Fink has more than 30 years of nationwide experience in all facets of insurance regulation. Todd Svanda is an insurance regulatory attorney who has overseen insurance licensing and regulatory matters for multiple insurance companies on a 50-state basis. Peter Kulick is a tax attorney with expertise in tax matters associated with captive insurance companies. __________________________________________________________________ (1). The Michigan Captive Insurance Act is available online at http://www.legislature.mi.gov/documents/2007-2008/publicact/pdf/2008-PA-0029.pdf
  • EMAIL
  • |
  • PRINT