L&HMImedium
Under the Michigan Insurance Holding Company System Act (MCL 500.1301+), what must a person generally do before acquiring control of a Michigan-domiciled insurer?
ANotify only the insurer's board of directors
BFile a notice with the Michigan Secretary of State
File a Form A statement and obtain DIFS approval
DObtain approval from the Michigan Attorney General
Why this is the answer
MCL 500.1301 et seq. requires any person seeking to acquire control of a MI-domiciled insurer to file a Form A statement with DIFS and obtain the Director's approval, generally triggered at 10% voting securities ownership.
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