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Requalification for a Certificate of Authority Following a Change in Control |
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Issued and entered May 14, 1999 by Frank M. Fitzgerald, Commissioner of Insurance INFORMATIONAL STATEMENT AND PROCEDURAL GUIDELINES ISSUED PURSUANT TO ACT 306 OF THE PUBLIC ACTS OF 1969 AS AMENDED Pursuant to Section 405(1) of the Michigan insurance code, MCLA 500.405(1), MSA 24.1405(1), the certificate of authority of a foreign insurer that experiences a change in control that was not subject to the commissioner's approval is automatically revoked 90 days after the change of control unless the insurer requalifies for a certificate of authority. Section 405(1) was amended by P.A. 457 of 1998 to eliminate the automatic revocation and need for requalification if the commissioner finds that certain standards contained in the amended section 405(1) have been met by the insurer. This change took effect January 4, 1999. Some insurers that have experienced a change in control not subject to the approval of the commissioner have reviewed the criteria contained in section 405(1) and assumed that, since they appeared to meet these criteria, no further action was required on their part. However, the obligation to requalify for a certificate of authority remains on any foreign insurer subject to a change in control unless the commissioner makes a finding that requalification is not required. In order for the commissioner to find that a foreign insurer that has experienced a change in control meets the standards presently set forth in Section 405(1), and therefore is not required to requalify for a certificate of authority, the insurer must submit information on a form approved by the commissioner. This information will be used by the commissioner in making a determination on waiver eligibility. Forms are available by contacting:
or by downloading the related document. |
