DEPARTMENT OF ENERGY, LABOR AND ECONOMIC GROWTH
OFFICE OF FINANCIAL AND INSURANCE REGULATION

CREDIT FOR REINSURANCE
Rule Set 2009-059 LG

NOTICE OF PUBLIC HEARING
April 27, 2010
Michigan Library and Historical Center
702 West Kalamazoo
Lansing, Michigan
Forum Auditorium - Ground Floor - 3:00 p.m.

The Department of Energy, Labor and Economic Growth, Office of Financial and Insurance Regulation, will hold a public hearing on Tuesday, April 27, 2010, at 3:00 p.m. at the Michigan Library and Historical Center, 702 West Kalamazoo, Lansing, Michigan in the Forum Auditorium on the Ground Floor. This hearing is on a proposed revision to R 500.1124, Requirements for Letters of Credit. 

Currently R 500.1124 requires letters of credit subject to and governed by the Uniform Customs and Practice for Documentary Credits (UCP) of the International Chamber of Commerce (ICC) to refer to UCP 500.   The proposed revised rule removes the reference to UCP 500 and replaces it with the current international standard of UCP 600. 

These rules are promulgated by authority conferred on the Commissioner of the Office of Financial and Insurance Regulation by Section 210 of the Insurance Code, 1956 PA 218, MCL 500.210. The rules are proposed to take effect immediately upon filing with the Secretary of State.

The proposed revised rule - Rule Set 2009-059 LG - is published on the Michigan Government web site at http://www.michigan.gov/soahr and will be published in Michigan Register on April 15, 2010.

Written comments may be submitted to the following address by 5:00 P.M. on Tuesday, April 27, 2010.  Copies of the draft rules may also be obtained by mail or electronic transmission at the following address:

Office of Financial and Insurance Regulation
Office of General Counsel
Department of Energy, Labor and Economic Growth
P.O. Box 30220
Lansing, MI 48909-7720

Phone: Amy Miilu at 517/335-5872, FAX: 517/335-3157, E-mail: Miilua@Michigan.gov
The hearing site is accessible, including handicapped parking. Individuals attending the meeting are requested to refrain from using heavily scented personal care products, in order to enhance accessibility for everyone. People with disabilities requiring additional accommodations such as information in alternative formats in order to participate in the hearing should contact Amy Miilu at least 14 working days before the hearing.