P&CMImedium
Under MCL 500.1301 et seq. (the MI Insurance Holding Company System Act), a person seeking to acquire control of a domestic Michigan insurer must:
ANotify only the insurer's board of directors of the proposed acquisition transaction
BRegister the transaction with the Michigan Secretary of State as a business entity filing
File a Form A statement with the DIFS Director and obtain prior approval
DPost a $250,000 cash deposit with the State Treasurer as a good-faith gesture
Why this is the answer
Chapter 13 of the MI Insurance Code (the Holding Company System Act) implements the NAIC model. Acquiring 10% or more of voting securities is presumed control and triggers a Form A pre-acquisition filing, public hearing rights, and DIFS approval based on fairness and solvency factors.
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